1.    Answer True or False to the following:
True/False.  Multiple currencies may be used within a single cash journal.
True/False.  A company code may have may cash journals.
True/False.  The cash journal balance may be negative.

2.    List the types of tasks you can perform using Schedule Manager.

•    Worklists (via workflow)
•    Background jobs
•    Online (real-time) jobs
•    Transactions
•    Text reminders
Continue Reading …

1.    Briefly explain the difference between a value-added tax and sales and use tax.

Value-added taxes are assessed on the additional value that is added to a product as it moves through the production chain from raw material to producer and finally to the consumer.  Sales and use taxes are based on the final sales value of the product.

2.    For what are jurisdiction codes used?

Jurisdiction codes are used in multi-level taxes to identify each taxing authority.  When using jurisdiction codes, each level must be defined.  For example, if there is a state, county and city sales tax then the following three codes would be created:

•    State:     2500000000
•    County:     2510200000
•    City:    2510280930
Continue Reading …

1.    Discuss the concept of hierarchy levels with regard to the balance sheet in SAP.

There are ten levels possible in the financial statement hierarchy.  For each level, an item name and total is assigned to a group of accounts.  Higher levels provide more summarization than lower levels, level one being the highest and therefore, least detailed.

2.    Describe how G/L accounts are assigned to the financial statement hierarchy.

G/L accounts are attached to the lowest level of the financial statement hierarchy.
Continue Reading …

1.    Discuss the monthly closing process in SAP.

The only technical requirements of period-end closing are to close the current posting period and to open the new one.  Month-end reports can be run after the posting period has been closed.  There are additional business processes (e.g., valuing foreign currency open items and G/L accounts, analyzing open items and accounts that will be closed out, etc.) that should also be completed for proper control, even though they are not required for closing.

2.    Discuss the annual closing process in SAP.

1.  Execute the month-end closing process for the last period.
2.  Run the balance sheet adjustment programs and make any manual adjusting entries.
3.  Generate year-end reports.
4.  Carry G/L, customer, and vendor accounts forward.
5.  Open the new posting period.
Continue Reading …

1.    How can a document obtain exchange rate information?

•    From the Exchange rate table
•    From a manual entry in the document exchange rate field

2.    What are exchange rate types used for? List and describe five exchange rate types.

Exchange rate types are used for foreign currency revaluations and postings.

–    B (Bank Selling Rate)
–    G (Bank Buying Rate)
–    M (Average Rate) – The default rate type for posting documents.
–    EURO – Used for exchange rates between EU member nation currencies (e.g., DEM:FRF)
–    EURX – Used for exchange rates between an EU member nation currency and a non-member nation currency (e.g. DEM:USD)
Continue Reading …