SAP Financial Accounting (SAP FI) Practice Exam

What can be done at the GL account level for a company code?

1. Currency and cash flow management

2. Open items and ledger posting

3. Currency, house bank, open items, recon account, field status groups

4. Budgeting and forecasting

The correct answer is: Currency, house bank, open items, recon account, field status groups

The correct choice focuses on the various functionalities that can be managed at the General Ledger (GL) account level within a company code in SAP Financial Accounting. Specifically, selecting currency, house bank management, open item management, reconciliation accounts, and field status groups highlights the comprehensive control and operations that financial professionals can administer at this level. Understanding each element sheds light on their importance: - **Currency**: Each GL account can be assigned a specific currency, which is essential for accurate financial reporting and operations in different currencies. - **House Bank**: Linking GL accounts to house banks facilitates better treasury management by allowing transactions to be processed directly against these designated banks. - **Open Items**: This refers to items that have not yet been settled. Managing open items directly at the GL account level aids in tracking outstanding postings, which is crucial for maintaining accurate financial records. - **Reconciliation Accounts**: These accounts play a vital role in ensuring that subsidiary ledger totals align with the general ledger, thereby enhancing the reliability of financial data. - **Field Status Groups**: These groups dictate the information required for postings in certain GL accounts, helping to streamline data entry processes and enforce consistency. This comprehensive functionality makes the correct choice essential for anyone looking to