Interview Questions & Answers Related to Accounts Payable in SAP. When maintained in the Company Code area you can use that payer only in that Company Code; if defined at the Client level you can use it across all Company Codes. Where are the Payment terms for vendor master maintained ? In the cash management group customer and vendors are allocated to planing groups by means of an entry made in the master record. When ‘disputed item indicator’ has been set, then the system ignores these line items when counting for the customer’s credit limit. Normally, you define tolerances (either in ‘absolute terms’ or in ‘percentages’) beyond which the system will not allow you to post a document should there be a difference. Your first interview is an important step in the pursuit of this possibility. SAP FICO Finance & Management Accounting interview questions and answers . 1. 1. Once defined, each of the customers (vendors) is assigned to one of these groups. in this we can record invoice processing and payment to vendor. Can we change the reconciliation account in the vendor master ? SAP Accounts Payable Interview Questions and Answers. General Data segment You may name the accounts in a way that it is easily comprehensible. This lock box file is sent to the payee who imports the details into the system using this electronic file. 8. If you have put a check mark in the ‘individual entries’ check box in the ‘alternate payer in document’ section in the customer master record, then this will allow you to propose a new alternate payer, say, 3000 (other than those already defined in the system). The old items and balances do not reflect the new account, only new transactions reflect the account. ACCOUNTS PAYABLE Interview Questions :- 1. Company Code Data comprises terms of payment, payment methods, tolerance group, clearing with vendor, dunning data (dunning procedure, dunning recipient, dunning block, dunning clerk, etc. Special purpose ledger is used for reporting purpose. Sap accounts payable interview questions and answers pdf Pmp15780. Accounts payable team leader interview questions mrboui. In the … It is … And these fields are defined per Company Code and per Client.) Watch Now! In contrast to a partial payment, the Residual payment clears the particular ‘open item’ against which the payment is applied. There are two kinds of assets they are current assets & fixed assets. What are segments in Vendor Master ? Activate ‘valuation grouping code’ and link it with the ‘chart of accounts’ for each ‘valuation area.’. Down payments must be displayed separately in the balance sheet. Fiscal year in SAP is the way financial data is … E3 – Affiliate Company vendors                            R3 – Customer abroad What is Cash Management Group ? Jumpstart your configuration of vendors, deliveries, invoices, and payments with SAP FIAccounts Payable in this E-Bite. Depending on the information of CO, there is a purpose to facilitate coordination, management and optimization of processes throughout the enterprise. representing the country where the bank is located, and a unique country specific code called a ‘bank key.’ The system makes use of both the ‘country key’ and the ‘bank key’ to identify a ‘house bank.’. Ans: ‘Reason Codes’ configured in the system help to handle the ‘payment differences’ of individual open items in an invoice (either using payment or advice or in the normal course). 7. The customer and vendor codes are at the client level, that means any company code can use the vendor and customer code by extending the company code view in their master data. 6. defined for a single customer in the master record (you will do this by clicking on the ‘allowed payer’ button and create more than one payer), you may select a payer (say, 2100) (other than the default, 1000) while processing the invoice. SAP Accounts Payable Interview Questions. 16. What are the options in SAP for Fiscal years? Ans: The ‘Dunning Level’ determines the ‘dunning text’ and (if one is required) a ‘special dunning form.’ The ‘dunning program’ determines what ‘dunning level’ should be used in the ‘dunning run.’ The dunning level so determined is stored in the master record of the account when the ‘dunning letter’ is printed. The alternate payee (say, 1000) entered in the customer master record is the one selected by the system as the default. Down Payment are used for short or medium Financing. The ‘Account ID’ is referenced in the customer/vendor master record and it is used in the payment program by the system. Ans: SAP comes equipped with a number or ‘Dunning Procedures,’ which you can copy, or you can create your own: Dunning interval/frequencyGrace days/minimum days in arrearNumber of dunning levels (at least one level)Transactions to be dunnedInterest to be calculated on the overdue itemsKnown or negotiated leave, if any, which needs to be considered when selecting the overdue itemsCompany Code data such as, Dunning forms/media to be selected for the dunning run. Consider, for example, a sensitive field such as ‘payment block’ in a vendor master record. It then saves the dunning data determined for the items and accounts affected. Sap Modules Interview Questions and Answers What is the difference between updated project and end to end project. The dunning level may also determine whether there will be some ‘dunning charges.’. What is a ‘Purchase Requisition’ (PR)? Terms of payment are  the conditions established between business partners to settle the invoices. The system duns the open items from business partner accounts. A key functional area of SAP for Utilities that supports cross-company exchange of settlement data based on international standards such as EDI, XML, and Microsoft Excel. As in the case of the GL account master record, the creation of the customer/ vendor master record is also controlled by the ‘Account Group,’ which is called ‘Customer Account Group/Vendor Account Group’ (CPD/CPDL/KREDI/LIEF) and controls the numbering of customer/vendor master records, field status, whether an account is a regular one or a ‘One Time’ account, etc. Qns.1 Mention other module to which FICO in integrated? Tag: SAP Accounts Payable for Beginers. (Of course, you can also create the bank master in the application side in FI-TR and not in FI-GL or AP or AR.) What do you understand by Intercompany Settlement? SAP Accounts Payable Introduction Y. 11. Create vendor master record. This tutorial explains Enterprise Structure Related SAP FICO Interview Questions and Answers such as What are the various organizational assignments to a company code, What is the relation between a Controlling Areas and a Company code, How many Accounts Receivable and Accounts Payable. Document date is “party bill date”. 3. Maintain a GL account for a given combination of ‘chart of accounts’+ ‘valuation grouping code ‘+’ account modification code ‘+’ valuation classes.’, Depending on the ‘plant’ entered during goods issue (GI), the ‘Company Code’ is determined by the system which in turn determines the relevant ‘Chart of Accounts.’, The plant thus entered in goods issue determines the ‘valuation class’ and then the ‘valuation grouping code.’, The ‘valuation class’ is determined from the ‘material master.’, Since the ‘account modification code’ is assigned to a ‘process key’ which is already linked to a ‘movement type,’ the ‘transaction key’ (DIF, GBB, AUM, BSX, etc.) However, since there are not enough amounts to clear the entire open item, the system creates a new open item, which is the difference between the original invoice item and the payment applied. 2. Accounts Payable (FI-AP) is a cornerstone of FI and MM Purchasing. There are 4 options available Frequently asked Sap Fico Accounts Receivable Interview Questions and Answers for Freshers and Experienced with detailed answers are here, ... SAP FI Accounts Receivable component records and manages accounting data of all customers. What is SAP ACCOUNT PAYBLE? In this case, the alternate payer (3000) takes precedence over the payers (1000 and 2100) in step 1 and 2 above. What are segments in Vendor Master ? Ans: ‘Credit Check’ is defined for any valid combination of the following: Ans: Under ‘Static Credit Check,’ the system calculates the credit exposure of a particular customer as the total of: Customer’s credit exposure is not to exceed the established credit limit.The ‘Dynamic Credit Check’ is split into two parts: Ans: SAP provides you with the following Reports in Credit Management: Ans: When processing the ‘incoming payment’ to apply to one or more of the ‘open items’ of a customer, there may be a situation where the incoming payment is more than the ‘tolerances’ allowed. Company code segment Dynamic limit (Open Order Value): The value of all undelivered and partially delivered orders totalled and stored on a time-scale in the future (10 days, 1 week, etc.) You may create the bank directory in two ways: Ans: ‘House Bank’ is the bank (or financial institution) in which the Company Code in question keeps its money and does the transactions from. Ans: The ‘Trading Partner’ concept is used to settle and reconcile ‘inter-company transactions,’ both sales and purchases. Accounts Payable Clerk Interview Questions Accounts Payable Clerks are responsible for compiling and maintaining accounts payable records in all types of industries. Any change you make to the reconciliation account is prospective and not retrospective . Accounts Payable process starts with Purchasing and ends payments to... 3. For each ‘bank account number’ so defined in the ‘house bank,’ you need to create a GL account master record, and while doing so you will incorporate the ‘house bank id’ and the ‘account id’ in that particular GL master record. At what level are the customers & Vendors codes are stored ? ), Control data (as in the screen shot below). For each of the ‘house banks,’ you can maintain more than one bank account; each such account is identified by an account ID; i.e., Chek1, Check2, Pybl1, etc. During partial payment, the system updates the ‘invoice reference’ and ‘allocation’ fields. Sap accounts payable interview questions and answers pdf 2. SAPLearners.com is now on Telegram. Yes, it is possible, we can give the link in vendor master data under Control Data(XK02). RFDKLI10 Customers with missing Credit Data, RFDKLI20 Re-organization of Credit Limit for Customers, RFDKLI42 Early Warning List (of Critical Customers), RFDKLI50 Mass change of Credit Limit Data, RVKRED06 Checking Blocked Credit Documents, RVKRED08 Checking Credit Documents which reach the Credit Horizon, RVKRED09 Checking the Credit Documents from Credit View, RVKRED77 Re-organization of SD Credit Data. It is based on Agreement. Where are the payment terms maintained for customer master record? Dunning is administered through a Dunning Program, which uses a dunning key (to limit the dunning level per item), a dunning procedure, and a dunning area (if dunning is not done at the Company Code level). Ans: A customer who pays on behalf of another customer is known as an ‘Alternate Payee’ (or Alternate Payer). What Documents Result from ‘Procurement Processes’? c. Purchase Organisation segment. SAP stores the master data (details such as bank key, bank name, bank country, bank address, and so on) relating to the banks in the ‘Bank Directory’ (Table: BNKA). ), Price-related data (pricing group, pricing procedure, etc. ), reconciliation account, sort key, sales area (purchasing organization in the case of vendor master), head office, etc. However, since there are not enough amounts to clear the entire open item, the system creates a new open item, which is the difference between the original invoice item and the payment applied. 1. Here are the top courses in Python one can select. 2. Ans: Accounts Payable (FI-AP) is a cornerstone of FI and MM Purchasing. Q3 - SAP FICO interview questions on Accounts Payable & Accounts Receivable. Special G/L transactions are transactions that are not normal business transactions with our business partners.They are generally shown in different control ledgers and are not grouped with the normal transactions. A vendor we change the reconciliation account in the implementation side using the.... Account group is to bifurcate the vendors and is required only if dunning is not set, then a one...: Explain ‘ Tolerance ’ in Transaction processing defined both in absolute values and in percentages order! Payable is used predominantly in the application but in the vendor master record is the most popular module SAP... Date for due date of invoices the process by which payment chasing letters are issued customers. 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