SAP Financial Accounting (SAP FI) Practice Exam

Where is the identification of the bank recorded in SAP FI?

1. Vendor master record

2. Bank master record

3. Customer master record

4. Company code settings

The correct answer is: Bank master record

The identification of the bank is recorded in the bank master record in SAP FI. The bank master record is a central repository that contains information about various banks that a company might deal with, such as bank identification codes, bank names, account details, and other relevant data. This information is essential for processing payments, managing bank transactions, and ensuring compliance in financial operations. Having a dedicated bank master record allows organizations to streamline their financial processes, making it easier to establish relationships with multiple banks and manage vendor and customer payments efficiently. It provides the necessary framework for handling financial transactions involving the bank, ensuring that all relevant data is organized and accessible. The other options, while relevant to certain business processes, do not specifically serve the function of identifying the bank. The vendor master record relates to information about suppliers, the customer master record contains details about clients purchasing goods or services, and company code settings are designed for defining organizational structures in the accounting system.