SAP Financial Accounting (SAP FI) Practice Exam

What are the three dates associated with every document in SAP FI?

1. Creation date, approval date, posting date

2. Document date, posting date, entry date

3. Posting date, transaction date, settlement date

4. Entry date, user date, posting date

The correct answer is: Document date, posting date, entry date

The three dates associated with every document in SAP FI are the document date, posting date, and entry date. The document date is crucial as it indicates when the transaction actually occurred, which is important for accurate financial reporting and for understanding the timing of financial events. This date helps users and auditors track when specific business transactions were executed and their relevance to a particular accounting period. The posting date determines when the transaction that is recorded in the document will impact the financial statements. It indicates the period in which the transaction is recognized in the financial postings and is critical for ensuring that financial data is captured in the correct accounting period. The entry date signifies when the document was entered into the system. This date is important for auditing purposes and helps in tracking any delays or issues in processing transactions. It allows users to see how current the entry is compared to when the transaction actually took place. This combination of dates is essential for maintaining accuracy in financial accounting and ensuring compliance with reporting standards, thereby providing a comprehensive view of transactions and their impacts on financial records.