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

Which of the following are part of the process for configuring the payment program? (Select three correct answers)

1. Configure the payment methods for each company code

2. Configure the house banks

3. Configure the G/L account field status for document entry

4. Configure the currency exchange rates

The correct answer is: Configure the payment methods for each company code

In the process of configuring the payment program in SAP Financial Accounting, several critical steps need to be carried out to ensure that the payment processing functions correctly and aligns with the organization's requirements. Configuring payment methods for each company code is a fundamental step because payment methods determine how payments will be made, such as via checks, bank transfers, or electronic payments. Each company code operates distinctly in terms of its financial practices, and thus, custom configurations for payment methods are necessary for effective financial management. Configuring house banks is another significant aspect of the payment program. House banks represent the financial institutions through which the company conducts its banking transactions. Setting this up ensures that payments are routed correctly to the appropriate bank accounts, allowing for accurate tracking and management of funds. While configuring the G/L account field status for document entry and configuring the currency exchange rates are important within financial accounting, they are not directly part of the payment program configuration process. The G/L account field status affects how financial transactions are recorded in the system but doesn’t specifically pertain to payment processing. Similarly, currency exchange rates play a role in determining how foreign currency transactions are handled but are not directly linked to the actual payment program setup. Therefore, the correct answers focus on the essential elements directly involved