* What will you do if you get an error saying ‘Posting Period is closed for company code ZZZZ’?
Go to OB52, and open the current period.
* What is a DMEE tree?
It is a Data medium creation engine, which is used to create the structure of payment file. This payment file will be generated after F110 execution, and sent to Bank for the processing of transactions.
Examples: XML, Flat file(TXT).
* How will you know why F110 is failed? And what are the ways to rectify?
First identify the cause of errors in the proposal log. (More details will be shown if vendor range or customer range is already entered in the F110-’Additional data’ tab).
Once reason for errors are found, correct the errors in the system, delete the proposal and rerun.
There is also an option to directly edit the proposal. In case if errors can be corrected directly in F110-Edit, then perform corrections directly here.
Automatically F110 Proposal log will show the payment items in green color, once errors are rectified.
* What are Chart of Accounts?
-> Chart of accounts are nothing but a list of General Ledger accounts. We can say, Chart of accounts provide the framework for defining GL accounts.
-> Chart of accounts consists of several Account Groups based on the nature of GL accounts.
-> This account group within chart of accounts provide the number range for GL accounts creation.
->Also account group controls the fields of GL master data.
-> Chart of accounts are defined at the client level, and assigned to company code.
-> Few parameters that Chart of accounts consists of -
- Maintenance language
- Length of GL account number
- Manual or automatic creation of cost elements
- Group chart of accounts.
* What is a Company Code?
-> An organizational unit in SAP FI which represents a legal entity.
-> Set of accounts can be created for this legal entity to export Balance Sheet, Profit and Loss Statements.
-> Includes accounts required for posting and recording of financial transactions in SAP.
* What is a Company?
-> Smallest organizational unit for which individual Financial statements can be drawn based on legal requirements (Balance sheet, Profit and Loss Statements)
-> Consists of one or more company codes.
-> All company codes within the company, must use same transaction chart of accounts, and same fiscal year.
* What are Account groups ?
--> Chart of accounts consists of several Account Groups based on the nature of GL accounts.
--> This account group within chart of accounts provide the number range for GL accounts creation.
--> Also account group controls the fields of GL master data while entering fields in FS00. (Create/Change/Display)
Examples for Account Groups:
P&L Accounts,
Bank Accounts,
Customer and Vendor Accounts,
Fixed Asset Accounts,
Material Accounts,
* What is the use of Sort Key which is defined in GL master data?
Sort Key controls what system should automatically fill in the Assigment field at the document item level.
Examples: If we select '014' in the Sort key for GL 112233, whenever document is posted for 112233, system will automatically pass the default value as system date in the Assignment field of the document line item.
* What is Open Item Managment?
This is used whenever clearing is required for the General ledger accounts. The main purpose is to offset the postings.
To understand in a beter way, it will help to check the status of all the outstanding payments which customer is yet to pay, or vendor/employees payments which are yet to be executed.
There are reports available : FBL1N (Vendor), FBL3N (GL), FBL5N (Customers), FAGLL03 (GL).
If documents are in red color, it means these are open items and yet to receive/make payments.
If documents are in green color, it means items are cleared, and payments are received/made.
Example:
GRIR accounts- To track the liability status.
Bank clearing accounts - The sub ledgers for incoming and outgoing payments must be open item managed, so that it will help in reconcilliation purpose.
* From where we can control open item management?
It can be controlled from the GL master data (company code segment). The flag has to be enabled to activate open item management for the GL.
WIll be updated soon...
0 Comments