Top 50 SAP FICO Interview Questions & Answers
SAP is divided into several posting period, in a typical fiscal year, with a definite start and end date and the same is defined specifically for each of these periods. Only when the posting periods are in place that's when in the system any document posting. Generally, there are 12 posting periods. Each posting period comprises of a month and a year. SAP permits the defining of a maximum of four more posting periods, which are referred to "Special Periods" , as these are utilized for year-end closing activities. All of this is made possible by dividing the last posting period into more than one, but a maximum of four, period. Typically, all the postings in these special periods should be counted in the last posting period.
It is the software that stores data, and also computes them and retrieves the result based on the current marketing scenario. In order to determine the transaction type which is entered in the line item, a two digit numerical is used known as 'Posting Key' Posting key determines a Account Types b Types of posting. To generate financial statements like Profit and Loss statement, Balance sheets etc. You can have one Chart of Account for one company code which is assigned. There are three currencies that can be configured for a Company code, one is a local currency and two are the parallel currencies. Fiscal year in SAP is the way financial data is stored in the system.
What is the difference between company and company code? A company is the organizational unit used in the legal consolidation module to roll up financial statements of several company codes. The Company Code is the smallest organizational! How many chart of accounts can be attached to a company code? One or more Operative Chart of Accounts can be assigned to a company code. A COA must be aasigned to a company code.
Since through our expertise great interviewers simply intend to ask any critical question during your interview, commonly questions begin with some fundamental concept of the subject and next they proceed based on the distant analysis and Learn SAP FICO Online. Financial accounting and regulating are essential business fields, building a framework for every additional business enterprise. Tracing benefits, outgo and cash flow enable administration experts to give significant preparation choices concerning destiny. What Is Sap? What is Erp?
Also, both, FI and CO modules store the financial transaction data. SAP is used to help companies generate and manage financial statements for analysis and reporting. Also, it helps with effective business planning and decision-making. The business area is a separate area of operations of organizational units of financial accounting that can be used as internal and external reporting. Posting Key in SAP further specifies whether the item is debit or credit entry, account type that can be posted and the screen arrangement of line items. A General Ledger in financial accounting is used to record all business transactions in a software system.