Is it possible to default certain values for particular fields?

Yes it is possible to default values for certain fields where a parameter id is present.
Step 1 Go to the input field to which you want to make defaults.

Step 2 Press F1, then click technical info push button. This would open a window that displays the  corresponding parameter id (if one has been allocated to the field) in the field data section.

Step 3 Enter this parameter id using the following path on SAP Easy access screen System à User profile à Own data.

Step 4 Click on parameter tab. Enter the parameter id code and enter the value you want as default. Save the usersettings.

What are the problems faced when a Business area is configured?

The problem of splitting of account balance is more pertinent in case of tax accounts.

Is Business area at company code Level?

No. Business area is at client level. What this means is that other company codes can also post to the same business area.

Is it possible to maintain plant wise different GL codes?

Yes. To be able to do so the valuation group code should be activated. The valuation grouping code is  maintained per plant and is configured in  the MM module. Account codes should be maintained per valuation grouping code after doing this configuration.

How do you configure a special GL indicator for Customer?

You can use an existing special GL indicator ID or create a new one. After creating a special GL indicator id, update the chart of accounts and the Reconciliation account. Also as a last step you need to update the
special GL code.

The special GL code should also be marked as a Reconciliation account. Switch on the relevant for credit limit and commitment warning indicators in the master record.

What is generally configured in the payment term as a default for baseline date?

Generally document date is configured in the payment term as a default for base line date.

In payment term configuration what are the options available for setting a default baseline date?

There are 4 options available:-
1) No default
2) Posting date
3) Document date
4) Entry date

How are input and output taxes taken care of in SAP?

A tax procedure is defined for each country and tax codes are defined within this. There is flexibility to either expense out the Tax amounts or Capitalize the same to Stocks.

Will this advance amount be considered for credit check?

There is an advance given by the customer which lies in a special GL account indicator A. Will this advance amount be considered for credit check?
It depends on the configuration setting in the special GL indicator A. If the “Relevant to credit limit” indicator is switched on in the Special GL indicator A the advances will be relevant for credit check, otherwise it will not be relevant.

What is the impact on the old balance when the reconciliation account in the vendor master is changed?

What is the impact on the old balance when the reconciliation account in the vendor master is changed?
Any change you make to the reconciliation account is prospective and not retrospective. The old items and balances do not reflect the new account only the new transactions reflect the account.

What is a Financial Statement Version?

A FSV (Financial Statement Version) is a reporting tool and can be used to depict the manner in which the financial accounts like Profit and Loss Account and Balance Sheet needs to be extracted from SAP. It is freely definable and multiple FSV's can be defined for generating the output for various external agencies like Banks and other Statutory authorities.

Can we change the reconciliation account in the vendor master?

Yes. Reconciliation account can be changed in the vendor master provided that the authority to change has been configured. Normally we should not change the reconciliation account.

How are Tolerances for Invoice verification defined?

The following are instances of tolerances that can be defined for Logistic
Invoice Verification.
c. Small Differences
d. Moving Average Price variances
e. Quantity variances
f. Price variances
Based on the client requirement, the transaction can be “Blocked” or
Posted with a “Warning” in the event of the Tolerances being exceeded.
Tolerances are nothing but the differences between invoice amount and
payment amount or differences between goods receipt amount and
invoice amount which is acceptable to the client.

What is the purpose of a “Document type” in SAP?

A Document type is specified at the Header level during transaction entry and serves the following purposes:

· It defines the Number range for documents
· It controls the type of accounts that can be posted to eg Assets, Vendor, Customer, Normal GL account
· Document type to be used for reversal of entries
· Whether it can be used only for Batch input sessions Document Type is created for differentiating business transactions. Eg Vendor Invoice, Credit Memo, Accrual Entries,Customer Invoice. It is a two digit character.

Explain the entire process of Invoice verification from GR to Invoice verification in SAP with accounting entries?

These are the following steps:
A goods receipt in SAP for a purchased material is prepared referring a purchase order.
When the goods receipt is posted in SAP the accounting entry passed is:- Inventory account Debit

GR/IR account credit
A GR/IR (which is Goods receipt/Invoice receipt) is a provision account which provides for the liability for the purchase. The rates for the valuation of the material are picked up from the purchase order.

When the invoice is booked in the system through Logistics invoice
verification the entry passed is as follows:-
GR/IR account debit
Vendor credit

What is a field status group?

Field status groups control the fields which come up when the user does the transactions. There are three options for field selection. They are:

Display only
Suppressed
Mandatory

So basically you can have any field either for display only or you can totally suppress it or make it mandatory.
The field status group is stored in the FI GL Master Record.

Which is the payment term which actually gets defaulted in transaction

Which is the payment term which actually gets defaulted in transaction (accounting view or purchasing view)?

The payment term in the accounting view of the vendor master comes into picture if the transaction originates from the FI module. If an FI invoice is posted (FB60) to the Vendor, then the payment terms is defaulted from the accounting view of the vendor master. The payment term in the purchasing view of the vendor master comes into picture if the transaction originates from the MM module. A purchase order is created in the MM module. The payment terms are defaulted in the purchase order from the purchasing view of the vendor master.

Where are Payment terms for vendor master maintained?

Where are Payment terms for vendor master maintained?
Payment terms for Vendor master can be maintained at two places i.e. in the accounting view and the purchasing view.

Which is the payment term which actually gets defaulted when the transaction is posted for the customer

Which is the payment term which actually gets defaulted when the transaction is posted for the customer (accounting view or the sales view)?
The payment term in the accounting view of the customer master comes into picture if the transaction originates from the FI module. If an FI invoice is posted (FB70) to the customer, then the payment terms is defaulted from the accounting view of the customer master.
The payment term in the sales view of the customer master comes into picture if the transaction originates from the SD module. A sales order is created in the SD module. The payment terms are defaulted in the sales order from the sales view of the customer master.

Where are Payment terms for customer master maintained?

Payment terms for customer master can be maintained at two places i.e. in the accounting view and the sales view of the vendor master record.