SAP Financial Accounting (SAP FI) Certified Application Associate Practice Exam

What role does the Clearing document number play in financial transactions?

1. It identifies the invoice date.

2. It resolves discrepancies in accounts.

3. It acts as a reference for payment processing.

4. It determines currency conversion rates.

The correct answer is: It acts as a reference for payment processing.

The clearing document number serves as a significant identifier in financial transactions, particularly in the context of payment processing. It acts as a reference that links various financial postings and helps track cleared items in the accounts. This number is generated when a payment is made and reflects that the relevant documents, such as invoices and payments, have been matched and cleared against each other. In the context of accounts reconciliation, the clearing document number simplifies the process by ensuring that both debits and credits related to a specific transaction are synchronized. It makes it easier for financial professionals to monitor the status of payments, confirm which invoices have been settled, and maintain an accurate record of all transactions. While other options mention related aspects of financial transactions—such as discrepancy resolution, invoice dates, and currency conversion—none provide the primary function of the clearing document number, which is to facilitate and reference the clearing of payments within the financial accounting system.