creating the GL codes for Inventory accounts in SAP FICO

What are the additional settings required while maintaining or creating the GL codes for Inventory accounts?
In the Inventory GL accounts (Balance sheet) you should switch on the ‘Post automatically only’ tick. It is also advisable to maintain the aforesaid setting for all FI-MM accounts and FI-SD accounts. This helps in preserving the sanctity of those accounts and prevents from having any difference between FI and MM, FI and SD.

FI-MM, FI-SD account determination settings

At what level is the FI-MM, FI-SD account determination settings?
They are at the chart of accounts level.

capitalization be posted in the subsequent years in SAP FICO?

Is it possible to ensure that no capitalization be posted in the subsequent years?
Yes it is possible. You need to set it in the depreciation key configuration.

How do you go about setting the FI MM account determination ?

FI MM settings are maintained in transaction code OBYC. Within these there are various transaction keys to be maintained like BSX, WRX, GBB, PRD etc. In each of these transaction keys you specify the GL accounts which gets automatically passed at the time of entry. Few examples could be: BSX- Stands for Inventory Posting Debit GBB-Standsfor Goods Issue/Scrapping/delivery of goods etc PRD- Stands for Price Differences.

How do you create 10 asset masters at the same time in SAP FICO?

The company has procured 10 cars. You want to create asset masters for each of this car. How do you create 10 asset masters at the same time?
While creating asset master there is a field on the initial create screen called as number of similar assets. Update this field with 10. When you finally save this asset master you will get a pop up asking whether you want to maintain different texts for these assets. You can update different details for all the 10 cars.

How are Capital Work in Progress and Assets accounted for in SAP?

How are Capital Work in Progress and Assets accounted for in SAP?

Capital WIP is referred to as Assets under Construction in SAP and are represented by a specific Asset class. Usually depreciation is not charged on Capital WIP.
All costs incurred on building a capital asset can be booked to an Internal Order and through the settlement procedure can be posted onto an Asset Under Construction. Subsequently on the actual readiness of the asset for commercial production, the Asset Under Construction gets capitalized to an actual asset.

Is it possible to have depreciation calculated to the day in SAP FICO?

Is it possible to have depreciation calculated to the day?
Yes it is possible. You need to switch on the indicator “Dep to the day” in the depreciation key configuration.

How do you change fiscal year in Asset Accounting in SAP FICO?

Run The fiscal year change program which would open new annual value fields for each asset. i e next year Ÿ The earliest you can start this program is in the last posting period of the current year. Ÿ You have to run the fiscal year change program for your whole company code. Ÿ You can only process a fiscal year change in a subsequent year if the previous year has already been closed for business.

Take care not to confuse the fiscal year change program with year-end closing for accounting purposes. This fiscal year change is needed only in Asset Accounting for various technical reasons.

Integration with the general ledger in SAP FICO?

What are the steps to be taken into account during a depreciation run to ensure that the integration with the general ledger works smoothly?

For each depreciation area and company code, specify the following:
1 The frequency of posting depreciation(monthly,quarterly etc)
2 CO account assignment (cost center)
3 For each company code you must define a document type for automatic depreciation posting: This document type requires its own external number range.
4 You also need to specify the accounts for posting. (Account determination)
Finally to ensure consistency between Asset Accounting and Financial Accounting, you must process the batch input session created by the posting report. If you fail to process the batch input session, an error message will appear at the next posting run.

The depreciation calculation is a month end process which is run in batches and then once the batch input is run the system posts the accounting entries into Finance.

What are group assets in SAP?

The tax requirements in some countries require calculation of depreciation at a higher group or level of assets. For this purpose you can group assets together into so-called group assets.