SAP FI Interview

Explain ‘Financial Accounting (FI)’ in SAP.
The ‘FI (Financial Accounting)’ module of SAP is the back-bone, which records, collects, and processes financial transactions or information on a real-time basis to provide the necessary inputs for external (statutory) reporting. The module is integrated with other modules (such as Material Management (MM), Sales & Distribution (SD), Human Resources (HR), Production Planning (PP), Controlling (CO), etc.). The module FI has several submodules that are tightly integrated.

What are the ‘Submodules’ within FI?

• FI-AA Asset Accounting: Integrated with FI-GL, FI-AR, FI-AP, CO, MM, PP and PM, this module manages the financial side (depreciation, insurance, etc.) of the assets throughout their entire lifecycle starting with procurement of assets and ending with scrapping or sales.
• FI-AP Accounts Payable: Integrated with FI-GL, FI-AA, FI-TR and MM, this submodule manages vendor transactions by linking with material management, asset accounting, travel management, etc. Notable is the ‘payment program’ for making payments to vendors.
• FI-AR Accounts Receivable: Integrated with FI-GL, FI-AA, FI-TR, MM and SD, this submodule manages customers and receivables, and integrates with SD. It is well-known for credit management functionalities and the ‘dunning’ program.
• FI-BL Bank Accounting 
• FI-FM Funds Management 
• FI-GL General Ledger Accounting: This submodule is integrated with all other submodules within FI and outside FI.
• FI-SL Special Purpose Ledger: This submodule is used to provide the summary information from multiple applications at a level of detail that the user defines.
• FI-LC Legal Consolidations: This submodule helps in the central task of combining the financial operating results of the companies within a group to provide overall results for the group.
• FI-TM Travel Management 

Name the Submodules Within FI, from Which FI-GL Gets Simultaneous Postings.

• Accounts Receivable (FI-AR)
• Accounts Payable (FI-AP)
• Asset Accounting (FI-AA)

Name Three Distinct Characteristics of FI-GL.

• Multi-currency capability
• Flexible real-time reporting
• Real-time transaction entries