Prowess Enterprise Associate SAP Fico Consultant Interview Questions, Process, and Tips

I am a finance professional with expertise in SAP FICO. Chart of accounts is a list of all G/L accounts used by a company.

• Chart of accounts is a list of all G/L accounts used by a company to record financial transactions.

• Types of chart of accounts include operating chart of accounts, country-specific chart of accounts, group chart of accounts, and global chart of accounts.

• Some t.codes related to chart of accounts in SA...read more

Field status group determines the field status of G/L account master data fields in SAP FICO.

• Field status group controls whether a field is required, optional, or suppressed in G/L account master data.

• It is assigned to a G/L account in the chart of accounts.

• Field status group is used to define the field status of various fields like posting key, cost center, etc.

• It helps in controlling data entry and validation in G/L

Posting period variant is a key configuration in SAP FICO that controls the posting periods for different document types.

• Controls the open and close periods for posting documents

• Assigned to a company code in SAP

• Defines the fiscal year variant and posting periods for each document type

• Used to restrict posting to specific periods

Chart of accounts is a list of all the accounts used by an organization to define its financial structure.

• Chart of accounts organizes financial transactions into categories

• Types include operating expenses, assets, liabilities, equity, revenue, etc.

• Each account is assigned a unique number for identification

• Example: Account 1000 for Cash, Account 2000 for Accounts Payable

Country chart of accounts is a list of general ledger accounts used by a company based on the country's legal requirements.

• It is a structured list of general ledger accounts specific to a country's legal and reporting requirements.

• It helps in standardizing the accounting practices within a country.

• Each country may have its own unique chart of accounts based on its regulations and reporting standards.

• For example, the ch...read more

APP stands for Automatic Payment Program in SAP FICO, used for making payments to vendors automatically.

• APP is used to process outgoing payments to vendors in SAP FICO.

• It allows for automatic selection of open items for payment based on predefined criteria.

• Steps include defining payment methods, creating payment proposals, scheduling payment runs, and posting payments.

• APP helps streamline the payment process and improv...read more

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

• The process starts with a purchase requisition being created by the requesting department.

• The requisition is then approved by the appropriate authority.

• A purchase order is generated and sent to the vendor.

• Goods or services are received and the invoice is matched with the purchase order.

• Payment is ma...read more

GR/IR clearing ac is used to reconcile Goods Receipt (GR) and Invoice Receipt (IR) in SAP FICO.

• GR/IR clearing ac helps in matching the goods received with the invoice received.

• It ensures that the accounting entries for goods receipt and invoice receipt are in sync.

• Any discrepancies between GR and IR can be identified and resolved using GR/IR clearing ac.

• It helps in maintaining accurate financial records and avoiding pa...read more

O2C cycle stands for Order to Cash cycle, which is the process of 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

Next payment run date in F110 is used to schedule the next automatic payment run.

• Next payment run date determines when the system will automatically execute the payment run in F110.

• It helps in planning and scheduling payment runs in advance.

• Users can set the next payment run date based on their payment processing requirements.

• For example, if a company wants to ensure all vendor payments are processed on the 15th of eve...read more

BP configuration in SAP FICO involves setting up business partners and related data. T.codes include XD01, XD02, XD03, FK01, FK02, FK03.

• BP configuration involves creating, changing, and displaying business partner master data in SAP

• T.codes XD01, XD02, XD03 are used for creating, changing, and displaying customer master data

• T.codes FK01, FK02, FK03 are used for creating, changing, and displaying vendor master data

SAP FICO refers to Finance (FI) and Controlling (CO) modules in SAP ERP system.

• SAP FICO is used for financial accounting and management accounting in organizations.

• FI module deals with financial transactions, while CO module focuses on planning, reporting, and monitoring costs.

• Integration between FI and CO modules allows for seamless financial management.

• SAP FICO helps in generating financial statements, managing cash ...read more