| SAP Fico Consultant Fully remote local Portland, OR at Portland, New York, USA |
| Email: [email protected] |
| From: Shubhra Soni, Sonitalent [email protected] Reply to: [email protected] Job Title SAP Fico Consultant Job Location -Fully Remote Fully remote OK, but local Portland, OR candidate is preferred (or someone on the West Coast) as they might need to fly this person in for a day or two of in person collaboration. Client is in the office Tuesday-Thursday, in the Pearl District. Speed is important as they want this audit completed by year end. Duration - Ok with part-time, however long it takes to get the audit done (likely 2-4 weeks) depending on the number of hours this consultant can work on the project. Mode Of Interview - Phone/Skype Note - Need LinkedIn Client needs an SAP FICO consultant to come in and audit their current financial foreign transaction process through SAP. This person would establish what is going well within their current configurations, where they can improve, and create best practices. They have been on a legacy SAP system for 10 years and now are selling their products to additional countries/with different currencies. This consultant will review the foreign transactions and make sure they are calculated/translated into USD correctly. This Consultant will: Drive the conversation between the Finance teams and IT teams Ask good questions and perform the audit and create process improvements Also help with creating test cases to make sure the audit went through properly Needed Tech: Core skills: Deep understanding of SAP FICO module and FX/Accounting practices Experience with Foreign transactions Supervisor Jody Cox: Product Owner-Finance Head of IT Shahid Kader More details/Background: The accounting landscape outlined below has been in place for 10+ years with no significant changes, except for new entities and new GL accounts. During 2023 year-end financial review, a material anomaly was detected: Several payables dating from 2021, from foreign subsidiaries to US, document currency = USD, were settled in Dec 2023, with the most material transactions coming from Japan, where there was the most FX volatility during the period. Those payables had been revalued each month in JPY (local currency) consistently, at month end rates, and subsequently picked up in the translation process (to USD) for group consolidation, accruing unrealized gain/loss each month/reversed in following month in USD at the group level After settlement, given that the transaction currency was denominated in USD, a realized gain/loss was generated in local currency, but not USD. No P&L accounts are included in the translation process for group consolidation, so in the consolidated financials, there was no evident recognition of realized gain/loss in USD in December 2023, comparable with the unrealized gain/loss accrued in November 2023. GOAL: Evaluate SAP environment around FX configuration broadly (beyond just the issue identified above) to determine where there may be setup issues leading to misstatements in financial reporting. Based on findings, either perform adjustments to configuration or support internal team in that effort. Lastly, educate end users on configuration setup and reasons behind setup in compliance with US GAAP standards. Environment: ECC 6.0 EHP 3 ; planning to apply updates for EHP7 early in 2025. 12 or so currency pairs are maintained in OB52 Daily (5x per week) exchange rates obtained from Refinitiv Imported to SAP - become effective the following day Currency types in use Document currency - most inventory buys and transfers are in USD everywhere, often IC payables/receivables are in USD, but not always. Local Currency per Company Code for Japan JPY, Europe EUR, Canada CAD, China CNY Local Currency2 = Grp Currency = USD Exchange rate types Average Daily (M) to translate Doc Curr to Loc Curr Client corporate (C) to translate Loc Curr to Grp Curr M and C rates are identical in the recent past; perhaps this wasnt always the case. H Rate for Inventory valuation at standard cost updated 2x per year Engagement Expectations Seeking an SAP FICO expert with deep knowledge of accounting standards and best practices for foreign currency valuation and translation functions. Scope and Expectations for Consultant Review and evaluate relevant configuration settings impacting foreign currency transactions, revaluation and translation. Review and evaluate the chart of accounts settings for GL accounts and transaction sets subject to/driving valuation and translation. Need a preliminary list of these on which to build test scripts example: IC payables from foreign entity to KEEN HQ Interview Finance contacts - review the parameters used by them to run FAGL_FC_VAL and FAGL_FC_TRANS each month. If needed, review activity in the foreign currency unrealized and realized gain/loss accounts Document, evaluate and report any obvious errors/gaps/concerns/recommendations. Recommend configuration changes Recommend process changes/best practices Theres a specific question as example of what I have in mind in question 4 below Document steps to be followed periodically to ensure compliance with the design Meet with KEEN team to review the findings and recommendations. Agree on path forward. Validate configuration or process changes are made in accordance with agreement reached. Design and Execute Functional Audit Define minimal set of specific test scenarios that can be executed in QAS to demonstrate proper results for each circumstance subject to valuation and translation. (with help of KEEN Finance) Execute test scripts (with help of KEEN Finance and Product Owner) Validate results in valuation, translation and reporting Issue report with findings and documentation. Initial Questions/Topics for discussion that have come up during course of evaluation: FX rates Currency ratio; 1:1 except JPY to CNY and CAD; should all be 1:1 Chart of accounts audit settings as relates to revaluation Which accounts should be subject to FX reval; and which should be subject to FX translation Are the settings correct to support translation in chart of accounts FX revaluation and translation - review and evaluate the configuration and current processes vs standard/best practices Anything not standard Anything incomplete For FX revaluation best practice for managing which items/balances should be subject to revaluation. Best practices for clearing I/C payables and receivables. Ex: activity in prior years that still comprises the components included in revaluation accrual. Profit center, trading partner combinations There are SO many line items in the logs and journal entries from the two FAGL_FC transactions. Makes it very difficult to rationalize all of it. Accountants sometimes complete payment at bank, then book payment in SAP, which has different exchange rate than what bank used. They override the exchange rate on the document in SAP (like F-53) to match the rate used at bank. F110 what are the factors to weigh when setting the no exchange rate differences option for paying company code Discuss alternatives, guides & references for constant currency reporting in SAP. How are hedge rates impacting system Thanks & Regard Shubhra Soni Technical Recruiter| Sonitalent Corp. Email id : [email protected] Desk | (859) 659 - 3432 EXT 211 Address - 5404 Merri brook Lane, Prospect, KY, USA Keywords: cprogramm information technology Idaho Kentucky SAP Fico Consultant Fully remote local Portland, OR [email protected] |
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| Mon Nov 11 19:36:00 UTC 2024 |