NTT DATA, Inc. SAP Fico Consultant Interview Questions and Answers

SAP is an ERP software used for managing business operations. Fiscal year variant determines the financial year of a company. Document type is used to classify accounting transactions. Chart of accounts is a list of all G/L accounts used by a company. PtoP cycle refers to the procurement process. Asset procurement is the process of acquiring assets for a company. Document splitting is used to split a document into mult...read more

Financial Statement Version is a configuration tool in SAP FICO used to define the structure and layout of financial statements.

• Financial Statement Version is used to group and organize financial statement items.

• It allows customization of the structure and presentation of financial statements.

• It helps in generating accurate and meaningful financial reports.

• It can be used to define multiple versions of financial stateme...read more

Withholding tax is a tax deducted at source from payments made to suppliers or vendors.

• It is a tax deducted by the payer from the payment made to the payee.

• The payer is responsible for remitting the tax to the government.

• It is applicable to certain types of payments like salaries, rent, and professional fees.

• The rate of withholding tax varies depending on the type of payment and the country's tax laws.

• The payee can cla...read more

Accounts payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.

• Accounts payable is a liability on the balance sheet

• It represents the company's obligation to pay off short-term debts

• It is typically recorded when an invoice is received from a supplier

• Examples include bills for raw materials, utilities, or services

Key configuration steps for creating Automatic payment program in SAP Fico

• Define payment methods in transaction code FBZP

• Set up house banks in transaction code FI12

• Configure payment methods per company code in transaction code FBZP

• Define payment methods per country in transaction code OBVC4

• Assign payment methods to vendors in transaction code XK02