Deloitte SAP FICO Interview Questions

 In addition to the online deck tool, you will also have access to the HR team.

When?

Determined by the availability of a successful candidate. Your designated talent advisor will always inform you and inform you in terms of process compliance.

Common Deloitte SAP FICO Interview Questions

SAP FICO Interview Questions and Answers For Freshers

1. Compare SAP FICO with any general financial accounting and controlling approach.

2. While handling the SAP FICO for the first time, why it is necessary for the users to pay attention to the exchange rate?

The default exchange rate in the FICO is the Average Rate. It is not always necessary that everyone needs to use the FICO in the same manner. Therefore, it needs to be changed as per the requirement.

3. Why the financial statements are important for any business?

Well, it simply enables them to keep an eye on the purposes for which a specific amount sent including all its information. The users can simply keep a digital record of all the funds received or transferred to any other account. This enables them to prepare documents for the future on which some important plans and decision-making strategies are based. Financial statements also enable businesses to get reductions in taxes in a few cases. In addition to this, the users can access the record of all the financial transactions anytime the same is required.

4. Can you name a few modules with which it is possible for the users to integrate financial accounting?

There are several useful modules where it is possible for the users to consider this approach in an integrated manner. These include Material Management, Sales & Distribution, Production Planning, financial transaction management, as well as Human resource.

5. What is Year Dependent Fiscal Year in SAP?

In businesses, it’s not necessary that all months have 30 days working. Depending on the type of projects which vary largely, the organizations have to end a month a day earlier or two. For example, the Month of May can have 29 days. The same can be done with an option in the SAP which is known as Year Dependent Fiscal Year.

6. What exactly do you know about the SAP FICO?

FICO stands for Financial Accounting and Controlling. It is basically an important tool that is useful in preparing statements about the finance related to an organization or a business. In addition to this, FICO can also be considered for the purpose of accounting, tax computations, preparing the inventory sheets, financial data storage. The users need not worry about the security of the data and in addition to this, it simply makes sure of managing and utilizing the data in a reliable manner.

7. What are the common reasons for errors in accounting and what impact do they actually have on the organization?

Errors are of a lot of types and can be due to a diverse array of reasons. The users can often make mistakes. A single wrong entry of only one digit can bring a lot of issues in the organization and can mislead about the profits and losses. Errors can be due to negligence of users, fault in the system, wrongly prepared bills or claims, gross errors, basic accounting errors, errors due to not updating the sheets, and so on.

8. What is the company code and when it is used? What is the limit on the currencies which you can configure?

It is basically a code that needs to be entered into the system when it comes to generating the Loss or the profit statements. It is not always necessary that all the employees are given access to the same. It is possible for the users to configure up to 3 currencies and among which one generally remains local and the other can be considered as parallel.

9. How many periods are there in the SAP FICO?

There is a total of 165 periods among which 4 are considered special. They are generally used when it comes to defining any data that is related to the fiscal year. A user is free to consider the special period anytime when the need for the same is felt.

10. In the SAP calendar, what exactly is “Year Shift”?

SAP doesn’t have any provision to access broker year. It only understands the calendar year. However, it is not always necessary that for all organizations the calendar year is the financial year. There is often a need to change months. They needed to be added or removed. This can be done easily in the SAP and the same procedure is known as Year Shift.

11. How taxes are taken care of in the SAP FICO?

One of the major issues is Tax Slabs are not similar in all countries. Also, there are additional taxes applicable there. SAP FICO has a tax procedure already defined in it for various nations and the users are free to get the information regarding the same. The Tax amounts can be sent to stocks by default or the users are free to make challenges in them as per their need and convince. Thus, taxes are not an issue with the SAP FICO.

12. What do you know about the Substitutions and validations in SAP?

They have generally defined assets for the different functional areas. They can be accessed through two options and are Document level and line level.

13. What are the major applications of SAP FICO you are familiar with?

SAP FICO has some major applications for which it is actually known. It is widely considered I Financial accounting for handling a lot of tasks that matter to the organizations. In fact, all that matters in accounting can easily be managed with this approach. It also has applications in Asset and Cost Accounting. The Project system accounting can also be managed in a reliable manner. The users are free to consider it for the purpose of Consolidation. In addition to this, SAP FICO has large-scale applications in Real Estate which is one of the emerging domains across the globe in the present scenario.

14. What is WIP in SAP FICO?

It stands for Work in Progress and basically defines the status of the asset that is under the development model in the SAP FICO. It is possible for the users to customize it if required.

15. Can you name a few methods with the help of which the vendor invoice payments can be taken care of?

There are options for manual payments that can be made either in cash or through cherubs. Other options include electronic transfer. The SAP FICO keeps a close eye on all the transactions made through the latter option when the same is integrated with the accounts.

16. What exactly posting key is in FICO and what is its significance?

It is basically an approach that enables users to determine the transaction type among the various possible options in the domain. Generally, it is a two-digit number when is entered during defining of an item. It simply gives an idea about the type of posting which can either be credit or debit as well as the type of accounts. Also, the status of transactions can also be recorded through it.

17. What is the significance of financial general ledger accounting?

It is used whenever there is a need for the organization to access external accounts. It simply incorporates all the financial transactions of a business made within a specific time period. The users are free to keep up the pace simply even when the operational areas need core accounting skills or have problems associated with them.

18. What are the biggest benefits that you can have with the SAP FICO?

There are certain benefits and a few major ones are spotlighted below:

• One of the major benefits is accounting data is always correct. The users don’t need to worry about this
• There is no upper limit on handling the accounts. Any number of accounts can be managed
• It is useful in auditing as an eye can be kept on the transactions made by the business
• It makes sure of financial transparency
• The detailed information about the expenses can be prepared and the same can then be considered for the purpose of preparing the future budgets
• A lot of time and money can be saved
• The users can make sure of financial outputs that can be trusted in the long run.

19. What is the Financial Statement version in the SAP FICO?

It is basically a tool that is used for reporting. All the financial accounts can be extracted through it along with all the relevant information required by the users. It is possible to deploy it for the purpose of generating the outcomes of different agencies associated with a business. The same information can then be passed to the concerned authorities for betterment.

20. Tell something you know about a field status Group?

When transactions are done, there are often fields that come up, this option is used or is enabled when they are not required while handling the tasks.

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SAP FICO Interview Questions For Experienced

21. What prerequisites are there which users need to handle when it comes to document clearing?

The first thing to make sure of is whether the items get cleared status by the management or not. Next is to make sure that the document is valid or not.

22. What exactly do you call a short-end Fiscal Year?

A Short-end Fiscal Year is basically when a calendar year is modified as per need. This can happen due to a very large number of reasons and the organizations have to adopt the new calendar.

23. What is the internal order option in the SAP FICO?

It is basically an option that is used to track the overall cost associated with an item or a project. It is used widely during certain situations and while handling some important tasks.

24. Why Asset classes are important in SAP?

The asset class is the primary class that is used for the purpose of justifying the assets. The entire asset category is generally assigned or integrated into one asset class. It is also possible for the users to use the default values for the same.

25. Name a few important components of the charts that matter in accounting?

The first and the foremost is the main language. Next is controlling the integration level, name, Block Indicator, GL, account number, and the chart of Account Key.

26. Tell me something about the credit-control area in the SAP?

The credit-control is in the SAP enables the organization to impose a strict upper limit on the credit for the customers. This can be done by using the option controls are in the SAP. It simply makes sure of avoiding the situation such as the risk of bad debts and outstanding receivables.

27. What options do you need to fill when it comes to creating the Credit Control Area?

The user needs to provide the controller name, Description, Currency option is to be selected, risk category is to be selected and then the information about the Fiscal variant is also to be provided.

28. What do you mean by posting period Variants?

It is basically a time frame during which the transaction figures are updated. Generally, it is accountable to control accounting periods that are complex.

29. What exactly Field Status is?

It is basically an approach that is used for the purpose of maintaining the General Ledger accounts. It controls the fields which should provide information on the concerned accounts.

30. Tell something about Parallel local currency in SAP?

Organizations are allowed to add two more currency options than their local. They can be used in the transactions made at the International level by an organization. The organizations are free to use any two options for parallel that they seem to have more need. They can be tagged as Group currency and hard currency.

How To Prepare for Deloitte SAP FICO Interview

Candidates should be prepared to prepare for the interview for this role to answer various questions of SAP interviews that test their technical knowledge and problems solving problems. They may include SAP Company Interview Question questions about their experience in implementation and management of SAP Systems, SAP Material Management Interview Question about their understanding of this key SAP module and SAP sales and distribution issues to assess their knowledge of this critical business process. Candidates should also be ready to answer SAP questions and answers that test their understanding to the wider SAP ecosystem and their ability to use SAP solutions to solve business problems.

Enter the room with confidence. Have confidence in your experience, appearance and ability to conversate. Earn confidence by checking the financial statements and websites of the company. Use keywords from the description of the work in the interview and you show that you have the skills they are looking for. Ask keen questions about the past, present or future of society to show you are interested. Spread your hands firmly with all the interviewers, give your name and ask for their name. Note that I say the interviewer; You will probably be asked by several SAP managers and an employee of human resources.

Sell your education. Midwest interviewers are well aware of the value of the Grand Valley’s Management Information Systems program. However, when I talked about my current position in San Diego, I had to put context in the program in the Grand Valley program to have the same impact. I began to mention that GVSU is SAP Alliance University University, which means I had a practical SAP experience. Share the value of the relevant courses and the way you excelled in a specific project or assignment. Make your title more than a line on your CV. Be sure to differentiate yourself from other graduates from your school.

Tackle SAP interview questions.Be prepared to discuss in detail your previous experience with the project or internships. I have never been asked by SAP technical questions about the specific module you hear about engineering interviews. The interviewers seek to exclude the interviewees who have real experience with the sap and those who talk about their skills. The trick here is to prove that you know what you are talking about. Be honest about your SAP experience!

Demonstrate your experience. In addition to SAP specific questions, be prepared to answer questions to understand your behavior. The best way to answer questions about behavioral conversation is the technique of stars: situation or task, action and reaction. Start by describing the situation or task concerning the question. Then briefly describe the action you have taken to solve or success in a situation. To close the result. Take a look at your CV and think about your course and think about a few examples from which you can pull out in an interview.  You don’t want to look at the interviewer because you can’t think of a good example on the spot.

Avoid talking numbers.Do not mention anything about how/when/what amount/under what conditions you will be compensated. If the interviewer asks how much you are currently doing or what you expect, politely state that you are sure that you can pay a salary agreement when you discuss the offer. If interviewers are not human resources people, they are unlikely to mention the salary. Recruiters can be sneaky and aggressive to make you say their current salary. Remember once the number is on the table, they may try to low you or reject as a possible candidate if you do more than what they are ready to pay.

End on a strong note.We thank the interviewer for their time and ask for further steps in the process. Will there be another set of interviews? When should you expect from them? If the interviewer asks if you have any questions, ask at least one to prove that you are very interested in this position. Once you leave, write the questions you have been asking and think about your answers. Save this list and prepare for future interviews!

Tips for Cracking Deloitte SAP FICO Interview