What is SAP FICO?

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What is SAP FICO?

SAP FICO is additionally determined as SAP FI/CO, FI remains for Financial Accounting and CO remains for Controlling. FICO is significantly used to assess and screen the money related state of a business. By utilizing SAP FICO, you can assess the internal activities by making and planning the reports and can make out the answers for bookkeeping necessities. SAP FI connotes the highlights of financials and SAP CO includes the Managerial and Cost Controlling.

Who is the target audience?

  • Graduates who have an essential comprehension of back and budgetary phrasing and need to learn FICO.
  • SAP Functional Consultants who require a basic comprehension of FI.
  • SAP Technical Consultants and Developers who require a basic comprehension of FI.

FICO moreover called Finance and Controlling, fuses the accounting side of a business.

All the budgetary fragments like Accounts Receivable, Accounts Payable, General Ledger, Tax, et cetera are combined into SAP. So as portions are made, things are sold, areas in the books are thusly invigorated in the system ceaselessly. It makes month closes considerably less difficult in associations now with all the computerization.

Controlling, on the other hand, addresses the flood of costs and livelihoods from the trades that occur in the association. It tracks internal costs inside the association. Thusly, CO is an organization instrument which makes them separate on how well the association is getting along. The diverse parts join Cost accounting, Profitability, Product costing, et cetera.

Top 10 SAP FICO Interview Questions and Answers:-

1) Explain the term SAP FICO?

SAP FICO stays for FI ( Financial Accounting) and CO (controlling). In SAP FICO, SAP FI take contemplates accounting, arranging of money related clarifications, charge computations et cetera, while SAP CO take contemplations of cover orders, cost sheet, stock sheet, cost assignments et cetera. The item stores data and besides figures them and recuperates the result in light of the present publicizing circumstance. SAP FICO checks data lost and moreover does the affirmation and specifying of data.

2) What are the interchange modules to which ‘Financial Accounting’ is joined?

Interchange modules to which ‘Financial Accounting’ is joined are

a) Sales and Distribution

b) Material Management

c) Human Resource

d) Production Planning

e) Controlling cash related trade

3) In SAP FI what are the various leveled parts?

The various leveled segments 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?

Remembering the ultimate objective to choose the trade to compose which is entered in the detail, a two-digit numerical is used known as ‘Posting Key’

Posting key chooses

an) Account Types

b) Types of posting. Charge or Credit

c) Field status of the trade

5) What is the association code in SAP?

To create budgetary enunciations like Profit and Loss declaration, the Balance sheets et cetera association code is used.

6) what number Chart of Accounts would the organization be able to code have?

You can have one Chart of Account for one association code which is consigned.

7) For a Company Code what a number of money-related norms can be masterminded?

There are three fiscal norms that can be intended for a Company code, one is a close-by cash and two are the parallel money related principles.

8) What are the decisions in SAP for Fiscal years?

Money related year in SAP is the manner in which budgetary data is secured in the system. In SAP, you have 12 periods and four interesting periods. These periods are secured in money related year variety that is:

a) The calendar Year: From Jan-Dec, April-March

b) Year subordinate money related year

9) What is a ‘year move’ in SAP plan?

SAP structure does not understand what is broken budgetary year e.g April 2012 to March 2013 and simply fathom the calendar year. If, for any business, the fiscal year isn’t a timetable year yet the mix of the assorted extensive stretches of two unmistakable logbook year and a while later one of the date-book years needs to appointed a money-related year for SAP and the month falling in one more year must be adjusted into the financial year by moving the year by using the sign – 1 or +1. This move in the year is known as ‘year move’.

Case: April 2012 to Dec 2012 is our first calendar year, and Jan 2013 to March 2013 is our second year, now in case you are taking April-12 to Dec-12 as your fiscal year, by then Jan-13 to March-13 thusly transforms into the second year, and you have to modify this year by using – 1 move, and then a different way circumstance is exchanged, here you will use +1 move.

10) What is year subordinate money related year variety?

In multi-year subordinate money related year variety, the number of days in multi-month isn’t as indicated by the date-book month. For example, in the year 2005, month January end on 29th, month Feb closes on 26th et cetera.

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