PwC Associate Consultant Interview Questions, Process, and Tips

FI entries for GR IR

• FI entries refer to financial accounting entries

• GR IR stands for Goods Receipt Invoice Receipt

• FI entries for GR IR are the accounting entries related to the receipt of goods and the corresponding invoice

• These entries are recorded in the general ledger accounts

• Examples of FI entries for GR IR include debiting the inventory account and crediting the accounts payable account

Tax jurisdiction in SAP determines the tax laws and regulations applicable to a particular business transaction.

• It is used to determine the tax codes and rates for a transaction

• It is based on the location of the company code and the customer/vendor

• It can be set up at various levels such as country, state, city, etc.

• It is important for compliance with tax laws and regulations

• Example: A company based in the US selling to...read more

A clearing account is a temporary account used to hold funds until they can be transferred to their final destination.

• Clearing accounts are commonly used in banking and accounting.

• They are used to hold funds until they can be transferred to their final destination.

• Clearing accounts are often used in international transactions to ensure that funds are properly transferred between different currencies.

• Examples of clearin...read more

SAP uses various criteria to clear GRIR line items.

• SAP matches the invoice and purchase order information with the GRIR line item.

• SAP considers the age of the GRIR line item and clears the oldest items first.

• SAP can also use specific clearing rules set up by the user.

• If there are multiple open items, SAP may use the FIFO (first in, first out) method to clear them.

• SAP can also use the LIFO (last in, first out) method to...read more