SAP FICO Course

SAP FICO(Financial Accounting and Controlling) Certification:

SAP FICO (Financial Accounting and Controlling) is a module of SAP ERP (Enterprise Resource Planning) system that deals with the financial and accounting processes of an organization. SAP FICO certification is a validation of a professional's knowledge and skills in SAP FICO module.

The SAP FICO certification exam consists of two levels:

1. Associate Level Certification: This is the entry-level certification, which verifies a candidate's basic knowledge of SAP FICO module.

2. Professional Level Certification: This is the advanced level certification, which verifies a candidate's expertise in SAP FICO module.

To become certified, a candidate must pass the respective certification exam, which is conducted by SAP AG. SAP FICO certification requires a thorough understanding of financial accounting principles and knowledge of the SAP ERP system. It is recommended that candidates have at least 2 years of practical experience in SAP FICO module before attempting the certification exam.

SAP FICO certification can benefit professionals by enhancing their career prospects, increasing their knowledge and skills, and validating their expertise in SAP FICO module. It can also help organizations to identify qualified professionals for their financial and accounting processes.

SAP FICO(Financial Accounting and Controlling) Curriculum:

INTRODUCTION TO SAP

3. History of SAP

4. SAP Server landscape
5. Overview of Fico

6. Role and Responsibility of a Consultant

7. Type Of Project

8. Logging on to the SAP System

9. Creating Favorites & Adding T-code to Favorites

FINANCIAL ACCOUNTING BASIC SETTINGS

3.Assignment of company-to-company code

4. Definition of business area
5. Definition of fiscal year variant

6. Assignment of fiscal year variant to company code

7. Definition of posting period variant

8. Assignment of posting period variant to company code

9. Open and close posting period

10.Defining document type & number ranges

11.Maintenance of field status variants

12.Assignment of field status variant to company code

13. Definition of tolerance groups for GL accounts

14. Definition of tolerance groups for employees

15. Assignment of tolerance groups to users

16.Taxes on Sales & Purchases (input & output)

17.Creation of chart of Accounts

18. Defining Accounts Groups

19.Defining Retained Earnings Account

GENERAL LEDGER ACCOUNTING

3. Document Entry posting normal postings and posting with reference

4. Display and change of documents
5. Display of GL balances

6. Display GL account line items

7. Parked documents

8. Hold documents

9. Creation of Sample Document and postings with sample documents

10.Defining recurring entry document and postings with recurring doc.

11.Creation of account assignment model and posting

12.Configuration of line layouts for display of GL line items

13. Reversal of individual documents, mass reversal, reversal of cleared items

14. Reversal of accrual and deferral documents

15. Defining Exchange Rate types and Translation ratios

16.Define Exchange rates & posting of foreign currency transactions

ACCOUNTS PAYABLE

3.Assignment of number ranges to vendor account groups

4. Creation of tolerance group for venders/BP
5. Creation of vendor/BP master (display/change/block/unblock of vender master)

6. Posting of vendor transactions (invoice posting, payment posting, credit memo)

7. Settings for advance payments to parties (down payment) and clearing of down

8. Payment against invoices (special GL transactions)

9. Posting of partial Payment & Residual Payment

10.Creation of payment terms

11.Creation of house banks and account ids

12.Creation of check lots and maintenance of check register

13. Display check register

14. Cancellation of unissued checks

15. Creation of void reasons

16. Cancellation of issued checks

17. Configuration of automatic payment program

18. Payment to vendors through APP

19. Defining correspondence & party statement of accounts

ACCOUNTS RECEIVABLE

3.Assignment of number ranges for customer account groups

4. Creation of tolerance group for customers/BP
5. Creation of customer master (display/change/block/unblock of vender master)

6. Posting of customer transactions (sales invoice posting, payment posting, debit memo)

7. Settings for advance payment from parties (down payment)

8. Configuration of settings for dunning

9. Generating the dunning letters

10.Defining correspondence and party statement of accounts

SAP FICO(Financial Accounting and Controlling) Interview Questions & Answers:

1. What is SAP FICO?
A: SAP FICO is a financial accounting and controlling module that helps businesses in managing their financial transactions, accounting, and reporting activities.

2. What is the difference between FI and CO in SAP?
A: FI stands for Financial Accounting, while CO stands for Controlling. Financial Accounting focuses on recording and managing financial transactions, whereas Controlling focuses on analyzing financial information to help in decision-making.

3. What are the sub-modules of SAP FICO?
A: The sub-modules of SAP FICO are General Ledger Accounting (FI-GL), Accounts Receivable (FI-AR), Accounts Payable (FI-AP), Asset Accounting (FI-AA), Cost Element Accounting (CO-OM-CEL), Cost Center Accounting (CO-OM-CCA), Profit Center Accounting (EC-PCA), and Internal Orders (CO-OM-OPA).

4. What is the purpose of a chart of accounts in SAP FICO?
A: A chart of accounts is a list of all the general ledger accounts used by an organization to record its financial transactions. It helps in classifying and grouping the financial transactions and also provides a framework for the preparation of financial statements.

5. What is a financial statement version in SAP FICO?
A: A financial statement version is a collection of financial statement items that are used to prepare financial statements. It provides a template for presenting the financial data in a specific format that is required by the organization.

6. What is the difference between a balance sheet and a profit and loss statement?
A: A balance sheet shows the financial position of an organization at a specific point in time, whereas a profit and loss statement shows the financial performance of an organization over a period of time.

7. What is a withholding tax in SAP FICO?
A: A withholding tax is a tax that is deducted at the source from payments made to vendors and employees. It is deducted by the payer and remitted to the tax authorities on behalf of the payee.

8. What is a tolerance group in SAP FICO?
A: A tolerance group is a group of users who have the authority to approve or reject transactions that exceed certain predefined limits. The limits can be set for various types of transactions, such as invoice postings or payment transactions.

9. What is a cost center in SAP FICO?
A: A cost center is a unit within an organization that incurs costs and contributes to the organization's overall expenses. It can be a department, a project team, or any other entity that can be attributed with costs

10. What is the purpose of automatic payment programs in SAP FICO?
A: Automatic payment programs in SAP FICO automate the payment process by generating payment documents, such as checks or electronic transfers, based on predefined criteria. This helps in reducing manual effort and improving the efficiency of the payment process.

11. What is the difference between a vendor and a customer in SAP FICO?
A: A vendor is a party who supplies goods or services to an organization, while a customer is a party who purchases goods or services from an organization. In SAP FICO, vendors are managed through the Accounts Payable (FI-AP) sub-module, while customers are managed through the Accounts Receivable (FI-AR) sub-module.

12. What is the purpose of the Accounts Payable (FI-AP) sub-module in SAP FICO?
A: The Accounts Payable (FI-AP) sub-module in SAP FICO manages the organization's accounts payable transactions, including invoice verification, payment processing, and vendor master data maintenance.

13. What is the purpose of the Accounts Receivable (FI-AR) sub-module in SAP FICO?
A: The Accounts Receivable (FI-AR) sub-module in SAP FICO manages the organization's accounts receivable transactions, including customer invoicing, payment receipts, and customer master data maintenance.

14. What is the purpose of Asset Accounting (FI-AA) sub-module in SAP FICO?
A: The Asset Accounting (FI-AA) sub-module in SAP FICO manages the organization's fixed assets, including acquisition, depreciation, retirement, and transfer of assets.

15. What is the purpose of Profit Center Accounting (EC-PCA) sub-module in SAP FICO?
A: The Profit Center Accounting (EC-PCA) sub-module in SAP FICO enables organizations to analyze the profitability of individual business segments, such as departments, product lines, or sales regions.

16. What is a company code in SAP FICO?
A: A company code is a legal entity within an organization that is responsible for its own financial accounting transactions, such as recording and reporting financial data.

17. What is the purpose of a controlling area in SAP FICO?
A: A controlling area is a unit within an organization that is responsible for controlling activities, such as cost center accounting, profit center accounting, and internal orders.

18. What is a house bank in SAP FICO?
A: A house bank is a financial institution that is authorized to manage the organization's bank accounts in SAP FICO. It helps in managing bank transactions, such as payments, receipts, and bank reconciliations.

19. What is the purpose of a profit and cost center hierarchy in SAP FICO?
A: A profit and cost center hierarchy in SAP FICO provides a structure for organizing and analyzing financial data at different levels of aggregation. It enables organizations to report on their financial performance and make informed decisions based on the financial data.

20. What is the purpose of a year-end closing in SAP FICO?
A: A year-end closing in SAP FICO is a process of finalizing financial transactions and preparing financial statements for the year-end reporting period. It includes activities such as posting depreciation, adjusting entries, and carrying forward balances to the new fiscal year.

Participants will have 24/7 access to our online lab, providing hands-on experience with SAP FICO tools and scenarios.

This includes server access to S/4 HANA 2023 for 1 year, ensuring you have ample time to practice and apply your skills in a real-world environment.  With this extended access, you can work on projects, explore advanced features, and solidify your understanding of SAP FICO in the latest SAP S/4 HANA version.