SAP Financial Accounting (SAP FI) Practice Exam

What are the 3 types of special GL transactions?

1. Free offsetting entry, deferred payment, noted items

2. Free offsetting entry, automatic offsetting entry, noted items

3. Free offsetting entry, manual offsetting entry, noted items

4. Free transactions, automatic postings, conditional payments

The correct answer is: Free offsetting entry, automatic offsetting entry, noted items

The identification of the three types of special GL transactions as free offsetting entry, automatic offsetting entry, and noted items is based on how these transactions are categorized within the SAP Financial Accounting system. Free offsetting entries are transactions that allow for balancing accounts without affecting the main accounting entries permanently. They are typically used to manage temporary differences or to adjust postings without impacting the underlying financial statements immediately. Automatic offsetting entries, on the other hand, are generated automatically by the system based on predefined rules that help streamline financial processes. This automation ensures accuracy and reduces manual workload by ensuring that entries are made consistently according to the established accounting policies. Noted items refer to transactions that are recorded for informational purposes. They are not part of the actual financial statements but provide a reference or footnote for tracking certain transactions, helping financial managers keep an eye on potential liabilities or receivables. Overall, the combination of these three types allows for more flexibility and better control in financial accounting within the SAP system, facilitating effective management of specific scenarios that require adjustments or monitoring outside of standard postings.