If you're looking for SAP FICA Interview Questions for Experienced or Freshers, you are in the right place. There are a lot of opportunities from many reputed companies in the world. According to research SAP, FICA has a market share of about 3.8%.
So, You still have the opportunity to move ahead in your career as SAP FICA Manager. Mindmajix offers Advanced SAP FICA Interview Questions 2023 that helps you in cracking your interview & acquire a dream career as SAP FICA Developer.
|Types of SAP FICA Interview Questions|
Frequently Asked SAP FICA Interview Questions
The SAP FICA is one of the excellent industry-level solutions that are assisting organizations in improving customer relationship management (CRM) at lightning speed. It provides administrators to tackle customer issues and deal with them in enormous amounts and offer resolutions in the most effective way. Moreover, organizations have much more to do with FICA other than just carrying out essential transactional activities like tackling master data and preparing invoices. Its key components provide extended facilities that include SAP bill direct. This is a significant advantage when dealing with a substantial amount of customers.
The organizations utilizing SAP FICA generally deal with open items. The most significant challenge is that these organizations are clearly overwhelmed by the overrated amount of consumers which automatically increases the number of open items. The advanced design of FICA helps enterprises deal with nearly 'millions' f consumers efficiently with the management of open items that are approximately ten times more than the number of customers. FICA has the capability to process large databases by providing full control to organizational administrators, and it is mainly due to its adequate memory storage space. It has the capacity of running complex tasks such as.
The sectors in which the SAP FICA acts as a core solution include the following.
The posing totals in FICA are categorized based on the independently identified reconciliation key. The reconciliation key in the SAP FICA are often stored in,
According to several surveys and studies, one of the foremost benefits of SAP FICA is that its usage not limited to any particular industry. It can be utilized even if the organization does not belong to the utility, insurance, or telecommunication sectors. Moreover, the package's ability to deal with an extensive amount of customers in a short period with maximum cost-effectiveness has provided the organizations with the best leverage. The features like A/R information tracking, materials management (MD) allow tackling large customer databases in the most integrated technique.
SAP FICA and FICO are both highly advantageous and far-reaching modules presented by SAP. The FICO interface offers the ability to deal with much more critical and complex methodologies required in professional trading bodies. It is often utilized by Tax authority groups, banking businesses, managers, etc. There are ample facilities for personalizing the service obtained as per the required specifications of users.
The SAP FICA was first introduced in the year 1999 and is one of the most entrusted modules in today's industry. It was mainly established to reduce pressure and mismanagement when it comes to handling a substantial amount of consumers. The FICA is a sub-ledger function that is used alternatively for the FI-AR -module as well as the accounts payable module.
The usefulness of FICA cannot be explained in a nutshell, but some of the main advantageous services would include the following:
The master data theory model of the IS-U is grouped in two primary categories which include the following.
The contract account is a standard terminology often used when working with SAP FICA. It is the most significant medium through which business affiliates are connected to contracts. Several contracts can be categorized under many contract accounts, but when allocating a single contract, it is eligible for only one contract account. The contract account is a highly methodical and rational medium of categorizing multiple agreements. It is mainly utilized for tackling payment affairs, dunning, etc.
The point of delivery is a universally recognized distinctive service location where a particular service or utility is catered. In the deregulated market scenario, there are extensive clusters of service providers leveraging consumers every day with innumerable types of service. For instance, a service provider catering power and electricity supply in an enterprise and its related locations where a different service provider is catering other services like extended assistance services, billing services, etc. To avoid disputes, the concept of point of delivery is introduced to detect a service point distinctively.
The installation is a significant level that every service provider needs to pay attention to. It is a set of several billing techniques and methods that service providers need to follow. Each scheme is set as per the nature of the service. It includes rate tariffs, billing schemes, etc. The systems are categorized as per registers in the notion that particular billing evaluations can be settled for their respective services.
The SAP FICA is definitely a dynamic module that is used by both experienced and contemporary business figures in today's date. However, the feature of reporting is bound to specific organizational infrastructure. Business figures using the SAP FICA need to have the Business Information Warehouse, that is the BW equipped with their infrastructure. Organizations willing to use the particular package need to install BW separately.
The application fields include,
The peripheral modules are as follows.
The organizational elements include the following.
The full form of APP is an automated payment program. It is one of the highest-performing tools leveraged by SAP to its clients. Enterprises use it for carrying out financial transactions with consumers and vendors. It assists in bringing more accuracy and perfection in the process while dealing with consumers and vendors via hand-operated posting.
The financial or fiscal year is an organized method based on which the commercial information is treasured. SAP offers four specific periods and twelve regular periods. The particular periods are stocked in the financial year alternatives, which are,
There are three categories of currencies composed of enterprise code. One of them is 'provincial currency,' and the other two are 'co-extending currencies.'
The phases of the payment run include the following steps.
An organization deals with a significant amount of transactional and financial and financial affairs. It is not feasible for them to introduce advanced master records for each business affiliate. This is precisely where the one-time vendor steps into the frame. It offers a dummy dealer code that is used as a template to carry out billing entries. It also allows utilization of the data stocked in the vendor or dealer master.
The exchange rate category for every transactional activity in SAP is ‘M’, which is the 'average rate.'
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The essential elements of SAP FICA integration are Customer relationship management (CRM), Controlling (CO), and SD. SAP invoice direct is another integration component that has contributed largely to the efficient functioning of organizations.
The enterprise code is a standard terminology often used in SAP. The company or enterprise code is the minor form of unit, in which a group of autonomous accounts can be utilized for extraneous reporting purposes. On the other hand, an enterprise or company is an organizational field that is being used in the legislative consolidation module to assimilate monetary statements of different enterprise codes.
The particular period of time is usually utilized to operate or carry out tasks aligned to the closing financial year. It may include the insertion of audits, tax alteration ad regulation, and more.
The posting period is usually responsible for deciding the type of posting period eligible for every enterprise code, and the types may include both special and regular. Often organizations possess differing posting period variants based on every company code within the enterprise.
The concept of controlling area indicates a location where the activities like financial transactions, revenue evaluation, and other calculative affairs are managed. It is one of the chief enterprise units and is considered under the CO module.
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I am Ruchitha, working as a content writer for MindMajix technologies. My writings focus on the latest technical software, tutorials, and innovations. I am also into research about AI and Neuromarketing. I am a media post-graduate from BCU – Birmingham, UK. Before, my writings focused on business articles on digital marketing and social media. You can connect with me on LinkedIn.
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