Interview Questions.

Question 1. What Is An ‘account Group’?

Answer :

The ‘Account Group’ (or GL Account Group), a four-character alphanumeric key, controls how the GL account grasp records are created within the gadget. This facilitates to ‘group’ GL money owed in step with the ‘useful areas’ to which they need to belong. Account organization is mandatory for developing a master document. The equal account agencies may be used by a couple of extra Company Code if they all use the equal Chart of Accounts. Each GL account is assigned to only one account group.

The Account Group determines:

The variety c program languageperiod that is for use whilst growing the grasp report.
The display screen layout that is for use even as developing the master file in the Company Code area.
While defining the account companies in the system, you furthermore mght want to define the corresponding field fame for every of these companies. Otherwise, you may not be able to see any fields as these kinds of might be hidden by default.

SAP comes delivered with some of ‘account businesses’ together with:

SAKO (GL accounts popular)
MAT. (Materials Management bills)
FIN. (Liquid Funds money owed)
In maximum situations, you'll not require additional organizations aside from the ones already available within the wellknown machine. However, if you need to create a brand new one, it's miles easier to copy an existing one and make modifications to it in preference to creating one from scratch.

Question 2. Describe Number Range Interval?

Answer :

The ‘account institution’ determines which ‘Screen Layout’ need to be used at the same time as developing a GL account grasp file. For each of the account agencies, you can define exclusive screen layouts, which essentially decide the ‘Field Status’ of a field.

The subject popularity refers to whether the field is:

Suppressed (subject is invisible, hidden from display)
Required (display on, access mandatory)
Optional (show on, access now not obligatory)
All the above 3 are shown as ‘radio buttons’ towards every of the fields in the display format, and you need to choose anyone to set the status to that field; by using default all of the fields are ‘suppressed.’

There are two stages of controls of subject status:

Field popularity at the account institution stage
Field status on the interest (create/change/display) level (i.E., at the transaction level).
You may have the field popularity defined for posting keys (forty-debit and 50-credit score for the GL account postings). Also don't forget to define the field popularity for ‘reconciliation debts’ as you may not be able to define such a popularity in the sub ledger bills (for example, patron or vendor).

SAP has built-in policies, known as hyperlink guidelines, to hyperlink these  tiers and to decide the very last repute of a subject within the ‘display layout.’ The hyperlink regulations also help to triumph over the sector-popularity putting variations springing up out of various settings on the Client degree (area fame for posting keys) and the Company Code stage (area status settings on the account group degree).

Financial Accounting Interview Questions
Question three. What Is A ‘field Status Group’?

Answer :

The ‘subject status’ of an character discipline or a group of fields is marked in a ‘Field Status Group,’ that's then assigned to individual GL account grasp statistics. You may connect subject repute companies to a field reputation variation in order that the ‘field fame businesses’ are used in numerous Company Codes.

The Field Status Variant is named much like the Company Code. For example, if your Company Code is one thousand, the sphere fame version is likewise named 1000, and it's far assigned to the Company Code.

Question 4. What Do You Mean By ‘balances In Local Currency’ Only?

Answer :

When you create GL account master statistics, it is necessary to determine whether you want an account to have the transactions up to date best in local foreign money. You will set this indicator thus within the ‘Company Code region’ of the master document.

Make certain to set this indicator for clearing accounts consisting of:

Cash cut price clearing bills
GR/IR clearing debts
Note which you want to set this indicator ‘on’ for all of the ‘clearing debts’ in which you operate the local foreign money to clear the line gadgets in numerous currencies so that the transactions are posted with out posting any exchange rate distinction that in any other case might rise up.

Example: Consider an invoice for USD 1,000, which on that day translates into an quantity of INR 45,000 with an alternate price of I USD=INR forty five. Imagine that once the products are received, the trade fee was 1 USD=INR 44.

If the indicator is set, the machine ignores the alternate price as though the line objects had been maintained most effective in the neighborhood forex (INR), and the objects are cleared.
If the indicator is NOT set, the gadget makes a posting for the ‘trade fee distinction’ (INR 1, 000) earlier than clearing the two line gadgets.
SAP FICO Tutorial
Question 5. What Is ‘line Item Display’?

Answer :

To show line items of an account, you want to set the indicator ‘Line Item Display’ to ‘on’ in that account’s grasp report. This is mandatory for purchaser and vendor accounts. The line gadgets may be displayed the use of the classical display or the SAP List Viewer (ALV). You can also use several ‘display variations’ to show diverse fields when you sense that the Standard Variant isn't always meeting your necessities.

Accounts Interview Questions
Question 6. Tell Me The Two Uses Of ‘blocking off’ An Account?

Answer :

You may also use ‘Blocking’ to:

Block an account from further postings.
Block the creation of the account itself (on the Company Code level or Chart of Accounts place).
Question 7. How Do You Configure The Gl A/c For The ‘residence Bank’?

Answer :

A ‘House Bank’ is defined using transaction code FI12. A ‘financial institution key’ represents the financial institution. The house bank can incorporate numerous bills; for every of those accounts you need to maintain a GL account. The bank dedication, for an automatic fee software, is configured the usage of the Transaction Code FBZP.

Accounting Basics Tutorial SAP FICO Interview Questions
Question 8. What Is An ‘intermediate Bank’?

Answer :

‘Intermediate Banks’ are used in SAP further to the house banks and partner banks for making or receiving bills from business partners abroad. The charge processing, regarding an middleman financial institution, uses the ‘financial institution chain,’ which might also consist of a residence bank, a partner bank, and a most of intermediate banks.

Question 9. How Do You Perform ‘period Closing’ In Sap?

Answer :

You do a ‘(Period) Closing’ in SAP in 3 steps:

Completing the Pre-ultimate sports
Financial Closing
Managerial Closing
Finance Interview Questions
Question 10. What Is ‘pre-final’?

Answer :

You need to make certain the following as a part of the ‘Pre-remaining’ sports:

Post all the Recurring Entries for prices and accruals.
Ensure that all the interfaced applications had been run so that the required records had been transferred to the device.
Post all the depreciation, cloth receipts, invoices, salaries, and so on. In quick, make sure that every one the transactions for the length in question have been duly recorded and posted into the gadget.
SAP Simple Finance Tutorial
Question 11. How Do You Ensure ‘accurate’ Balances In The ‘financial Statement Version’?

Answer :

In order to have a balanced announcement (Profit & Loss and Balance Sheet) you want to make certain that the accounts are correctly and completely assigned to the nodes of the Financial Statement Version. You may additionally do this by means of resorting to the important assignments at the account stability level or node balance level.

At the account stability degree, you want to make sure that the account is proven in  distinctive nodes, however you'll turn “ON” the ‘debit indicator’ of the account on one node and flip “ON” the ‘credit score indicator’ on the opposite node. Imagine that you have a bank cutting-edge account 10001000. When you switch “ON” the debit indicator, this account indicates best the debit balances and is construed as the asset. On the opposite hand, whilst the credit score indicator is became “ON,” the balances on this node now indicate that you owe to the bank (overdraft).

You may use the node-degree assignment. In this situation, the system makes use of the ‘debit/credit shift’ and suggests best the ‘powerful’ balance on the node and no longer on the person account level.

SAP Asset Accounting Interview Questions
Question 12. How Do You Perform ‘annual Closing’ In Sap?

Answer :

‘Annual Closing’ is like every other ‘duration remaining’ and you'll be performing all the activities which might be required for a duration-give up-close.

In addition to the ones sports, you'll also:

Carry ahead Vendor and Customer debts
Carry ahead the GL account balances of all of the Balance Sheet objects
Close the Profit & Loss Accounts and carry forward the balance (income or loss) to the retained profits account(s)
For a GL account ‘bring forward,’ use this system SAPF011.

Financial Accounting Interview Questions
Question 13. What Is A ‘monetary Statement Version’?

Answer :

A ‘Financial Statement Version’ facilitates to define the Financial Statements (both the Balance Sheet and Profit & Loss statements). When you reproduction the settings from an current Company Code to a brand new one, you may also be copying the financial announcement model defined for the ‘supply’ Company Code.

You may additionally define a new monetary declaration model and construct the monetary statements from scratch. You may create the monetary statements each for external reporting (Company Code economic statements) and inner reporting (commercial enterprise area economic statements).

You may additionally create the balance sheets for a group of Company Codes the use of FI-SL (Special Purpose Ledgers). The monetary statements can be described to offer facts from a length accounting factor of view (GL account groups sensible) or a value of sales factor of view (functional location monetary statements).

All the above statements can be configured and defined to provide specific levels of element:

A monetary assertion version could have a most of 10 hierarchy stages, with every level assigned with an item (account category). As you go down the hierarchy, you outline the account categories in more element, with the lowest stage being represented by means of the GL bills. The gadget shows the applicable amount for every of those objects.

Question 14. Give Some Examples Of Gl Accounts That Should Be Posted Automatically Through The System And How Is This Defined In The System?

Answer :

Stock and Consumption bills are times of GL money owed that must be robotically posted to. In the GL account master report, a take a look at container exists in which automatic posting alternative is selected called “Post Automatic only”.

Question 15. Where Is A Account Group And Where All Is It Used?

Answer :

An account organization controls the information that needs to be entered at the time of introduction of a master document. Account organizations exists for the definition of a GL account, Vendor and Customer grasp. It basically controls the fields which pop up throughout master information advent.

SAP FI Interview Questions
Question 16. What Is A Field Status Group?

Answer :

Field popularity organizations manipulate the fields which arise whilst the consumer does the transactions. The options to be had is one will have the fields best for show or you will suppress it or make it obligatory. So there are 3 alternatives basically. The area fame group is saved within the FI GL Master.

Question 17. What Is A Financial Statement Version?

Answer :

An FSV  is a reporting device and can be used to depict the manner in which the final debts like Profit and Loss account  and Balance sheet wishes to be extracted from SAP. It is freely definable and a couple of TV’s can be described for producing the output for diverse outside organizations like Banks and other statutory government.

SAP for Retail with SAP ERP 6.Zero Interview Questions
Question 18. How Can Input And Output Taxes Taken Care In Sap?

Answer :

A tax procedure is described for each united states of america and tax codes are described within this. There is flexibility to either expense out the Tax quantities or capitalize the equal to stocks.

Accounts Interview Questions
Question 19. Is It Possible To Maintain Plant Wise Different Gl Codes?

Answer :

The valuation organization code should be activated. The valuation grouping code is maintained in line with plant and is configured inside the MM module. Account codes need to be maintained in line with valuation grouping code after doing the configuration.

Question 20. Is Business Area At Company Code Level?

Answer :

No. Business place is at consumer stage. Which approach other Company Codes also can submit to the identical Business location.

SAP Simple Finance Interview Questions
Question 21. What Are The Difference Scenarios Under Which A Business Area Or A Profit Center May Be Defined?

Answer :

This question in normally very disputable. But each commercial enterprise areas and Profit facilities are created for internal reporting. Each has its personal professionals and cons but many agencies now a days go for Profit Center as there may be a feeling that business region enhancements would now not be supported by means of SAP in future versions.

There are ordinary month quit methods which need to be completed for both of them and generally reconciliation may emerge as a massive issue. A normal venture in both of them is in instances wherein you do now not realize the Business location or Profit Center of the transaction at the time of posting.

Question 22. What Are The Problems Faced When A Business Area Is Configured?

Answer :

The hassle of splitting of account balance is more pertinent incase of Tax debts.

Question 23. Is It Possible To Default Certain Values For Particular Fields?

Answer :

Yes it is possible to default for certain fields wherein a parameter id is present. Go to the enter area to which you need to make defaults. Press F1, after which click Technical information button, This opens a window that shows the corresponding parameter ID(if one has been allotted to the sector) in the field information section. Enter this parameter ID the use of following path on SAP

Easy get entry to display device > User profile>Own facts.

Click on parameter tab. Enter the parameter ID code and enter the cost you require to default. Save the consumer Settings.

SAP FSCM Interview Questions
Question 24. Which Is The Default Exchange Rate Type Which Is Picked Up For All Sap Transactions?

Answer :

The default alternate rate kind picked up for all SAP transactions is M (Average type)

SAP FICO Interview Questions
Question 25. Is It Possible To Configure The System To Pick Up A Different Exchange Rate Type For A Particular Transaction?

Answer :

Yes it is viable. In the record type definition of GL, you want to attach a exclusive exchange price kind.

Question 26. What Are The Customizing Prerequisites For Document Clearing?

Answer :

Account should be controlled at the open object control. This tick is there in the General Ledger Master Record known as open Item Management. It lets you manipulate your debts in terms of cleared and uncleared gadgets. A common example might be GR/IR Account in SAP (Goods Received/Invoice Received Account).

General Ledger Interview Questions
Question 27. Explain The Importance Of The Gr/ir Clearing Account?

Answer :

GR/IR is an intervening time account. In legacy machine if the products are acquired and the invoices isn't acquired the supply is made, in SAP on the Goods receipt it passes the accounting access debiting the Inventory and Crediting the GR/IR Account. Subsequently when an invoice is recd this GR/IR account is debited and the Vendor account is credited. That way until the time that the invoice is not received the GR/IR is shown as uncleared items.

Finance Interview Questions
Question 28. How Many Numbers Of Line Items In One Single Entry You Can Have?

Answer :

No of line items in a single report you can accommodate is 999 Lines.