Top SAP FICO Interview Questions (2024)
What is SAP FICO?
What are different sub modules in SAP FICO?
What primary factors will you take into consideration in configuring the dunning in the SAP FICO system?
What is general ledger accounting in SAP FICO?
What is accounts receivables in SAP FICO?
What is accounts payable in SAP FICO?
What is asset accounting in SAP FICO?
What is the relation between a controlling area and a company code in SAP FICO?
Can a company code have multiple chart of accounts in SAP FICO?
What is bank accounting in SAP FICO?
What is an Account Group in SAP FICO?
Why is the Dunning system important in SAP FICO?
What is SAP FICO tables?
What is the use of Internal Tables in SAP FICO?
What are different types of Internal Tables in SAP FICO?
What is Financial Accounting in SAP FICO?
What are the most commonly used tables in SAP FICO Financial Accounting?
What is SAP Controlling in SAP FICO?
What are the most commonly used tables in FICO SAP Controlling?
Why does the area NN transaction conflict with the net book-value rule error occurred in SAP FICO?
Why is account xxxxxxx xx only permitted to output tax error occurred in SAP FICO?
Why is there a Balancing field "Profit Center" error on line 01 and not in ASKB in SAP FICO?
Why is table T030K not defined for Transaction key XXX YY Chart of Accounts ZZZZ error occurred in SAP FICO?
Why are the withholding tax treatment settings different for Company codes error occurred in SAP FICO?
Why Account XXXXXXXX requires assignment to CO object error occurred in SAP FICO?
This type of withholding tax entry already exists. How can this SAP FICO error be fixed?
How to solve error "No clearing accounts specified for company codes NNNN/MMMM" in SAP FICO?
Why this error occur "Maintain conversion factors for XXX/YYY (currency type NN)" in SAP FICO?
Q: What is SAP FICO?
Ans:
SAP Finance and Controlling (FICO) is a critical key functional component in the SAP ERP Central Component that enables a business to handle all of its financial data. SAP FICO enables businesses to save a complete version of their financial transaction data.
Q: What are different sub modules in SAP FICO?
Ans:
The main factors for configuring the dunning process in the SAP system are as follows:-
- Examining any problems or open issues
- Choosing the appropriate dunning time, and then, if necessary, making changes
- Making a Dunning Proposal in SAP
- Choosing the proper Dunning level in SAP
- Make the list of Dunning proposals
- The day on which you must print a dunning notice
Q: What primary factors will you take into consideration in configuring the dunning in the SAP
FICO system?
Ans:
General ledger accounting is used to manage all general ledger accounts that are used for reporting. A chart of accounts is a collection of all general ledger accounts used by a firm or group of companies in SAP. These are the accounts that will be used for financial statement preparation.
Q: What is general ledger accounting in SAP FICO?
Ans:
General ledger accounting is used to manage all general ledger accounts that are used for reporting. A chart of accounts is a collection of all general ledger accounts used by a firm or group of companies in SAP. These are the accounts that will be used for financial statement preparation.
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Q: What is accounts receivables in SAP FICO?
Ans:
Accounts receivables is a submodule in FICO SAP that collects all customer transactions and manages client accounts. Customer accounts will be kept separate, and when transactions are entered in customer accounts, reconciliation accounts in the general ledger are updated in real time with the figures.
Q: What is accounts payable in SAP FICO?
Ans:
Accounts payables is a submodule that records all vendor transactions and manages vendor accounts. Separate vendor accounts are kept, and when transactions are entered in customer accounts, reconciliation accounts in the general ledger are updated in real time with the figures.
Q: What is asset accounting in SAP FICO?
Ans:
Asset accounting in SAP FICO manages all asset-related transactions for an entity. When transactions are published to asset accounts, the general ledger reconciliation accounts are updated in real time.
Q: What is the relation between a controlling area and a company code in SAP FICO?
Ans:
SAP advises a 1:n relationship between the controlling area and the company code. This implies that we can give a single controlling area to a many of company codes. Controlling may have one-to-one or one-to-many relationships with several company codes.
Q: Can a company code have multiple chart of accounts in SAP FICO?
Ans:
We can assign up to two charts of accounts in addition to the operating chart of accounts if the various company codes require distinct charts of accounts.
Q: What is bank accounting in SAP FICO?
Ans:
Bank accounting records all transactions with banks. Bank reconciliation is the process of matching all transactions on bank statements to transactions in the system.
Q: What is an Account Group in SAP FICO?
Ans:
The account group is a collection of accounts based on aspects that affect way master records are created. When a G/L account is formed, the account group determines: the number interval from which the account number is chosen.
Q: Why is the Dunning system important in SAP FICO?
Ans:
The Dunning system can identify a list of customers who have not paid their invoices. It also makes sending a reminder to the customer easier.
The following papers are covered by the dunning system:
- Open A/R bills, including those that have been partially credited or paid.
- Invoices that feature instalment payments.
- Credit memos for accounts receivable.
- Incoming payments that are not invoice-based.
Q: What is SAP FICO tables?
Ans:
Tables in SAP are a type of storage space in SAP Database that is used to segment and store data module-by-module. Assume we enter some data, such as Configuration Data, Master Data, or Transaction Data. SAP Tables in SAP FICO appropriately and orderly store them in the SAP Database.
Q: What is the use of Internal Tables in SAP FICO?
Ans:
Internal Tables are utilized to carry out calculations on specific database Table subsets. Additionally, it allow us in rearranging database Table contents in accordance with user requirements. In ABAP, internal tables replace the need for arrays. These are common data type objects that are only present during an ABAP program's runtime.
Q: What are different types of Internal Tables in SAP FICO?
Ans:
Internal Tables can be of one of three types.
- Standard tables having Linear index . Non-unique is always the key.
- Stored tables with unique or non-unique keys.
- Hash tables, where the key is always defined as unique (they lack a linear index).
Q: What is Financial Accounting in SAP FICO?
Ans:
The business's financial obligations are managed through SAP Financial Accounting. It allows for the control and integration of financial data across the entire organization. It is necessary for making business decisions.
Q: What are the most commonly used tables in SAP FICO Financial Accounting?
Ans:
The most frequently utilized key SAP FI tables with code are listed below.
GL Account Master- Chart of Account - SKA1 , AR and AP information System - RFRR ,
Correspondence Request - BKORM , Accounting Document Header - BKPF , Accounting Document-Line
Item - BSEG , Accounting Document-Line Item-New GL - FAGLFLEXA , Index Customer Open Item -
BSID , Index Customer Cleared Item - BSAD , Index-GL Accounts-Open Items - BSIS , Index- GL
Accounts Cleared Items - BSAS , Index-Vendor Open Items - BSIK , Index-Vendor Cleared Items -
BSAK , Depreciation Area - ANKB , Asset Class-Description - ANKT , Asset Class-General Data -
ANKA , Asset Class-Insurance Type - ANKV , Asset Down Payment settlement - ANEV , Asset Line
Items - ANEP , Asset Master Record Segment - ANLA , Asset Master Record Segment - ANLX , Asset
Master Record User Fields - ANLU , Asset Periodic Values - ANLP , Asset Texts - ANLT , Asset
Type - ANAR , Asset Value Fields - ANLC , Bank Master Record - BNKA , Business Partner -General
Data - BP000 , Cash Management Line Item in Payment Request - FDZA , Create GL account with
Reference - TSAK , Credit Management-FI Data - KNKK , Customer/Vendor Linking - KLPA , Customer
Master General Data - KNA1 , Customer Master Partner Functions - KNVP , Customer Master Sales
Data - KNVV , Customer Master Sales Request - KNVD , Customer Master Data-Company Code - KNB1 ,
Customer Master Bank Details - KNBK , Customer Master Credit Management-Central Data - KNKA ,
Customer Master Credit Management-Control Area Data - KNKK , Customer Master Dunning Data - KNB5
, Customer Master Special GL Transactions - KNC3 , Customer Master Transaction Figures - KNC1 ,
Customer Payment History - KNB4 , Depreciation Terms - ANLB , Asset Posting-Header - ANEK ,
Document Parking Header - VBKP , Recurring Entry-Header - BKDF , Document Type Text - T003T ,
Dunning Data - MHNK , EBS Line Entry - FEBEP , GL Account Description - SKAT , GL Account-Chart
of Account - SKA1 , GL Account-Company Code - SKB1 , APP Run - F111 , Vendor Validation - BSIP ,
Inter-Company Posting Procedure - BVOR , Asset Number - ANLH , Dunning Program-Management Record
- MAHNV , Payment Medium File - PAYR , Pre-numbered Check - PCEC , Tax Code Names - T007S ,
Vendor Master General Data - LFA1 , Vendor Master Company Code - LFB1 , Vendor Master Bank Data
- LFBK , Vendor Master Purchasing Data - LFM2 , Vendor Master Purchasing Organization Data -
LFM1
Q: What is SAP Controlling in SAP FICO?
Ans:
SAP Controlling assists in informing internal management of all cost and profitability analyses. Additionally, by planning and evaluating costs to generate reports that drive decision-making, it contributes to better management throughout the financial span.
Q: What are the most commonly used tables in FICO SAP Controlling?
Ans:
The most essential SAP Controlling tables are listed here.
Activity Type Master - CSLA , Assignment of Work Center to Cost Center - CRCO , Control Data for
Activity Type - COKL , Control Data for Cost Center - COKA , Primary Cost Element-Control Data -
COKP , Secondary Cost Element-Control Data - COKS , Statistical Key Figure - COKR , Cost Object
Document Header - COBK , Cost Object Line Item ( By Year) - COEJ , Cost Object Line Item ( By
period) - COEP , Line Items Activity Type - COEPL , Line Item for SKF - COEJR , CO Versions -
TKVS , Controlling Area - TKA01 , Cost Center/Activity Type - CSSL , Cost Center/Cost Element -
CSSK , Cost Center Master Data - CSKS , Cost Element-Chart of Account - CSKA , Cost
Element-Company Code - CSKB , Controlling Object-Header - BPBK , Settlement-Header - AUAK ,
EC-PCA - GLPCA , EC-PCA-Plan Line Items - GLPCP , Cost Total-External Posting - COSP , Cost
Total-Internal Posting - COSS , Order Master Data - AUFK , PCA Total Table - GLPCT , Profit
Center Master Data - CEPCT , Distribution Settlement Document - AUAB
Q: Why does the area NN transaction conflict with the net book-value rule error occurred in SAP
FICO?
Ans:
This mistake occurs when users attempt to submit an asset's value, such as special or unforeseen depreciation, which lowers the asset's net book value. By going to the depreciation area configuration for the chart of depreciation and changing the value allowed to "All Values Allowed," the problem can be resolved. So, be sure that you want to permit negative net book value before making the configuration change. Else, review your transaction again.
Q: Why is account xxxxxxx xx only permitted to output tax error occurred in SAP FICO?
Ans:
These problems occur when the type of tax codes that are permitted for GL accounts are restricted. Check the Control data tab/Tax Category field in FS00. For the correct tax code, verify the posting. We will need to update the Tax category if still wanted to fix the problem.
Q: Why is there a Balancing field "Profit Center" error on line 01 and not in ASKB in SAP
FICO?
Ans:
The SAP transaction defined as ASKB is used to regularly post Asset APC data to G/L. If we don't keep the required account determination in Configuration, then get a Profit Center balancing error. Find the depreciation area that has the problem and see if the account determination Cost objects have been kept up to date in ACSET to fix the error.
Q: Why is table T030K not defined for Transaction key XXX YY Chart of Accounts ZZZZ error
occurred in SAP FICO?
Ans:
Transaction key XXX YY chart of accounts ZZZZ not specified in table T030K If we attempt to post an invoice but the tax code has not been kept up to date in Configuration, an error will appear. Everything needed to fix the problem is in the error report, with the exception of the G/L account that needs to be allocated to the tax code. Enter to Tcode OB40, give the correct following information: Chart of Account (ZZZZ), Transaction (XXX), and Assign G/L to the Tax Code (YY).
Q: Why are the withholding tax treatment settings different for Company codes error occurred in
SAP FICO?
Ans:
We get this error, when we attempt to post an intercompany posting in SAP FICO. Although one of
the company codes is set to a regular withholding tax setting while the other is set to an
extended withholding tax setting, then will see errors of this type.
To activate extended withholding tax, go to IMG -> Financial Accounting -> Financial Accounting
Global Setting -> Company Code -> Activate
Although any single cross-company code postings allowed. As a result, we would need to post two
entries, one for each company code.
Q: Why Account XXXXXXXX requires assignment to CO object error occurred in SAP FICO?
Ans:
When the primary cost element is established for the account and the GL account is relevant for cost posting, we receive this error message. Within that scenario, the system will require a cost object (such as a cost center, internal order, WBS element, and so on.) in the posting since SAP Controlling requires an automatic posting.
Q: This type of withholding tax entry already exists. How can this SAP FICO error be fixed?
Ans:
When we attempt to assign multiple lines with the same tax type to the business transaction in SAP FICO, an error will appear. SAP only permits one tax type entry per business transaction. Multiple tax types should be generated if multiple lines need to be inserted.
Q: How to solve error "No clearing accounts specified for company codes NNNN/MMMM" in SAP
FICO?
Ans:
When attempting to submit an intercompany posting however the company code pair has not been
configured for cross-company code posting, we will encounter this error.
Change the settings of OBYA to resolve. The same withholding tax setting like Classic or
Extended should be used for all Company Codes.
Q: Why this error occur "Maintain conversion factors for XXX/YYY (currency type NN)" in SAP
FICO?
Ans:
This error shows that the conversion factor for the system's currency pair has not been kept up
to date. In IMG -> General Settings -> Currencies -> Define Translation ratios, look up the
currency pair.
If the currency pair is not kept up to date, keep the pair up to date for XXX/YYY and YYY/XXX
(for instance, USD/CAD and CAD/USD).