28 Questions
What properties do account groups control?
Field status of master fields, number range, and whether accounts are P&L or B/S
Under what circumstances can you post transactions to an account in any currency?
Account currency is different from company code currency
To which accounts can you carry forward P&L account balances?
Single retained earnings accounts, through period end processing
What determines the default exchange rate picked up during FI document?
Exchange rate maintained for type ‘B’
When can you clear open items?
Business area, amount, opposite dr/cr indicator, and same entry in fields that are configured for automatic clearing
In what situations can you post transactions to an account in any currency?
Account currency is different from company code currency
When running foreign currency valuations on G/L accounts, which accounts are included?
Accounts managed on open item basis having foreign currency transactions and all accounts with account currency different from local currency
How can you display account balances of several related accounts?
Worklists
What are Fast entry screens in FI used to enter?
G/L, customer and vendor line items
What are easily entered document entry templates called?
Sample document
What decisions are made using posting keys?
Dr/Cr indicator, field status of transaction screen, account types, special G/L applicability
How many parallel currencies are possible and at what level are they assigned?
3 local currencies, company code
What type of document number must be assigned when reversing a posted document?
Internal or external
In which currency can financial statements be generated?
Local currency
What views are maintained for vendor master data?
General data, company code data, purchasing data
What type of line items are entered using Fast entry screens in FI?
G/L, customer and vendor line items
How many parallel currencies are possible and at what level are they assigned?
3 local currencies, company code
When reversing a posted document, what must the document number be?
Internal or external
What accounts are included when running foreign currency valuations on G/L accounts?
Accounts managed on open item basis having foreign currency transactions and all accounts with account currency different from local currency
How can you display account balances of several related accounts?
Account groups
What are easily entered document entry templates called?
Sample document
What are posting keys used to decide?
Dr/Cr indicator, field status of transaction screen, account types, special G/L applicability
What properties do account groups control?
Field status of master fields, number range and whether accounts are P&L or B/S
Under what circumstances can you post transactions to an account in any currency?
Account currency is different from company code currency
When can you carry forward P&L account balances?
Single retained earnings accounts, through period end processing
What determines the default exchange rate picked up during FI document?
Exchange rate maintained for type ‘B’
Under what conditions can you clear open items?
Business area, amount, opposite dr/cr indicator and same entry in fields that are configured for automatic clearing
In which scenario can you post transactions to an account in any currency?
Account currency is different from company code currency
Study Notes
Account Groups and Properties
- Account groups control various properties.
Posting Transactions
- Transactions can be posted to an account in any currency when the account is set up as an open item managed account or when the transaction is marked as a non-valuated transaction.
Carrying Forward P&L Account Balances
- P&L account balances can be carried forward to retained earnings accounts.
Default Exchange Rate
- The default exchange rate is determined by the exchange rate type assigned to the company code.
Clearing Open Items
- Open items can be cleared when they are fully paid or when the payment amount is equal to the invoice amount.
Foreign Currency Valuations
- When running foreign currency valuations on G/L accounts, only accounts that are relevant for translation are included.
Displaying Account Balances
- Account balances of several related accounts can be displayed using account groups.
Fast Entry Screens
- Fast entry screens in FI are used to enter line items quickly and efficiently.
Document Entry Templates
- Easily entered document entry templates are called document templates.
Posting Keys
- Posting keys are used to decide the posting status, posting date, and document type of a transaction.
Parallel Currencies
- Up to three parallel currencies can be assigned, and they are assigned at the company code level.
Reversing Posted Documents
- When reversing a posted document, the document number must be a reversal document number.
Financial Statements
- Financial statements can be generated in the local currency, as well as up to two parallel currencies.
Vendor Master Data
- Vendor master data is maintained in multiple views, including the general data, company code data, and purchasing data views.
Document Entry
- Line items, such as invoices, credit memos, and payments, are entered using Fast entry screens in FI.
Test your knowledge on SAP FICO with these certification questions and answers. This quiz covers topics such as account groups and their control properties, as well as posting transactions to accounts in different currencies.
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