What is VAT (Value Added Tax)? Terms of payment are  the conditions established between business partners to settle the invoices. 2. When the ‘charge-off indicator’ has been set for that reason code, then the system posts the payment difference to a GL account. When there is more than one alternate payer (say, 1000, 1900, 2100, etc.) What is an IFA? If there is only one dunning level, then it is called a ‘payment reminder.’. Watch Now! Accounts Payable process starts with Purchasing and ends payments to... 3. 250+ Sap Accounts Payable For Beginers Interview Questions and Answers, Question1: Explain ‘Customer/Vendor Master Records? You can do a similar entry in the vendor master record. When this indicator is not set, then a new open item is created for the payment difference. Ans: The ‘Dunning Level’ determines the ‘dunning text’ and (if one is required) a ‘special dunning form.’ The ‘dunning program’ determines what ‘dunning level’ should be used in the ‘dunning run.’ The dunning level so determined is stored in the master record of the account when the ‘dunning letter’ is printed. Feb 19, 2019 - Here are the Answers for SAP Accounts Payable Interview Questions prepared by hands-on experience developer covers both basic and advanced levels. You can have any number of house banks for your Company Code, and the details of all these house banks are available in the ‘bank directory.’Each ‘house bank’ in the system is associated with a country key (U.S., IN, etc.) What are segments in Vendor Master ? Yes, Reconciliation account can be changes in the vendor master provided that the authority to change has been configured. Link ‘valuation class’ with ‘material type’ (FERT, HAWA, HALB, etc.) Special G/L transactions are transactions that are not normal business transactions with our business partners.They are generally shown in different control ledgers and are not grouped with the normal transactions. Entry date is “Quality approved date”. E4 – Major Vendor                                                   R4 – Affiliate company customers. 2. The following are the various processes within SAP that complete a sales cycle: Typically, the following are the documents created during a sales cycle: Determine ‘valuation level’ (Company Code or plant). known as a ‘horizon date.’ During the ‘dynamic credit check,’ the system will ignore all orders beyond the ‘horizon date.’ The sum total of ‘static’ and ‘dynamic’ limits should not exceed the credit limit established for the customer. Accounts payable is the recording and processing of financial transactions relating to procurement and suppliers. Ask & answer anything related to technology. When there is more than one alternate payer (say, 1000, 1900, 2100, etc.) Jumpstart your configuration of vendors, deliveries, invoices, and payments with SAP FIAccounts Payable in this E-Bite. 3. The alternate payee (say, 1000) entered in the customer master record is the one selected by the system as the default.2. This lock box file is sent to the payee who imports the details into the system using this electronic file. You can use the dunning program to dun both customers and vendors. What is the impact on the old balance when the reconciliation account in the Vendor Master is changed ? There are 4 options available Accounts payable is one of the important topic in FI module. How do you configure a special G/L indicator for the Vendor and Customer ? Ans: ‘Credit Check’ is defined for any valid combination of the following: Ans: Under ‘Static Credit Check,’ the system calculates the credit exposure of a particular customer as the total of: Customer’s credit exposure is not to exceed the established credit limit.The ‘Dynamic Credit Check’ is split into two parts: Ans: SAP provides you with the following Reports in Credit Management: Ans: When processing the ‘incoming payment’ to apply to one or more of the ‘open items’ of a customer, there may be a situation where the incoming payment is more than the ‘tolerances’ allowed. Where are the Payment terms for vendor master maintained ? E1 – Domestic vendor                                              R1 – Customer Paying by bank In the … This is defined both in absolute values and in percentages. 1. Cash discount periods, Cash discount percentage. Accounts payable team leader interview questions mrboui. Number of dunning levels (at least one level), Interest to be calculated on the overdue items, Known or negotiated leave, if any, which needs to be considered when selecting the overdue items. Note that the new invoice/open item created by the system will have the new document date and new baseline date though you can change these dates. 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For Services, the Po is not required. Maintain a GL account for a given combination of ‘chart of accounts’+ ‘valuation grouping code ‘+’ account modification code ‘+’ valuation classes.’, Depending on the ‘plant’ entered during goods issue (GI), the ‘Company Code’ is determined by the system which in turn determines the relevant ‘Chart of Accounts.’, The plant thus entered in goods issue determines the ‘valuation class’ and then the ‘valuation grouping code.’, The ‘valuation class’ is determined from the ‘material master.’, Since the ‘account modification code’ is assigned to a ‘process key’ which is already linked to a ‘movement type,’ the ‘transaction key’ (DIF, GBB, AUM, BSX, etc.) The system duns the open items from business partner accounts. 1. Ans: ‘Lockbox’ processing (configured in the FR-TR module) of incoming payments is used predominantly in the United States. Besides defining the above two, at the Company Code level, you will also define similar tolerances for customer/vendor tolerance group. Account Group of Vendor Receivable management presentation1 shruthi nair. Sap accounts payable interview questions and answers pdf 1. FICO INTERVIEW QUESTIONS DETAILED ... Accounts Receivable and Accounts Payable. Once defined, each of the customers (vendors) is assigned to one of these groups. What is SAP ACCOUNT PAYBLE? Where are the payment terms maintained for customer master record? Manually (IMG path: Financial Accounting>Bank Accounting>Bank Accounts>Define ‘House Banks’), Automatically (by importing the bank details using a special program), Each ‘house bank’ in the system is associated with a country key (U.S., IN, etc.) As a result, no open item is cleared. What are Terms of Payment ? SAP Accounts Payable Introduction Y. 2. Remember, the ‘bank masters’ are not created in the application but in the implementation side using the IMG. ), Control data (as in the screen shot below). 3. with the ‘account category reference’ (combination of valuation classes). It is possible to change the reconciliation account in … All our downloadable eBooks in one neat little pile. While defining the tolerance group you will specify: Ans: ‘Dual Control’ helps to prevent unauthorized changes to the important and ‘sensitive’ fields in the master records in the system. What are the options in SAP for Fiscal years? Tag: SAP Accounts Payable for Beginers. by sonia, on Jan 10, 2018 3:37:18 PM. Payables are managed as per the payment program and all the payments can be made … How much over or under payment an employee is allowed to process. It is … The dunning program selects the overdue open items, determines the dunning level of the account in question, and creates dunning notices. Question4: Explain ‘Tolerance’ in Transaction Processing? As a result, no open item is cleared. What are steps to define supplier? When ‘disputed item indicator’ has been set, then the system ignores these line items when counting for the customer’s credit limit. A house bank in SAP is identified by a 5 character alphanumeric code. Company code segment A key functional area of SAP for Utilities that supports cross-company exchange of settlement data based on international standards such as EDI, XML, and Microsoft Excel. At what level are the customers & Vendors codes are stored ? Most of the large organizations are using SAP as their ERP software, thus SAP has become one of the essential elements of Accounts payable, and that would explain why the questions revolving around SAP and allied aspects. Supplier should follow the check list. Normally, you define tolerances (either in ‘absolute terms’ or in ‘percentages’) beyond which the system will not allow you to post a document should there be a difference. Activate ‘valuation grouping code’ and link it with the ‘chart of accounts’ for each ‘valuation area.’. E3 – Affiliate Company vendors                            R3 – Customer abroad However, since there are not enough amounts to clear the entire open item, the system creates a new open item, which is the difference between the original invoice item and the payment applied. Question3: What is the ‘Trading Partner’ concept? Ans: Accounts Payable (FI-AP) is a cornerstone of FI and MM Purchasing. Sap accounts payable interview questions and answers pdf Pmp15780. There are three ways to ‘select’ the alternate payee when an invoice is processed:1. 12. Special G/L to Reconciliation. Down Payment are used for short or medium Financing. Where we give the link for Down Payment posting ? The employer is liable to pay any FBT and may choose to recover the FBT amount from the employee. Sap Modules Interview Questions and Answers What is the difference between updated project and end to end project. What do you mean by Down Payment ? Set up FI-AP to manage vendors by maintaining payment terms, defining cash discount bases, and releasing invoices. 5. Normally we should not change the reconciliation account. Name the type of Assets? 3. For each ‘bank account number’ so defined in the ‘house bank,’ you need to create a GL account master record, and while doing so you will incorporate the ‘house bank id’ and the ‘account id’ in that particular GL master record. No Default    2. Interview Questions & Answers Related to Accounts Payable in SAP. Remember, the ‘bank masters’ are not created in the application but in the implementation side using the IMG. SAP can determine which customers should receive the letters and for which overdue items. In contrast to a partial payment, the Residual payment clears the particular ‘open item’ against which the payment is applied. Java/J2EE Apps Integration Questions and Answers. SAP FICO is the most popular module of SAP. Ans: The ‘Trading Partner’ concept is used to settle and reconcile ‘inter-company transactions,’ both sales and purchases. Helps Deep connection with our video content. In this case, the alternate payer (3000) takes precedence over the payers (1000 and 2100) in step 1 and 2 above. Dunning is administered through a Dunning Program, which uses a dunning key (to limit the dunning level per item), a dunning procedure, and a dunning area (if dunning is not done at the Company Code level). Posting Date is “goods receipt date”. Ans: There are three categories of data maintained in a typical master record for a customer: General Data includes general information such as account number, name, telephone, bank information, trading partner, vendor (if the customer is also a vendor), group key, bank key, bank account, alternate payee, etc., which are common to all the Company Codes using this master. You may name this in such a way that it is also easily comprehensible. The Dunning area can correspond to a sales division, sales organization, etc. determines the ‘GL account’ as posting transactions are predefined for each ‘movement type’ in ‘inventory management.’, Open delivery (value of deliveries yet to be invoiced), Open billing documents (not transferred to accounting), Open items (AR item not yet settled by the customer). ), Billing data (payment terms (different from the payment terms maintained at the Company Code level), account assignment group, etc. Ans: ‘Sales Cycle’ comprises all activities including quotation/inquiry, sales order, delivery, billing, and collection.The following are the various processes within SAP that complete a sales cycle:Typically, the following are the documents created during a sales cycle: Ans: During goods issue in the sales cycle, the system is usually configured to update the relevant GL accounts automatically and to create the relevant accounting documents. 5. representing the country where the bank is located, and a unique country specific code called a ‘bank key.’ The system makes use of both the ‘country key’ and the ‘bank key’ to identify a ‘house bank.’. Document types for vendor accounts Explain What Is Factoring? Interview Questions and Answers for SAP Material Management (MM) Interview Questions and Answers for SAP ABAP and Basis ... Functionality The Accounts Payable personnel will prepare a payment proposal in SAP, edit it and take out a hard copy pri... What is a ‘Payment Block’?