First Place It Solutions SAP Fico Consultant Interview Questions and Answers for Experienced

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

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 the goods or services

• Invoice Verification: Checking and approving supplier invoice

• Payment: Settling the invoice

Integration between FI, MM, and SD involves sharing data between financial accounting, materials management, and sales and distribution modules in SAP.

• FI module records financial transactions and generates financial reports.

• MM module manages procurement and inventory processes.

• SD module handles sales orders and customer invoices.

• Integration ensures seamless flow of data between modules for accurate financial reporting.

• ...read more

The number of cod configured depends on the specific requirements of the project and can vary.

• Number of cod configured is determined by the specific needs of the project

• Cod configuration can range from a few to many depending on complexity

• Examples of cod configurations include GL accounts, cost centers, profit centers, etc.

I recently solved a complex issue related to asset accounting integration in SAP FICO.

• Identified discrepancies in asset accounting data

• Analyzed integration settings between asset accounting and FI modules

• Implemented necessary corrections to ensure accurate financial reporting

Document splitting is a feature in SAP FICO that allows for the splitting of financial documents into multiple segments for reporting purposes.

• Document splitting is used to meet legal and management reporting requirements.

• It allows for the allocation of costs and revenues to different segments of the business.

• Document splitting can be based on various criteria such as business area, profit center, or segment.

• For exampl...read more

A cost center is a specific location, department, or function within a business that is responsible for incurring costs.

• Cost centers help track and allocate expenses within an organization.

• They are used for budgeting, forecasting, and performance evaluation.

• Examples include marketing department, IT department, and production line.

• Month-end activities may include closing financial books, reconciling accounts, and prepar

I want to work for your company because of its strong reputation, innovative solutions, and commitment to employee growth.

• Your company has a strong reputation in the industry, which would provide me with valuable experience and opportunities for growth.

• I am impressed by the innovative solutions your company offers, and I want to be a part of the team that develops and implements these solutions.

• Your company's commitmen...read more

My biggest achievement so far is successfully implementing an SAP FICO solution for a multinational company, resulting in significant cost savings and improved financial processes.

• Successfully implemented SAP FICO solution for a multinational company

• Achieved significant cost savings through process improvements

• Streamlined financial processes resulting in increased efficiency

• Received positive feedback from stakeholders

I am an experienced SAP Fico Consultant with a strong background in finance and accounting.

• I have over 5 years of experience working as an SAP Fico Consultant.

• I have a deep understanding of financial processes and accounting principles.

• I have successfully implemented SAP Fico solutions for various clients, improving their financial operations and reporting.

• I am proficient in configuring and customizing SAP Fico modules...read more

I am looking for a change to expand my skills and take on new challenges.

• Seeking new opportunities for professional growth

• Wanting to work on different projects and industries

• Desire to learn new technologies and methodologies

• Looking for a more challenging and rewarding role

• Wanting to work in a different company culture or environment

My greatest strength is my attention to detail and my weakness is my tendency to overthink.

• Strength: Attention to detail - I have a strong ability to notice even the smallest details and ensure accuracy in my work.

• Weakness: Overthinking - I sometimes spend too much time analyzing situations and can become indecisive.

• Strength: Analytical skills - I have a strong ability to analyze complex problems and find effective sol...read more