SAP FICO is also specified as SAP FI/CO, FI stands for Financial Accounting and CO stands for Controlling. FICO is majorly used to evaluate and monitor the financial condition of a business. By using SAP FICO, you can inspect the inner operations by creating and scheduling the reports and can make out the solutions for accounting necessities. SAP FI signifies the features of financials and SAP CO features the Managerial and Cost Controlling.
Who is the target audience?
- Graduates who have a basic understanding of finance and financial terminology & want to learn FICO.
- SAP Functional Consultants who need a fundamental understanding of FI.
- SAP Technical Consultants and Developers who need a fundamental understanding of FI.
FICO, likewise called Finance and Controlling, incorporates the bookkeeping side of a business.
All the budgetary segments like Accounts Receivable, Accounts Payable, General Ledger, Tax, and so forth are consolidated into SAP. So as installments are made, items are sold, sections in the books are consequently refreshed in the framework continuously. It makes month closes substantially simpler in organizations now with all the computerization.
Controlling, then again speaks to the stream of expenses and incomes from the exchanges that happen in the organization. It tracks inward expenses inside the organization. Along these lines, CO is an administration instrument which causes them to break down on how well the organization is getting along. The different portions incorporate Cost bookkeeping, Profitability, Product costing, and so forth.
Top 10 SAP FICO Interview Questions & Answers:-
1) Explain the term SAP FICO?
SAP FICO remains for FI ( Financial Accounting) and CO (controlling). In SAP FICO, SAP FI take thinks about bookkeeping, planning of monetary explanations, charge calculations and so on, while SAP CO take considerations of bury orders, cost sheet, stock sheet, cost assignments and so forth. The product stores information, and furthermore figures them and recovers the outcome in light of the present advertising situation. SAP FICO counteracts information lost and furthermore does the confirmation and detailing of information.
2) What are alternate modules to which ‘Monetary Accounting’ is incorporated?
Alternate modules to which ‘Monetary Accounting’ is incorporated are
a) Sales and Distribution
b) Material Management
c) Human Resource
d) Production Planning
e) Controlling of money related exchange
3) In SAP FI what are the hierarchical components?
The hierarchical components in SAP FI are:
a) Company Code
b) Business Area
c) Chart of Account
d) Functional Area
4) Explain what is posting key and what does it control?
Keeping in mind the end goal to decide the exchange write which is entered in the detail, a two-digit numerical is utilized known as ‘Posting Key’
Posting key decides
an) Account Types
b) Types of posting. Charge or Credit
c) Field status of the exchange
5) What is the organization code in SAP?
To produce budgetary articulations like Profit and Loss proclamation, Balance sheets and so forth organization code is utilized.
6) what number Chart of Accounts can organization code have?
You can have one Chart of Account for one organization code which is relegated.
7) For a Company Code what number of monetary standards can be arranged?
There are three monetary standards that can be designed for a Company code, one is a nearby money and two are the parallel monetary standards.
8) What are the choices in SAP for Fiscal years?
Monetary year in SAP is the way budgetary information is put away in the framework. In SAP, you have 12 periods and four unique periods. These periods are put away in financial year variation that is:
a) Calendar Year: From Jan-Dec, April-March
b) Year subordinate financial year
9) What is a ‘year move’ in SAP schedule?
SAP framework does not realize what is broken financial year e.g April 2012 to March 2013 and just comprehend the schedule year. On the off chance that, for any business, the monetary year isn’t a schedule year yet the blend of the diverse long periods of two distinctive logbook year and afterward one of the date-book year needs to delegated a financial year for SAP and the month falling in one more year must be balanced into the monetary year by moving the year by utilizing the sign – 1 or +1. This move in the year is known as ‘year move’.
Case: April 2012 to Dec 2012 is our first schedule year, and Jan 2013 to March 2013 is our second year, now on the off chance that you are taking April-12 to Dec-12 as your monetary year, at that point Jan-13 to March-13 consequently turns into the second year, and you need to alter this year by utilizing – 1 move, and the other way around if the situation is switched, here you will utilize +1 move.
10) What is year subordinate monetary year variation?
In multi year subordinate monetary year variation, the quantity of days in multi-month isn’t according to the date-book month. For instance, in the year 2005, month January end on 29th, month Feb closes on 26th and so on.
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