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SAP FICO - Level 4

This document contains 27 questions and answers about general ledger (GL) master records in SAP. It discusses the different types of charts of accounts, the purpose and usage of accounts like retained earnings and reconciliation accounts, how to create and maintain GL master records, and which account attributes and settings are used for things like open item management, posting behavior, and currency handling.

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14 views

SAP FICO - Level 4

This document contains 27 questions and answers about general ledger (GL) master records in SAP. It discusses the different types of charts of accounts, the purpose and usage of accounts like retained earnings and reconciliation accounts, how to create and maintain GL master records, and which account attributes and settings are used for things like open item management, posting behavior, and currency handling.

Uploaded by

rahul more
Copyright
© © All Rights Reserved
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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SAP FICO- Level 4

Q1. What are Chart of Accounts and the length of it?


Chart of accounts is the list of all account group GL used in Organization. It is defined at client
level. It can be used by one or several company codes. Coa used by several company code has to
be in same country. The Length of the COA is 4 Character ID .

Q2. What different charts of accounts are there in SAP system?


There are three types of Chart of Accounts
1. Operating Chart of Accounts
2. Country Specific Chart of Accounts
3. Group Chart of Accounts

Q3.What is the purpose of using Country chart of accounts?


The Country Specific Chart of Accounts consist of all those gl accounts that needs to meet the
country’s legal reporting requirement. With the help of this we can create country financial report.

Q4. What is the purpose of using Group chart of accounts?


The Group chart of Account is used at the group level for company group reporting. General
accounts that are used by the entire group are defined in Group COA.

Q5. GL Master Number ranges are created at what level?


Client level

Q6. What is retained earnings Account and the use of it?


Retained Earnings Account is used for posting the expenditure and revenue of the year.
It is used to carry forward the balance from current fiscal year to next fiscal year.

Q7. What is the Tcode for creating GL Master?


FS00

Accentuate Business Solutions Private Limited


Office No-436, JMD Megapolis Building.
Sohna Road, Sector-48, Gurugram-122018
PH: 0124-4089864
Q8. At what levels, GL master can be created in SAP system?
It can be creted at two levels
Company Code Level
Chart of Account Level

Q9.What is the maximum length of the GL Master?


10

Q10. Do we create a GL with External No range or Internal Number ranges??


GL No are External no because in Account group we allot the no range but while creating the gl in
fs00 we choose what no we need to create and it should fall under the assigned no Range. GL no
can be numeric as well as alphanumeric.
Ex- Asset No range is 100000- 199999
Then in fs00 we can choose any no which lie between 100000 to 199999 to create assets GL account.

Q11. What is the relevance of field "Account currency" in GL master control data?
Account currency is the currency in which we want to maintain or post in the GL Account . if we
want to maintain the currency in Company code currency then the system will pick default, and it
will allow you to post in any currency whereas if you want to maintain other than company code
currency then you need to change it to other currency and the postings will be done only in that
currency.

Q12. Can we change the currency other then local currency? If yes, then what will be the
impact?
Yes we can change the local currency but if you take the other currency than the posting will be
done in that currency only other currency will not be allowed.

Q13. What is the relevance of Field "Only balance in local currency" in GL master? What GL
are relevant for this field from chart of account?
Sap system manages the balance of G/L accounts in Document currency as well as local currency.
If Only balance in Local Currency is selected than the system will mange that gl in Local currency
only.
The Gl which are Selected as Balance in local currency are
GR/IR Account
Cash Discount Clearing Account

Q14. What GL are there in Chart of accounts those are "Tax Category" relevant in GL Master.
Accentuate Business Solutions Private Limited
Office No-436, JMD Megapolis Building.
Sohna Road, Sector-48, Gurugram-122018
PH: 0124-4089864
Those accounts on which we have to pay or receive the tax – expenses and revenue accounts.
Mostly transactions dealing with vendors, Input tax is used, while for customers, output tax is
used.

Q15. What different types of “Reconciliation Accounts” are there in GL Master?


There are four types of reconciliation ( sub ledgers) accounts
A- Assets
D- Customer
K Vendors
V Contract Account Receivable

Q16. What is "Reconciliation Account" and what GLs are there in Chart of accounts those are
relevant?
Reconciliation account is the gl in which posting are received from Sub ledger accounts. Direct
postings are not allowed in these accounts.

Q17. Can we directly post the financial transaction in "Reconciliation Account".


No

Q18. What is Open Item management (OIM) and list out the GLs, which are relevant for OIM?
Open Item Management is selected for those GL’s which are need to be zero at the month end ex-
tds, gst, salary payable etc.

Q19. Can we change the Open Item management status in any GL, Where the transaction has
already posted? If yes, then How and what would be the impact on Old transactions?
Yes we can change the open item status in already processed gl
Firstly block the account for posting and select open item management
Go to the transaction FAGL_ACTIVATE_OP.
In this Screen we have to enter the Company Code and the GL Account for which we have to
activate the open item management. And will provide Switch on date ,a date older than the first
line item posting date in the GL Account.
Now check FBL3N, all the line items are now open Item Managed.

Q20. What is Line item display?


With the help of line item selected we can view the line items posted in the GL account, if it is not
selected it will show the total balance of the GL’s.
Generally 99% of the GL are selected to Line Item Display.

Accentuate Business Solutions Private Limited


Office No-436, JMD Megapolis Building.
Sohna Road, Sector-48, Gurugram-122018
PH: 0124-4089864
Q21. Can we change the Line Item Display status in any GL, Where the transaction has already
posted? If yes, then How and what would be the impact on old transactions?
Yes we can change the line item status in the gl after posting
Firstly we need to block the gl for posing and select line item and save
Now use t-code Fagl_activate_IT and process the gl you want to change, also mention the
document no or the series you want to show line item.
Save the process
Go n check in fbl3n, line item will be displayed for the already processed transaction.
Unblock account for posting.

Q22. What is the Use of Sort Key? And what is the Impact?
Sort key is the field which helps to save the data in order, such as if we want to view the vendor
transactions date wise we will use 001. It impacts on assignment no. fild after the transaction gets
posted.

Q23. What is the relevance of field status group in GL master? And where It Impacts?
'Field status groups' control the fields which come up when the user does the transactions. It can
be Suppress. Display, required and optional.
Its impact is while creating the master record or doing transactions.

Q24. What is the use of "Post automatically only" field in chart of accounts?
Post automatically means that this account can only be posted by the system using account
determination ex. Down payment, sundry debtors creditors etc.
If PAO is selected then manual posting is not allowed in the gl.

Q25. What GL are there in Chart of accounts, for "Post automatically only" relevant? And which
GL are mandatorily to maintain with post automatically only?
Gl which can be kept as PAO are
Down payment
Advance Received
Exchange rate difference
Price Differnce GL etc
Mandatory Gl for post automatically are
COGS account
GR/IR Recieved

Q26. What type of GL's, system allows to maintain as Open Item management?
Only Balance sheet GL are allowed to maintain as OIM except reconciliation Account as they are
by default OIM.

Accentuate Business Solutions Private Limited


Office No-436, JMD Megapolis Building.
Sohna Road, Sector-48, Gurugram-122018
PH: 0124-4089864
Q27. What type of GL, system does not allow to maintain as Open Item management?
P & L item are not allowed to maintain as OIM and the Reconciliation account.

Accentuate Business Solutions Private Limited


Office No-436, JMD Megapolis Building.
Sohna Road, Sector-48, Gurugram-122018
PH: 0124-4089864
Accentuate Business Solutions Private Limited
Office No-436, JMD Megapolis Building.
Sohna Road, Sector-48, Gurugram-122018
PH: 0124-4089864

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