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SAP FICO INTERVIEW QUESTIONS -AR AND AP


Accounts Receivable and Accounts Payable

At what level are the customer and vendor codes stored in SAP?
The customer and vendor code are at the client level. That means any
company code can use the customer and vendor code by extending the
company code view.

How are Vendor Invoice payments made?
Vendor payments can be made in the following manner:
Manual payments without the use of any output medium like cheques
etc.
Automatic Payment program through cheques, Wire transfers, DME etc.

How do you configure the automatic payment program?
The following are the steps for configuring the automatic payment
program:-
 
Step 1 Set up the following:
Co. code for Payment transaction
Define sending and paying company code.
Tolerance days for payable
Minimum % for cash discount
Maximum cash discount
Special GL transactions to be paid

Step 2 Set up the following:
Paying company code for payment transaction
Minimum amount for outgoing payment
No exchange rate diff
Separate payment for each ref
Bill/exch payment
Form for payment advice

Step 3 Set up the following:
Payment method per country
Whether Outgoing payment
Check or bank transfer or B/E
Whether allowed for personnel payment
Required master data
Doc types
Payment medium programs
Currencies allowed

Step 4 Set up the following:
Payment method per company code for payment transactions
Set up per payment method and co. code
The minimum and maximum amount.
Whether payment per due day
Bank optimization by bank group or by postal code or no
optimization
Whether Foreign currency allowed
Customer/Vendor bank abroad allowed
Attach the payment form check
Whether payment advice required

Step 5 Set up the following:
Bank Determination for Payment Transactions
Rank the house banks as per the following
Payment method, currency and give them ranking nos
Set up house bank sub account (GL code)
Available amounts for each bank
House bank, account id, currency, available amount
Value date specification

Where do you attach the check payment form?
It is attached to the payment method per company code.

Where are Payment terms for customer master maintained?
Payment terms for customer master can be maintained at two places i.e.
in the accounting view and the sales view of the vendor master record.

Which is the payment term which actually gets defaulted when the
transaction is posted for the customer (accounting view or the sales
view)?
The payment term in the accounting view of the customer master comes
into picture if the transaction originates from the FI module. If an FI
invoice is posted (FB70) to the customer, then the payment terms is
defaulted from the accounting view of the customer master.
The payment term in the sales view of the customer master comes into
picture if the transaction originates from the SD module. A sales order is
created in the SD module. The payment terms are defaulted in the sales
order from the sales view of the customer master.

Where are Payment terms for vendor master maintained?
Payment terms for Vendor master can be maintained at two places i.e. in
the accounting view and the purchasing view.

Which is the payment term which actually gets defaulted in
transaction (accounting view or purchasing view)?
The payment term in the accounting view of the vendor master comes
into picture if the transaction originates from the FI module. If an FI
invoice is posted (FB60) to the Vendor, then the payment terms is
defaulted from the accounting view of the vendor master.
The payment term in the purchasing view of the vendor master comes
into picture if the transaction originates from the MM module. A
purchase order is created in the MM module. The payment terms are
defaulted in the purchase order from the purchasing view of the vendor
master.

Explain the entire process of Invoice verification from GR to Invoice
verification in SAP with accounting entries?
These are the following steps:
A goods receipt in SAP for a purchased material is prepared referring a
purchase order.
When the goods receipt is posted in SAP the accounting entry passed is:-
Inventory account Debit
GR/IR account credit
A GR/IR (which is Goods receipt/Invoice receipt) is a provision account
which provides for the liability for the purchase. The rates for the
valuation of the material are picked up from the purchase order.
When the invoice is booked in the system through Logistics invoice
verification the entry passed is as follows:-
GR/IR account debit
Vendor credit

How are Tolerances for Invoice verification defined?
The following are instances of tolerances that can be defined for Logistic
Invoice Verification.
c. Small Differences
d. Moving Average Price variances
e. Quantity variances
f. Price variances
Based on the client requirement, the transaction can be “Blocked” or
Posted with a “Warning” in the event of the Tolerances being exceeded.
Tolerances are nothing but the differences between invoice amount and
payment amount or differences between goods receipt amount and
invoice amount which is acceptable to the client.

Can we change the reconciliation account in the vendor master?
Yes. Reconciliation account can be changed in the vendor master
provided that the authority to change has been configured. Normally we
should not change the reconciliation account.

What is the impact on the old balance when the reconciliation
account in the vendor master is changed?
Any change you make to the reconciliation account is prospective and
not retrospective. The old items and balances do not reflect the new
account only the new transactions reflect the account.

There is an advance given by the customer which lies in a special GL
account indicator A. Will this advance amount be considered for
credit check?
It depends on the configuration setting in the special GL indicator A. If
the “Relevant to credit limit” indicator is switched on in the Special GL
indicator A the advances will be relevant for credit check, otherwise it will
not be relevant.

In payment term configuration what are the options available for
setting a default baseline date?
There are 4 options available:-
1) No default
2) Posting date
3) Document date
4) Entry date

What is generally configured in the payment term as a default for
baseline date?
Generally document date is configured in the payment term as a default
for base line date.

How do you configure a special GL indicator for Customer?
You can use an existing special GL indicator ID or create a new one.
After creating a special GL indicator id, update the chart of accounts and
the Reconciliation account. Also as a last step you need to update the
special GL code.
The special GL code should also be marked as a Reconciliation account.
Switch on the relevant for credit limit and commitment warning
indicators in the master record.

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