Tech Mahindra FICO Lead Consultant Interview Questions and Answers

What is aptitude text? How much rounds?

Q1. Is very simple in this round.
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Q2. Best experience in this round.
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Q1. FI MM Integration
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Q2. House Banks configuration
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House Banks configuration involves setting up bank accounts in SAP for electronic payments and receipts.
• House Banks are created in SAP using transaction code FI12

• Bank accounts are linked to House Banks for payment transactions

• House Banks can be assigned to company codes for specific use cases
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Q3. Asset Accounting
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Q4. Intermediate Document
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Q1. Difference between ECC & S4Hana
Ans. 
ECC is the older version of SAP's ERP system, while S4Hana is the newer, more advanced version with improved features and capabilities.
• ECC is based on traditional row-based database technology, while S4Hana utilizes in-memory computing for faster processing.

• S4Hana offers real-time analytics and predictive capabilities, while ECC does not.

• S4Hana has a simplified data model and user interface compared to ECC.

• S4Hana is de...read more
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Q2. House bank Creation
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Q1. Regarding Package
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Q1. Tell me about APP?
Ans. 
APP stands for Automatic Payment Program in SAP FICO module.
• APP is used for making payments to vendors automatically based on predefined criteria.

• It helps in streamlining the payment process and reducing manual intervention.

• APP can be scheduled to run at specific intervals to ensure timely payments.

• It allows for customization of payment methods, payment terms, and selection criteria.

• Example: Setting up APP to pay all i...read more
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Q2. What is year shift ?
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Year shift refers to changing the fiscal year in SAP FICO to align with the company's financial reporting requirements.
• Year shift is used to adjust the fiscal year in SAP FICO to match the company's financial calendar.

• It involves changing the start and end dates of the fiscal year in the system.

• Year shift can impact financial reporting, budgeting, and forecasting processes.

• It is important to carefully plan and execute ...read more
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Q3. Explain me validation and substitution? and where they are applicable?
Ans. 
Validation and substitution are functionalities in SAP FICO used to enforce data integrity and automate data entry processes.
• Validation ensures that data entered meets certain criteria or conditions before being saved.

• Substitution automatically populates fields with predefined values based on certain conditions.

• Validation and substitution can be applied to various fields in SAP FICO such as GL accounts, cost centers, a...read more
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Q4. In FI-MM integration in PRD transaction key which account do you specify?
Ans. 
In FI-MM integration in PRD transaction key, the account specified is the Consumption Account.
• The account specified in PRD transaction key for FI-MM integration is the Consumption Account.

• This account is used to record the consumption of materials in the production process.

• It helps in tracking the cost of materials used in production.

• Example: Consumption Account 300000 is specified in PRD transaction key for recording
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Q5. What is FI-SD integration?
Ans. 
FI-SD integration refers to the integration between Financial Accounting (FI) and Sales & Distribution (SD) modules in SAP.
• FI-SD integration allows for seamless flow of data between the two modules, ensuring accurate financial reporting based on sales transactions.

• Key integration points include customer master data, sales orders, billing documents, and accounts receivable.

• Integration helps in automating processes such ...read more
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Q6. What is chart of accounts and What is country chart of accounts gime an example?
Ans. 
Chart of accounts is a list of all the general ledger accounts used by a company, while country chart of accounts is specific to a particular country.
• Chart of accounts is a structured list of all the general ledger accounts used by a company.

• It helps in organizing financial transactions and preparing financial statements.

• Country chart of accounts is a variant of the chart of accounts that is specific to a particular co...read more
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Q7. What is the differnce between Partial and Residual Payment?
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Partial payment is a payment made for a portion of the total amount due, while residual payment is the remaining amount left to be paid.
• Partial payment is made for a part of the total amount owed.

• Residual payment is the remaining balance left after the partial payment.

• Partial payment reduces the total amount due, while residual payment clears the remaining balance.

• Example: If a total bill is $1000 and a partial payment...read more
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Q1. Ptp process otc process
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Q1. Finance related
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Q1. Sap fico related
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Agriculture any product related

Sap fico related question and answer

Q1. What do you about know sap fico
Ans. 
SAP FICO is a module in SAP ERP that deals with financial accounting and controlling.
• SAP FICO is an acronym for SAP Financial Accounting and Controlling.

• It is a module in SAP ERP that integrates financial accounting and controlling processes.

• It helps organizations manage their financial transactions, financial reporting, and cost controlling.

• SAP FICO includes sub-modules like General Ledger Accounting, Accounts Payable...read more
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Q2. What is posting period varint
Ans. 
Posting period variant is a configuration setting that controls the posting periods for financial transactions.
• Posting period variant determines the open and closed periods for posting financial transactions.

• It is assigned to a company code and controls the posting periods for all financial modules.

• It can be customized to meet the specific needs of the organization, such as defining special periods for year-end closing...read more
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Q3. What asset class and who made asset class
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Asset class is a categorization of assets based on their characteristics. It is made by the company's management.
• Asset class is used to group similar assets together for reporting purposes

• It helps in tracking and managing assets efficiently

• Examples of asset classes include buildings, machinery, vehicles, and furniture

• Asset classes are created by the company's management based on their business needs
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Q4. What are the type of tolerance group in sap
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There are three types of tolerance groups in SAP: payment, invoice, and purchasing.
• Payment tolerance group controls the maximum amount of difference between the invoice and payment.

• Invoice tolerance group controls the maximum amount of difference between the invoice and purchase order.

• Purchasing tolerance group controls the maximum amount of difference between the purchase order and goods receipt.

• Each tolerance group i...read more
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Q5. What is posting key and how to deater mined the posting key
Ans. 
Posting key is a two-digit numerical code used in SAP FICO to determine the type of transaction and the general ledger account to be posted.
• Posting key is used to control the entry of accounting documents in SAP FICO.

• It determines the type of transaction, such as debit or credit, and the general ledger account to be posted.

• Posting keys are predefined in SAP and can be customized as per business requirements.

• The posting...read more
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Q6. What is cash journal and how many steps of cash journal
Ans. 
Cash journal is a special journal used to record all cash transactions in a company.
• Cash journal is used to record all cash transactions in a company

• It is a special journal that is used to manage cash transactions

• Cash journal is used to record all incoming and outgoing cash transactions

• There are 3 steps in cash journal: creating a cash journal, posting transactions, and closing the cash journal
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Q7. What is documents types
Ans. 
Document types are categories of documents used in SAP to classify and organize business transactions.
• Document types are assigned to each transaction in SAP to identify the type of transaction and its purpose.

• Examples of document types include vendor invoices, customer invoices, purchase orders, and payment requests.

• Document types are used to control the posting of accounting entries and to determine the document numbe...read more
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Q1. What is account payable
Ans. 
Account payable is the amount owed by a company to its suppliers or vendors for goods or services received but not yet paid for.
• It is a liability account in the balance sheet

• It represents the amount owed to suppliers or vendors

• It includes invoices received but not yet paid

• It is an important component of working capital management

• Example: A company receives a bill for $10,000 from a supplier for raw materials purchased....read more
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Q2. What is account receivable
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Account receivable is the amount of money owed to a company by its customers for goods or services sold on credit.
• It is a current asset on the balance sheet

• It represents the amount of money that a company expects to receive from its customers

• It is recorded as a debit entry in the company's books

• Examples include outstanding invoices, credit notes, and bad debts
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Q3. What are the type of chart of accounts
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There are three types of chart of accounts: Operating chart of accounts, Group chart of accounts, and Country-specific chart of accounts.
• Operating chart of accounts is used for daily accounting activities and is assigned to a company code.

• Group chart of accounts is used for consolidating financial statements of multiple company codes.

• Country-specific chart of accounts is used to meet legal and reporting requirements sp...read more
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Q4. How to configuration AAP
Ans. 
AAP configuration involves setting up the Asset Accounting module in SAP FICO.
• Define chart of depreciation

• Create asset classes

• Specify depreciation areas

• Assign asset classes to depreciation areas

• Define screen layout rules

• Configure number ranges for asset master records

• Set up depreciation keys

• Define tax depreciation areas

• Configure integration with other modules
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Q5. What are the level of configured down payment
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There are three levels of configured down payment: partial, final, and intermediate.
• Partial down payment is made before the delivery of goods or services.

• Final down payment is made after the delivery of goods or services.

• Intermediate down payment is made during the delivery of goods or services.

• Each level can have different percentages and due dates.

• Down payment configuration can vary based on company policies and cust
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Q6. What are the process of desperation calculated
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Desperation is not a process that can be calculated. Did you mean depreciation?
• Desperation cannot be calculated as it is an emotion.

• Depreciation is the process of allocating the cost of an asset over its useful life.

• Depreciation can be calculated using various methods such as straight-line, declining balance, and sum-of-the-years' digits.

• Depreciation is important for financial reporting and tax purposes.

• For example, a ...read more
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Q7. What is product costing
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Product costing is the process of determining the cost of producing a product or service.
• It involves identifying all the costs associated with producing a product or service, including direct and indirect costs.

• Direct costs include materials, labor, and other expenses directly related to production.

• Indirect costs include overhead expenses such as rent, utilities, and administrative costs.

• Product costing is important fo...read more
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Q1. Account Payable in SAP-FICO
Ans. 
Account Payable is a sub-ledger account in SAP-FICO used to track and manage payments to vendors.
• AP is used to record and manage all vendor invoices and payments

• It helps in maintaining accurate records of outstanding payments and due dates

• AP can be integrated with other modules like MM and SD for seamless transactions

• It allows for automatic payment processing and vendor statement reconciliation

• Reports can be generated ...read more
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Q2. Accounts Receivable in SAP-FICO
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Accounts Receivable is a subledger that records all incoming payments from customers.
• AR is used to manage customer invoices and payments

• It tracks outstanding customer balances and generates aging reports

• AR can be integrated with sales and distribution modules for seamless processing

• It allows for credit management and dunning processes to ensure timely payments

• AR can also be used for cash application and bank reconcilia
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About SAP-FICO in Accounts Payable with Taxes and GST, Accounts Receivable with down payment, General Ledger Accounting, Calculation of Deprecation in Asset Accounting, Sale of Asset etc