1
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What does the Field Status Group Controls?
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Field Status Group Controls the fields that have the statuses such as Suppressed, Display, Optional and Required. It is a mandatory field in General Ledger creation and it defines in which fields are displayed when you post business transactions to G/L account.
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2
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Give the Structure of an Organization of FI?
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3
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Why do you use Special Periods and how many Normal and Special periods will be there in Fiscal Year and where do you Open and Close Periods?
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| Special Periods are used for posting tax and audit adjustments to a closed fiscal year and there will be 12 Normal Posting Periods and 4 Special Periods. Transaction Code OB52, PPV is used to open and close the periods based on a/c types considering GL Accounts. |
4
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What is document type control? What are the entries in Company Code Global Settings?
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| Vouchers containing line items and where Several Business Transaction can be identified particularly are known as document type. Document type controls the number ranges, Header part; IT controls the line item level. Coming to Global Settings it is a 4 digit Alphanumeric, Name of the Company, City, Country, Currency, Language and Address. |
5
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What does a Posting key control?
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| Posting Key is a 2 character numerical key and it is special classification key and it determines Account type; Debit/Credit posting, Field status of transaction. Posting Key controls the entry of line items. |
6
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How many charts accounts can be assigned to a company?
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| A charts account has to assign a chart of accounts to each company code. This chart of accounts is the Operating chart of accounts and is used for the daily postings in this company code. They have the following options when using multiple company codes. This can use the same chart of accounts for all company codes If the company codes all have the same requirements for the chart of accounts set up, assign all of the individual company codes to the same chart of accounts. This could be the case if all company codes are in the same country. In addition to the operating chart of accounts, you can use two additional charts of accounts if the individual company codes need different charts of accounts, it can assign unto two charts of accounts in addition to the operating chart of accounts. This could be the case if company codes lie in multiple countries. The use of different charts of accounts has no effect on the balance sheet and profit and loss statement. When creating the balance sheet or the profit and loss statement, choose whether to balance the company codes, which use different charts of accounts together or separately. |
7
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What does a Chart of Accounts Contain?
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| Chart of Accounts Key Contain the a) Name b) Maintenance Language c) Length of the Gl Account Number d) Controlling Integration e) Group Chat of Accounts f) Block Indicator. |
8
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Can a COA be assigned to several companies?
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| Yes. One COA can be assigned to several companies. |
9
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What does an account group control?
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| The Account Group Controls the Number Ranges of GL account, the account group determines the fields that can configure on the G/L master record. It is necessary to have at least two B/S and P&L a/c. |
10
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Can a reconciliation account be directly entering documents in that a/c?
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| It is not possible to use reconciliation account for direct posting since, When the data is posted into a subsidiary ledger, then the system would automatically posts the same data to the general ledger, each subsidiary ledger has more than one reconciliation accounts in the general ledger. |
11
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What is Residual and Part Payment?
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The payment that clears original invoice with incoming amount and creates new line item for remaining outstanding amount is a Residual Payment, the payment that leaves the original invoice amount and creates new line item for incoming amount is known as Part Payment.
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12
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Where does the Field Status of GL Master Records control?
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Field status of GL Master records is maintained by the field status variant since it maintains all Field Status Groups.
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13
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List the Segments of GL Master Record?
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| COA Segment Account Group, Nature of Account, Short Text, GL account long text, Trading Partner, Group Account Number. Company Code Segment, Account Currency Tax and Reconciliation account for account type OIM, FSG. |
14
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Why do the Field Status Group assigned to GL Master Record Controls?
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| Field Status Group is assigned to GL Master Record Controls since it controls the account assignments that are mode of the account. Specifically the field status group controls whether postings to const centers, internal order, profitability segments and so as they require and not allowed (suppressed), or optional. |
15
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Why does a group chart of Account is used and what is Country and operational chart of Account?
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| Chart of Account is used for consolidation of Company Codes and this is for group consolidation purpose. Where as the Operational Chart Of Account is for a day to day activities which is mandatory. Coming to COA it is used for legal specific requirement of each country, which is additional and optional. |
16
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What are the segments in a Customer Master Record?
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| The Segments in a Customer Master Record are: a) General Data Segment b) Company Code Segment and c) Sales are Segment. |
17
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What are the Segments in a Vendor Master Record?
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| The Segments in a Vendor Master Record are: General Data Segment Company Code Segment and Purchasing Organization Segment. |
18
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What does the Clearing Open Line Items and Open Line item Management means?
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| OIM allows displaying the open and cleared items and amounts in an account; it is used if an offsetting entry is made for every line item posted in the account. The account is reconciled and cleared against another account. Such as Salary clearing account and GR/IR Clearing account. And where as the open item management is a further re conciliation function. |
19
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What does the internal and external number ranges means?
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| The document, which was generated by the system automatically in a serial order allotting the next available progressive number, which should be numerical, is termed as Internal Number Range. The document generated manually by the end user. System will not lock automatically in this case. So the user can pick the number randomly and it may be alpha numeric. So it was termed as External Number Range. |
20
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What is APC?
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| APC stands for Acquisition and Production costs. Acquisition means any asset, which you may, acquire/ purchase externally. It includes invoice price and other related exp. Associated with it like customs, octopi, freight that you add and arrive at total cost of acquisition for capitalization of the asset. For ex say a computer. The total cost which you incur for the acquisition of the computer including installation will be your APC Production cost means any asset, which is created internally within the organization. This is normally created by means of AUC and you go on adding cost to the AUC as and when you incur exp. for the same. For ex. say addition to the office building. Therefore APC includes any external acquisition or internal construction of exp., which needs to be capitalized |
21
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What is Residual and Part Payment?
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The payment that clears original invoice with incoming amount and creates new line item for remaining outstanding amount is a Residual Payment, the payment that leaves the original invoice amount and creates new line item for incoming amount is known as Part Payment.
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22
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What is the importance of baseline date in Automatic Payment Program Run?
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In Automatic Payment Program Run the base line date helps to pick the relevant invoices for payments, during the Automatic Payment Program run when the invoices are pulled into the run, the system checks the Next Payment Date before picking the invoices to be paid. Since the Base line date is used to calculate the due date by taking into account the payment terms.
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23
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How does the Procurement Cycle run?
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| When a Sales Order is placed for a requirement made by a customer, then it is passed to create a purchase order this would depend upon the requirement. Then the value flow gets passed to Finance at the time of goods movement. In case of Sales Dept. the impact on Finance happens only at the time of billing. The complete process explains about Procurement Cycle Run. |
24
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What is the difference between APC, Accumulated Depreciation and Depreciation?
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| APC would refer to Asset Transactions other than depreciation; Accumulated Depreciation is the total amount of depreciation calculated on a particular asset and Depreciation is a decrease in the value of an asset due to wear and tear. |
25
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What are the Journal entries passed in GR/IR?
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| The Journal entries are passed in GR/IR account to maintain the temporary record of flow, since during the time between the invoice being created and delivery of goods, there can be a timing difference, in order to accommodate this timing difference. |
26
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What are the accounting entries take place in MM and SD?
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| Value from MM to FI is defined in OBYC…. on the material master the flow of values are assigned on the Costing, accounting, etc tabs where the system helps to post the necessary stock values into the appropriate GL accounts. Helps to determine, the GL accounts updated when there is a movement of goods |
