TCS SAP Fico Consultant Interview Questions, Process, and Tips

P2P cycle stands for Procure to Pay cycle, which involves the process of procuring goods or services from a vendor and making payment for them.

• The cycle starts with the need for a product or service, followed by creating a purchase requisition.

• Next, a purchase order is created and sent to the vendor for the requested goods or services.

• Upon receiving the goods or services, the vendor sends an invoice to the buyer.

• The bu...read more

Financial statement version is a report that displays financial data in a specific format.

• It is used to create customized financial statements based on company requirements.

• It allows users to define the structure and layout of financial statements.

• It can be used to display data from different accounting areas and periods.

• Examples include balance sheets, income statements, and cash flow statements.

FI is for financial accounting and CO is for controlling in SAP.

• FI deals with recording financial transactions and generating financial statements.

• CO deals with cost accounting, budgeting, and internal reporting.

• FI is more focused on external reporting while CO is more focused on internal management.

• Examples of FI transactions include posting journal entries, creating customer invoices, and processing vendor payments.

• E...read more

SAP is used for efficient management of business processes and data.

• SAP provides a centralized system for managing various business functions such as finance, sales, procurement, and production.

• It helps in streamlining business processes and improving productivity.

• SAP provides real-time data analysis and reporting, enabling better decision-making.

• It offers customizable solutions to meet specific business needs.

• Examples...read more

SAP CO is a module for controlling and managing costs in an organization. Personal and nominal accounts are used in financial accounting. GST is a tax system. P2P cycle is a procurement process. Asset accounting is for managing fixed assets.

• SAP CO is used for cost controlling and management

• Personal accounts are used for individuals and nominal accounts are used for expenses and revenues

• GST is a tax system used in India...read more