SAP

Role:SAP FICO

Location:Fully remote Duration:12 months

Keen 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

Quick interview process: 1-2 interviews 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.

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 KEEN corporate (C) to translate Loc Curr to Grp Curr M and C rates are identical in the recent past; perhaps this wasn’t always the case. H Rate for Inventory valuation @ standard cost – updated 2x per year

Thanks & Regards, Ramyasree US IT RECRUITER Thought wave Software and Solutions 314 N. Lake St, Suite 6, Aurora IL 60506 Desk: 6302164696 Email:ramyasree@thoughtwavesoft.com LinkedIn: https://www.linkedin.com/in/ramya-sree-kolla-519839221/

A Certified Minority Business Enterprise, Disadvantaged Business Enterprise, SAM.gov, SOC2 & ISO2005, Vendors for: · STATES: IL, PA, TN, AK, OR, CT, GA, VA, ID, IA, UT, FL, MN & CO, · NATIONAL LABS: ARGONNE & FERMI, · COUNTIES: HENNEPIN, MN, FULTON & GA, · PUBLIC SCHOOLS: ATLANTA.