ITC Infotech SAP Fico Consultant Interview Questions and Answers

Q1. Explain about sap fico
Ans. 
SAP FICO is a module in SAP ERP that deals with financial accounting and controlling.
• SAP FICO stands for Financial Accounting (FI) and Controlling (CO)

• FI module deals with financial transactions, general ledger accounting, accounts payable and receivable, asset accounting, etc.

• CO module deals with cost center accounting, profit center accounting, internal orders, product costing, etc.

• SAP FICO integrates with other SAP ...read more
Answered by AI
Add your answer
Q2. What is chart of depreciation
Add your answer
Q3. What are the other modules which financial accounting integrated
Ans. 
Financial accounting is integrated with other modules such as Controlling (CO), Materials Management (MM), Sales and Distribution (SD), and more.
• Controlling (CO) module is closely integrated with financial accounting to provide cost accounting and management accounting functionalities.

• Materials Management (MM) module is integrated with financial accounting to track and manage procurement and inventory costs.

• Sales and D...read more
Answered by AI
View 1 more answer
Q4. What is chart of accounts
Add your answer
Q5. How many currencies that can be configured for a company code
Ans. 
The number of currencies that can be configured for a company code depends on the SAP system settings and requirements.
• The number of currencies can vary based on the SAP system version and configuration.

• Typically, a company code can have a local currency and additional currencies for reporting or transaction purposes.

• The additional currencies can be used for consolidation, group reporting, or for handling foreign curre...read more
Answered by AI
View 2 more answers
Q6. What are the accounting principles
Add your answer
Q7. What is master data
Add your answer
Q8. What is the t code for park document
Ans. 
The t code for park document in SAP FICO is FBV0.
• FBV0 is used to park accounting documents in SAP FICO.

• Parked documents are temporary and can be edited before posting.

• This t code allows users to save incomplete or unbalanced documents for later processing.

• Once parked, the document can be reviewed, modified, or deleted before posting.
Answered by AI
View 1 more answer
Q9. What are end users does and What does consultant
Ans. 
End users use SAP FICO to perform daily business transactions, while consultants configure and customize the system to meet business requirements.
• End users perform daily business transactions such as creating purchase orders, processing invoices, and generating financial reports using SAP FICO.

• Consultants configure and customize the system to meet business requirements by setting up master data, defining business proce...read more
Answered by AI
Add your answer
Q10. Explain about distribution cycle and assessment cycle
Ans. 
Distribution cycle is used to allocate primary costs to cost centers while assessment cycle is used to allocate secondary costs.
• Distribution cycle is used to allocate primary costs to cost centers based on the cost element category.

• Assessment cycle is used to allocate secondary costs from one cost center to another based on the sender and receiver cost centers.

• Distribution cycle is executed before the assessment cycle.

• ...read more
Answered by AI
View 1 more answer
Q11. Explain about dunning
Add your answer
Q12. What is open item management
Ans. 
Open item management is a method of managing accounts where individual transactions are tracked until they are cleared.
• Open items are transactions that are not yet settled or paid in full

• Each open item is tracked until it is matched with a corresponding transaction

• This method is commonly used in accounting to ensure accurate financial reporting

• Examples include unpaid invoices, outstanding checks, and unapplied payments
Answered by AI
Add your answer
Q13. Explain about p2p cycle and o2c cycle with entries
Add your answer
Q14. In sap what are the orgazational elements
Ans. 
Organizational elements in SAP are the basic building blocks of an organization's structure.
• Organizational elements include company code, plant, sales organization, distribution channel, and storage location.

• They are used to define the structure of an organization and to assign various business transactions to specific areas.

• Each organizational element has its own set of attributes and characteristics that determine it...read more
Answered by AI
Add your answer
Q15. Deference between the company and company code
Add your answer
Q16. What is foreign currency valuation
Ans. 
Foreign currency valuation is the process of adjusting the value of foreign currency transactions to reflect the current exchange rate.
• It is done to ensure accurate financial reporting

• It involves revaluing foreign currency assets and liabilities

• It can result in gains or losses depending on the exchange rate fluctuations

• It is usually done at the end of each accounting period

• SAP FICO has a foreign currency valuation func...read more
Answered by AI
Add your answer
Q17. What do you know about sap s4 hana
View 1 more answer

Q1. Tell me about yourself.
Add your answer

Sap fico module

Sap fico configuration

Sap fico T- codes