Accenture SAP Fico Consultant Interview Questions and Answers

The APP process in SAP FICO automates the payment process to vendors, enhancing efficiency and accuracy.

• APP stands for Automatic Payment Program, which streamlines vendor payments.

• It allows for batch processing of payments, reducing manual effort.

• Configuration includes setting up payment methods, company codes, and bank details.

• Example: A company can schedule payments to multiple vendors on a specific date.

• The program ...read more

Noted items cannot be cleared through Automatic Payment Program (APP) in SAP FICO.

• Noted items are typically used for informational purposes and do not affect financial accounting directly.

• APP is designed to clear open items that are due for payment, such as invoices and vendor payments.

• For example, if a noted item is related to a customer dispute, it won't be cleared through APP until resolved.

Project types in SAP FICO define the nature and scope of financial projects, impacting configuration and reporting.

• 1. Investment Projects: Focus on capital expenditures, e.g., construction of a new facility.

• 2. Customer Projects: Related to specific customer contracts, e.g., custom software development.

• 3. Internal Projects: For internal improvements, e.g., system upgrades or process reengineering.

• 4. Research and Develop...read more

Down payment is a partial payment made before goods/services are delivered, while down payment request is a formal request for a down payment.

• Down payment is made by the customer to secure an order, while down payment request is initiated by the vendor to request a down payment from the customer.

• Down payment is a financial transaction, while down payment request is a formal document.

• Down payment is usually a percentage...read more

In the general ledger control data tab, we can see fields like chart of accounts, account group, reconciliation account, etc.

• Chart of accounts field displays the chart of accounts assigned to the company code

• Account group field specifies the account group for the G/L account

• Reconciliation account field shows the reconciliation account for vendors or customers

Down payment is a partial payment made by a customer before receiving goods or services.

• Customer requests down payment to be made

• Vendor creates down payment request in SAP

• Customer makes partial payment

• Vendor delivers goods or services

• Down payment is cleared against final invoice

Automatic Payment Program is a feature in SAP FICO that allows for automated payment processing.

• Automates the process of making payments to vendors or customers

• Can be scheduled to run at specific intervals

• Allows for customization of payment methods and parameters

• Reduces manual effort and errors in payment processing

Ranking order refers to the sequence in which items or individuals are arranged based on a specific criteria or attribute.

• Ranking order is used to determine the relative position or importance of items in a list.

• It can be based on factors such as performance, value, or priority.

• For example, in a sales report, products can be ranked in order of highest to lowest sales revenue.

Control data GL tax field is used to manage tax-related information in the General Ledger.

• Control data GL tax field is used to specify tax codes for different tax types.

• It helps in determining the tax amounts to be posted to the General Ledger accounts.

• The tax field can also be used to track tax exemptions or special tax treatments.

• It is important to ensure that the tax field is correctly configured to comply with tax ...read more

O2C process refers to Order to Cash process which involves receiving and fulfilling customer orders.

• Customer places an order

• Order is processed and goods/services are delivered

• Invoice is generated and sent to customer

• Payment is received from customer

• Accounts receivable is updated

P2P process stands for Procure to Pay process, which involves all steps from requisition to payment for goods or services.

• Requisition: Request for goods or services

• Purchase Order: Formal order placed with supplier

• Goods Receipt: Receiving and inspecting goods

• Invoice Verification: Matching invoice with purchase order and goods receipt

• Payment: Settling the invoice

SAP is a leading enterprise resource planning (ERP) software that integrates various business processes and functions.

• Founded in 1972 in Germany, SAP stands for Systems, Applications, and Products in Data Processing.

• SAP ERP helps organizations manage business operations in areas like finance, logistics, and human resources.

• SAP FICO (Financial Accounting and Controlling) is a core module that handles financial transacti...read more

Application servers in SAP FICO manage business logic and data processing for financial transactions and reporting.

• Application servers handle user requests and execute business logic.

• They communicate with database servers to retrieve and store data.

• Examples include SAP NetWeaver Application Server and SAP S/4HANA.

• They support various protocols like HTTP, RFC, and more.

• Load balancing can be implemented across multiple a...read more

Accounting is the systematic process of recording, analyzing, and reporting financial transactions.

• It involves tracking income, expenses, assets, and liabilities.

• Example: Recording sales revenue when a product is sold.

• It helps businesses make informed financial decisions.

• Example: Preparing financial statements like balance sheets and income statements.

• Accounting ensures compliance with laws and regulations.

Accounting attributes define the characteristics and functionalities of financial accounts in SAP FICO.

• Account Type: Defines whether the account is a balance sheet or income statement account.

• Account Group: Categorizes accounts for reporting and control purposes, e.g., 'Assets', 'Liabilities'.

• Currency: Specifies the currency in which the account transactions are recorded, e.g., USD, EUR.

• Reconciliation Account: Links su...read more

Summarising involves condensing information to highlight key points and essential details for clarity and understanding.

• Summarising helps in distilling large volumes of data into manageable insights.

• For example, summarising a financial report can highlight key metrics like revenue, expenses, and profit margins.

• In SAP FICO, summarising financial data can aid in quick decision-making and reporting.

• Effective summarising c...read more

SAP FICO entries include various types such as journal entries, asset postings, and invoice entries for financial reporting.

• Journal Entries: Used for recording financial transactions, e.g., sales or expenses.

• Asset Postings: Involves the acquisition or depreciation of fixed assets.

• Invoice Entries: Captures vendor or customer invoices for accounts payable and receivable.

• Adjustment Entries: Made to correct errors in previ...read more

Bookkeeping is essential for accurate financial tracking, compliance, and informed decision-making in businesses.

• Ensures accurate financial records: Helps track income and expenses systematically.

• Facilitates tax compliance: Accurate records simplify tax preparation and filing.

• Supports financial analysis: Enables businesses to analyze trends and make informed decisions.

• Aids in budgeting: Provides historical data for cre...read more

Worked on various SAP objects including tables, views, reports, transactions, and interfaces.

• Created custom tables for storing financial data

• Developed custom reports for analyzing financial information

• Configured transactions for posting financial entries

• Designed interfaces for integrating SAP FICO with other systems

GR/IR in trail balance refers to Goods Receipt/Invoice Receipt clearing account in the trial balance.

• GR/IR is used to track the difference between goods receipt and invoice receipt in the accounting system.

• It helps in reconciling the accounts payable and accounts receivable.

• Any discrepancies in the GR/IR account need to be resolved to ensure accurate financial reporting.

• Example: If a company receives goods but has not ...read more