SAP FICO Questions – Bank Accounts | Fixed Assets | FI-MM-SD Integration

Last Updated on December 19, 2022 by Pradeep

This article covers some important yet lesser found SAP FICO questions on a variety of topics which interviewers generally ask to check your practical knowledge. These are related to:

• Bank Accounts management in SAP FICO configuration and implementation
• Handling of Fixed assets in the system in context with FICO and
• Integration of SAP FI with MM and SD.

So, lets us go ahead with each part of these SAP FICO Questions.

SAP FICO Questions – Bank Accounting

Q1. – How would you handle Bank Reconciliation in SAP?

Ans. – First, post the vendor payment to an Interim bank clearing account. Subsequently, while performing reconciliation, post an entry to the Main Bank account. You can do bank reconciliation either manually or electronically.

(Reconciliation is an important work in Bank Accounting in SAP. This involves working upon all P&L accounts, Balance sheets, General Accounts etc. So you require its good knowledge to work perfectly).

Q2. – How do you configure the cheque deposit?

Ans. – Follow the below steps:

• Step-1 Create account symbols for the main bank and incoming cheque account
• Step-2 Assign accounts to account symbols
• Step-3 Create keys for posting rules
• Step-4 Define posting rules
• Step-5 Create Business transaction and assign posting rule
• Step-6 Define variant for cheque deposit

Q3. – What is the clearing basis for the cheque deposit?

Ans. – In the variant for cheque deposit, we set up the field’s document number (Invoice Number), amount and a short description of the customer. The document number and the invoice amount act as a clearing basis.

Q4. – How do you configure manual bank statements?

Ans. – Follow the below-mentioned steps:

• Step-1 Create account symbols for the main bank and the sub-accounts
• Step-2 Assign accounts to account symbols
• Step-3 Create keys for posting rules
• Step-4 Define Posting Rules
• Step-5 Create Business Transaction and assign posting rule
• Step-6 Define variant for Manual Bank statement

Related: Bank Account Management in SAP S/4HANA

Q5. – How do you configure the Electronic Bank Statement?

Ans. – Follow the below steps:

• Step-1 Create account symbols for the main bank and the sub-accounts
• Step-2 Assign accounts to account symbols
• Step-3 Create keys for posting rules
• Step-4 Define Posting Rules
• Step-5 Create transaction type
• Step-6 Assign external transaction type to posting rules
• Step-7 Assign Bank accounts to Transaction types

To Learn SAP Simple Finance, Visit Page.

SAP FICO Questions – Fixed Assets

Q6. – What are the organizational assignments in Asset Accounting?

Ans. – Chart of Depreciation is the highest node in Asset Accounting and this is assigned to the company code.

The chart of depreciation stores all the depreciation calculations.

Q7. – Explain the importance of Asset classes. What asset classes are there?

Ans. – The asset class is the main criterion to classify assets. We must assign every asset to only one asset class. Examples of asset classes are plant & Machinery, Furniture & fixtures, Computers, etc. The asset class also contains the GL accounts which are debited when any asset is procured. It also contains the Ledger accounts for depreciation calculation, scrapping, etc.

Whenever you create an asset master you need to maintain the asset class for which you are creating the required asset. In this manner whenever any asset transaction happens, the GL accounts attached to the asset class are automatically picked up and entry is passed.

You can also specify certain control parameters and default values for depreciation calculation and other master data in each asset class.

Also, You Read: Migration to New Asset Accounting in SAP S4 HANA

Q8. – How would you define depreciation keys?

Ans. – We should enter the specifications and parameters, that the system requires to calculate depreciation amounts, in calculation methods. Calculation methods replace the internal calculation key of the depreciation key. Depreciation keys default in Asset Master from the asset class.

Refer to the configuration for more details on how to calculate depreciation.

Q9. – What steps you should take to ensure that integration into the general ledger for the depreciation posting run works?

Ans. – To ensure the integration into the GL for depreciation posting, specify the following for each depreciation area and company code:

1. The frequency of posting depreciation (monthly, quarterly, etc.)
2. CO account assignment cost (center)
3. For each company code, you must define a document type for automatic depreciation posting only. This document type requires its external number range.
4. You also need to specify the accounts for posting (account Determination)

To ensure consistency between Asset Accounting and Financial Accounting, You must process the batch input session created by the posting report.

If you fail to process the batch input session, an error message will appear at the next posting run. The depreciation calculation is a month-end process, run in batches. Then, once the batch input runs, the system posts the accounting entries into SAP Finance.

Q10. – How do you change the Fiscal Year in Asset Accounting?

Ans. – The fiscal year change program opens new annual value fields for each asset i.e. that next year. The earliest you can start this program is in the last posting period of the current year. You have to run the fiscal year change in the subsequent year if the previous year has already been closed for business.

Take care, not to confuse the fiscal year change program with year-end closing for accounting purposes. You need this fiscal year to change only in Asset Accounting for various technical reasons.

Q11. – Is it possible to have depreciation calculated for the day?

Ans. – Yes, it is possible. You need to switch on the indicator Depreciation to the day in the depreciation key configuration.

Q12. – Is it possible to configure that no capitalization be posted in the subsequent years?

Ans. – Yes, it is possible to not have asset capitalization in subsequent years. You need to set it in the depreciation key configuration.

Q13. – How are Capital WIP and Assets accounted for in SAP?

Ans. – Capital WIP is referred to as Asset Under Construction in SAP and is represented by a specific Asset Class. Usually, we don’t change depreciation on Capital WIP. We can book all costs incurred in building a capital asset to an Internal Order. Through the settlement, you can post the procedure onto an Asset under Construction. Subsequently, on the actual readiness of the asset for commercial production, the Asset Under construction gets capitalized into an actual asset.

Q14. – What is the purpose of defining Internal Orders?

Ans. – Internal Orders are used for tracking costs, which are proposed to the incurred over a short-term basis and time tracking is not of much essence eg an Advertisement campaign. Sales Promotion and Exhibition expenses etc.

To Learn SAP CO Product Costing, Visit Page.

SAP FICO Questions – Integration of FI-MM, FI-SD

In interviews, some SAP FICO questions are based on SAP FI-MM integration and FI-SD integration. This is because FI-MM and FI-SD integrations are important parts of FICO configuration. Thus, you should be prepared for some relevant SAP FICO issues and scenarios related to these integrations. Below are some SAP FICO questions on this part.

Q15. – How do you go about settings the FI MM account determination?

Ans. – We maintain FI MM settings in transaction OBYC. Within these, the system maintains various transaction keys like BSX, WRX, GBB, PRD, etc. In each of these transaction keys, you specify the GL accounts which get automatically passed at the time of entry.

Example – BSX – Stands for Inventory posting Debit

                    GBB – Stands for Goods issue/scrapping /delivery of goods

                    PRD – Stands for Price Differences

You may want to learn: Important Tcodes in SAP FICO

Q16. – At what level are the FI-MM, and FI-SD account determination settings?

Ans. – They are at the chart of accounts level.

Q17. – What are the additional settings required while maintaining or creating the GL codes for inventory accounts?

Ans. – In the inventory GL accounts (Balance sheet) you should switch on the “post automatically only“ tick. It is also advisable to maintain the settings for all FI-MM accounts and FI-SD accounts.

This helps in preserving the sanctity of those accounts and prevents from having any difference between FI-MM & FI-SD.

Q18. – How do you configure FI-SD account determination?

Ans. – The FI-SD account determination happens through an access sequence. The system goes about finding accounts from more specific criteria to less specific criteria.

Thus first it will access and look for the combination of customer accounts assignment group/Material account assignment group/Account key. if it does not find an account for the first combination it will look for the customer account assignment group and account key combination.

Further, if it does not find accounts for the first 2 criteria then it will look for the Material account assignment group/key. If it does not find accounts for all earlier criteria then finally it will look for the Account key and assign the GL code.

Thus posting sales invoices into FI is affected based on a combination of a sales organization, Account Type or customer and Material Account assignment groups and the following are the options available.

1. Customer AAG/Material AAG/Account Type
2. Material AAG/Account Type
3. Customer AAG/Account Type

For each of these options, you can define a GL account. Thus the system uses this GL account to automatically pass the entries.

Q19. – What is Valuation and Account Assignment in SAP?

Ans. – This is the link between Material Management and Finance. The valuation in SAP can be at the plant level or company code level. If you define valuation at the plant level then you can have different prices for the same material in the various plants. If you keep it at the company code level you can have the only price. Across all plants.

Valuation also involves price control. Each material is assigned to a material type in Material Management and every material is evaluated either in moving average price or Standard price in SAP. There are two types of price control available.

Q20. – What is the Valuation class?

Ans. – The valuation class in Accounting 1 view in Material Master is the main link between Material Master and Finance. This valuation class along with the combination of the transaction keys (BSX, WRX, GBB, PRD) defined above determines the GL account during postings.

We can group different materials with similar properties by valuations class. Eg Raw material, Finished Goods, and semi-finished.

We can define the following assignments in customizing:-

All materials with the same material type are assigned to just one valuation class. Different materials with the same material type can be assigned to different valuation classes.

Materials with different material types are assigned to a single valuation class.

Read More:- Interview Questions on SAP S/4HANA Finance

Q21. – Can we change the valuation class in the material master record?

Ans. – We can change it only if the stocks for that material are nil. If the stock exists for that material, then we cannot change the valuation class. In such a case, if the stock exists, we have to transfer the stocks or issue the stock nil for the specific valuation class. Then only we will be able to change the valuation class.

Q22. – If the material is assigned a moving average price in the material master and the stock of such material is issued, then does the moving average price change in the material master?

Ans. – The moving average price in the case of goods issue remains unchanged. Goods issues are always evaluated at the current moving average price. Consequently, a goods issue reduces the total quantity and total value of the price and the moving price remains unchanged.

Q23. – What is the accounting entry in the financial books of accounts when the goods are received in unrestricted use stocks? Also, mention the settings to be done in the “Automatic postings” in SAP for the specific G/L accounts.

Ans. – On receipt of the goods in unrestricted-use stock, the inventory account is debited and the GR/IR account gets credited. In the customization, in the automatic postings, the inventory G/L account is assigned to the Transaction event key BSX and GR/IR account is assigned to the Transaction event key WRX.

If a material has no material code in SAP, we can still, default the G/L account with the help of material groups. We can assign the valuation class to a material group and then in FI-automatic postings, we can set the relevant G/L account in the Transaction event key. The assignment of a valuation class to a material group enables the system to determine different G/L accounts for the individual material groups.

Read related: Interview Guide on GR/IR Accounting

Conclusion on SAP FICO Questions

These SAP FICO questions guide you in polishing your knowledge on related topics such as bank accounting, asset accounting, FI SD integration and FI MM integration. However, these types of guides of SAP FICO interview questions can only give you conceptual knowledge. You must learn all the subjects practically. Then only you would master the art of configuration and implementation of SAP FICO subjects and submodules.