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The P2P cycle involves procurement processes from requisition to payment, ensuring efficient supply chain management.
1. Purchase Requisition: Initiated by departments to request goods/services.
2. Purchase Order: Converted from requisition, sent to vendors for confirmation.
3. Goods Receipt: Verification of received goods against the purchase order.
4. Invoice Verification: Matching invoices with purchase orders and ...
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 ...
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 fo...
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.
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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 multi...
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: Lin...
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 tran...
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 summaris...
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 De...
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 pro...
I applied via LinkedIn and was interviewed in Nov 2024. There was 1 interview round.
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 ...
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...
I applied via Approached by Company and was interviewed in May 2024. There was 1 interview round.
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...
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 ...
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...
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...
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...
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...
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...
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...
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 ...
I applied via LinkedIn and was interviewed in Aug 2023. There were 2 interview rounds.
Account receivable in SAP FICO involves managing customer invoices and payments.
Involves creating customer invoices for goods or services provided
Tracks payments received from customers
Allows for reconciliation of accounts receivable with general ledger
Provides reports on outstanding receivables and aging analysis
AP2P cycle stands for Accounts Payable to Payment cycle in SAP FICO. It involves the entire process from invoice receipt to payment disbursement.
AP2P cycle starts with the receipt of vendor invoices.
Invoices are verified, approved, and posted in the system.
Payment terms are determined and payments are processed.
Finally, payments are disbursed to vendors.
The cycle ensures accurate and timely payment to vendors.
Account payable in SAP FICO refers to the money a company owes to its suppliers or vendors for goods or services received.
Account payable is a liability account in the general ledger that represents the amount a company owes to its suppliers.
In SAP FICO, account payable transactions are recorded in the Accounts Payable module.
Payments to vendors are processed through the Accounts Payable module in SAP FICO.
Account paya...
I am a dedicated SAP Fico Consultant with 5 years of experience in implementing and optimizing financial systems for various clients.
5 years of experience in SAP Fico consulting
Expertise in implementing and optimizing financial systems
Strong understanding of client requirements and delivering solutions
Experience working with various clients in different industries
Certified in SAP Fico
I applied via Referral and was interviewed in Aug 2023. There was 1 interview round.
Experienced SAP FICO Consultant with expertise in financial processes and system implementations across multiple industries.
Led the implementation of SAP FICO for a manufacturing client, improving financial reporting accuracy by 30%.
Conducted training sessions for end-users, enhancing their understanding of SAP functionalities and increasing productivity.
Collaborated with cross-functional teams to streamline financial ...
I applied via Recruitment Consulltant and was interviewed in Aug 2023. There was 1 interview round.
A Fiscal Year Variant defines the structure of a fiscal year in SAP, including periods and special periods for financial reporting.
Fiscal Year Variant determines how the fiscal year is divided into periods.
It can be calendar year-based or non-calendar year-based (e.g., April to March).
Example: A company with a fiscal year from April 1 to March 31 would have a fiscal year variant set accordingly.
Special periods can be d...
The duration of Accenture SAP Fico Consultant interview process can vary, but typically it takes about less than 2 weeks to complete.
based on 15 interview experiences
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