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SAP FI – CLEARING COMPETITIVE Q’s with A’s

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Declaration: …

Declaration:

This is totally based on Practical Hands on Exercise given by my Trainer during SAP FI Training Only for Practice Purpose before appearing for SAP Certification Exam. It may vary in Real Examination conducted by SAP AG. This can be useful for cracking SAP FI Interviews.

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  • 1. SAP FINANCIALS SAP FI – CLEARING COMPETITIVE Q’s with A’s by Pramila Nagaraj SAP Certified Candidate @ Source One Management Services Pvt. Ltd Bangalore 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore
  • 2. 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore ENHANCEMENT PACKAGE TFIN50_PART_1 CLEARING Competitive Questions with Answers 1. In Posting Clearing, we select the open item manually and clear the items True False 2. Documents with open items cannot be archived because open items represent incomplete transactions True False 3. Three types of tolerance group are Employees, GL Accounts, and Customer & Vendor Accounts True False 4. Tolerance Group mainly define permitted payment differences True False 5. Grouping of items for Automatic Clearing Programming is based on following fields a) Reference Number b) Special GL Indicator c) Noted Items d) Reconciliation Account Number e) Assignment Field f) Currency g) Company Code 6. If we reset and reverse a clearing document it becomes a) Cleared Item b) Residual Item c) Reversed Item d) Partial Item e) Open Item
  • 3. 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore 7. If Payment difference is outside the cash discount adjustment limit A. Post the payment as Partial Payment B. System checks for Un Authorized Deduction Limits C. Post the Payment as residual item 8. System automatically fills the assignment field for a line item according to A. Sort Field B. Reconciliation Account C. Company Code D. Currency 9. Cleared Items cannot be recalled True False Reset Option is available for Cleared Items 10. When Payment is cleared with a related credit memo or payment on account it is A. Account Clearing B. Payment with Clearing 11. True or False A. Each Currency or Type can be assigned separate exchange rate account - False B. One Exchange rate loss/gain account can be assigned to all or per currency and type - True 12. Clear Account Function is used in post with clearing procedure True False 13. Ways to post a payment difference outside the tolerance limit A. Posted with Reason Code B. Cash Discount Adjustment C. Partial Payment D. Authorized Deductions E. Payment on Account F. Posted without reason code and write off G. Residual Payment Ans. A, C, E, G
  • 4. 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore 14. Permitted Payment Difference can be dealt with A. Cash Discount Adjustment B. Unauthorized Customer Deductions C. Tax Account Adjustment D. Authorized Customer Deductions 15. In Account Clearing, Posting is not required True False 16. In Account Clearing, we select those open items from an account that balances to zero and clear it True False 17. Manual or Automatic Processing Un authorized Deductions Partial Payments Automatic Residual Payments Manual Payment on Account Cash Discount Adjustment Write off with Reason Code Answer: Automatic Un authorized Deductions Cash Discount Adjustment Manual Partial Payments Residual Payments Payment on Account Write off with Reason Code Cash Discount Adjustment Cash Discount Adjustment is for both Automatic and Manual
  • 5. 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore 18. When Payment is assigned to an invoice it is A. Posting with Clearing B. Account Clearing 19. Automatic Clearing Program cannot carryout automatic postings True False 20. Steps in Payment Difference - Re arrange with correct flow 2 Check for Tolerance Group for employee and customer/vendor 5 Payment within Tolerance limit, check cash discount adjustment limit 4 Payment not within cash discount adjustment limit, check for unauthorized deduction limit 3 Payment not within unauthorized deduction limit, process manually 1 Check whether Payment is within Tolerance Limit Answer: 1st Check for Tolerance Group for employee and customer/vendor 2nd Check whether Payment is within Tolerance Limit 3rd Payment within Tolerance limit, check cash discount adjustment limit 4th Payment not within cash discount adjustment limit, check for unauthorized deduction limit 5th Payment not within unauthorized deduction limit, process manually 21. If we reset a clearing document becomes A. Open Item B. Reversed Item C. Partial Item D. Cleared Item 22. Account clearing is also called _____________ clearing Ans. Manual Clearing 23. Clearing Transaction always creates a ______________ document Ans. Clearing Document
  • 6. 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore 24. Tolerance Group is defined by A. Company Code B. A Group Key C. Document Number D. Fiscal Year E. Currency Code 25. Cash Discount Assignment while clearing payments A. Cash Discount is taken for calculating amount assigned B. Cash discount granted it is used to determine terms of payment of line item C. We cannot change cash discount already assigned to the line item D. Cash discount can exceed the limit set in tolerances 26. We can post the document if the amount entered is the same as amount assigned True False 27. Manual Clearing can be performed manually or automatically True False 28. Two Fields make up the assignment field definition A. Document Date and document number B. Posting Date and Document number C. Company Code and Document Date D. Company Code and Posting Date 29. Cash Discount adjustment or unauthorized deduction can be carried if the tolerance is outside the limit True False 30. Payment Difference can be posted if the difference is too large for clearing True False
  • 7. 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore 31. Payment Header of Clearing Payment Screen consists of following fields A. Document Date B. Reference Text C. Company Code D. Value Date E. Document Date F. Currency G. Posting Date 32. When an open item is already valuated before clearing, there is no need to valuate it again during clearing True False 33. Automatic Clearing Program does not clear A. Noted Items B. Withholding Tax Entries C. Down Payments D. Statistical Posting 34. Posting a payment for an open invoice is account clearing True False 35. We can clear open items for general and sub ledger accounts with automatic clearing program True False 36. __________________are used to describe the reason for the payment difference Ans. Reason Code 37. Automatic Clearing Program can be carried out for all the accounts with open items True False Only those accounts defined in customizing
  • 8. 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore 38. Post Payment Difference as Residual Item A. All Document Remain Open B. All Document Cleared C. Original Document Cleared D. Residual item remain open Ans. C, D 39. Reason Code Functions are A. Control Credit Limit Checks B. Control Payment Notice C. Control Residual item posting to normal and special GL Accounts Ans. All are correct 40. Tolerance Group is assigned to A. Company Code Data B. GL Account Master Data C. Customer/Vendor Master Data D. User Master Data 41. Way in which open items are cleared A. Posting with clearing B. Transfer Posting C. Statistical Posting D. Account Clearing 42. Payment Difference within Tolerance and Outside Tolerance Unauthorized Deducted Within Tolerance Partial Payment Residual Payment Outside Tolerance Payment on Account Cash Discount Adjustment Answer: Within Tolerance Unauthorized Deducted, Cash Discount Adjustment Outside Tolerance Partial Payment, Residual Payment, Payment on Account
  • 9. 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore 43. Manual Processing of Payment difference is carried out if tolerance is within the limit True False 44. Upon Residual Payment following needs to be defined A. Dunning Key, Level for Balance Payment B. Terms of Payment for Balance Payment C. Cash Discount basis for Balance Payment 45. Posting for clearing can be carried out simultaneously for a) Several Currency b) Several Account Types c) Several Company Codes d) Several Accounts Ans. A, B, D 46. Pick the correct one(s) A. A Transaction is cleared as soon as posting is carried out B. Open Items are incomplete transactions C. Documents with open items can be archived and cleared later 47. Assignment Field can be combination of up to A. 6 to 10 characters B. 2 to 12 characters C. 4 to 18 characters D. 6 to 24 characters 48. GL Accounts must be defined for exchange rate losses or gains True False 49. Post with clearing is carried out using automatic payment program only True False Manual also possible
  • 10. 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore 50. Reason Code can be assigned to A. Difference Postings B. Partial Payment C. Residual Items Ans. A, B, C 51. Manual Clearing Can take place in A. Bank Sub Accounts B. Vendor making repayment C. Vendor Clearing an Open Invoice D. Debit memo procedures Ans. A, B, D 52. Partial Payment Leads to A. Original Document remain open B. Original Document is Cleared C. New Document is cleared 53. If Total amount of Open Item selected is not equal to clearing account A. Clearing does not take place B. Difference Posted 54. Open Item Selection data section of the clearing payment screen contains A. Addition Sections B. Customer/Vendor account and type C. Normal Open Items Selection D. Special GL Selection E. Other Accounts Section Ans. All are correct
  • 11. 2014 Copy Rights © SourceOne Management Services Pvt. Ltd Bangalore 55. Bank data section of the clearing payment screen consists of the following fields A. Text B. Bank Account C. Bank Charges D. Amount E. Posting Date F. Assignment Number G. Customer/Vendor Account H. Value Date 56. System Generates exchange rate differences automatically True False 57. Following Accounts are assigned exchange rate Gain/Loss account A. Reconciliation Account in Foreign Currency B. GL Account in local currency with open items in foreign currency C. GL Account in Foreign Currency D. Reconciliation account in local currency with open items in foreign currency Declaration: This is totally based on Practical Hands on Exercise given by my Trainer during SAP FI Training Only for Practice Purpose before appearing for SAP Certification Exam. It may vary in Real Examination conducted by SAP AG. This can be useful for cracking SAP FI Interviews.