SAP FICO stands for Systems, Applications, and Products for Financial Accounting and Controlling. This is a very important module of Enterprise Resource Planning and both FI and CO modules are used to store the data of financial transactions. It is a very serious and experienced job.Therefore, to get the latest SAP FICO jobs, you need to be exceptionally skilled, logical and reliable.
Generally the questions that are asked in any interview are not that out of the blue. They are direct and start from basics of the subject in question. Here are five interview questions with their answers to help you get an idea of the type of questions that come in a SAP FICO interview:
- What Is Financial Accounting and SAP FI?
The full form of SAP FI is Financial Accounting and it is an important part of SAP ERP. SAP FI is used to store the financial data of the organization. It also allows the company to analyze their financial condition in the current market. They do so by analyzing the company’s financial data as compared to competitor data and analyze company’s standings. It can also integrate SAP modules like SCM, MM, PP, SD etc.
- How Does SAP FI Manage Different Lines of Business Transactions in a Company?
A feature in SAP FI known as business areas helps to differentiate transactions when a company works in different lines of businesses. For example, if XYZ Company runs three businesses then either you make three different codes for each of the domain in which the company works in or you use business areas. The obvious choice is the business areas.
- Why Is Document Type Used in Business Transactions?
Key of type document is used when we need to distinguish between lots of different business transactions. It is also used to classify the documents that are related to accounting. Document Type Key is generally used for determining a range number for account types like vendor, material, asset etc. and documents for the purpose of posting.
- What Is Profit Center and Cost Center in Controlling?
Cost Center is the component of the organization that adds to the costs, but also adds to profits indirectly (Example: Marketing).
Profit Center is used for managing the internal controlling. When the company is divided into profit centers, you can easily delegate responsibilities to units that are decentralized.
- How to Perform Profitability Analysis in SAP-CO?
SAP CO Profitability analysis can be done in two types:
- Cost Based: In this, you group costs and revenues per value fields. These can be accessed at all times for a short term report
- Account Based: This report is permanently reconciled with financial accounting and it is used to get information on marketing and other planning departments that support decision making and internal accounting.