Q1. What Is The Difference Between Eft & Wire?
The Payment methods Electronic and Wire are modes of Electronic Fund Trfers . These modes might differ in the formats and documents involved at the site level. WIRE is a kind of outdated method used by remote sites for payments in ORACLE. Jargon might be different but the actual mode is same of either of them.
Q2. What Is Debit And Credit From The Customer Point Of View ?
debit me “receivable” & credit me “payable”.
Q3. How Does The Payment Mechanism Work?
The open items of an account can only be cleared once you post an identical offsetting amount to the account. In other words, the balance of the items assigned to each other must equal zero. During clearing, the system enters a clearing document number and the clearing date in these items. In this way, invoices in a vendor account are indicated as paid, and items in a bank clearing account are indicated as cleared. You generally use the payment program to clear invoices. Manual clearing of open items is therefore not usually necessary. However, you will sometimes have to clear items manually if, for example, you receive a refund from your vendor or you have set up a direct debit procedure.
Q4. What Is The Meaning Of Grn?
GRN me goods receipt notes ,it is generally used in manufacturing industries for checking of purchased of raw materials . GRN contains the following details. Ordered quantity . Received Quantity. Defective quantity in received quantity . Quality standards details.
Q5. What Is The Meaning Of Invoice?
Invoice is a statement which contains the under mentioned details compulsorily: Invoice Number Invoice date Name and address of the person making the invoice ( Seller of goods and service) Name and address of the person to whom invoice is made. ( Buyer of goods and service) Description of goods / services involved Applicable rates and taxes with percentages Rate of the goods / services Quantity of the goods and services Quality or any other specifications Price / Value of the goods and services Invoice must be signed by the person making it Terms and conditions of making the payment.
Q6. What Items Of Information Do You Need Before You Can Approve An Invoice For Payment?
@Have the goods been received in good order ?@Is the quantity/price correct ?@Were you expecting any discount ?@Is the delivery charge correct ?
Q7. What Steps Would You Take Before Approving An Invoice For Payment?
Following steps should be taken: Validate the invoice once it is matched for checking any holds. If workflow is implemented, initiate approval for the invoice. Once the invoice is approved/Approval not required (status in case WF is not implemented) you can go for payments. Create accounting after approval of invoice. Finally for payments you need to format, build.
Q8. What Is Debit And Credit From The Banks Point Of View?
Credit what comes in.Debit what goes out.
Q9. What Procedure For Excess Payment To Supplier I Would Like Know Without Adjusting Invoice That Me How Supplier Will Send Back Excess Amount How Do In Oracle Apps
Excess payment to supplier is treated as Advance paid to supplier. This will show as debit balance in supplier account. Supplier can send the payment by way of cheque / demand draft without adjusting in his subsequent bills.t
Q10. What Is Meant By Liabilities?
Liabilities are what all you owe from the bank on notes payable or in other words it is: Liability=Asset-Owners equity.
Q11. What Is A Parked Report?
You can use document parking to enter and store (park) incomplete documents in the SAP System without carrying out extensive entry checks.
Q12. What Is Account?
Account is ‘the art of classifying, analysing, Recording and summarising financial information’, to the management.
Q13. Explain About Accounts Payable?
Accounts payable is nothing but money which a company need to pay to vendors for goods and services purchased on credit. Accounts payable is a current liability of a company. This item appears on liability side of a balance sheet.
Q14. What Procedure For Excess Payment To Supplier I Would Like Know Without Adjusting Invoice That Me How Supplier Will Send Back Excess Amount How Do In Oracle Apps?
Excess payment to supplier is treated as Advance paid to supplier. This will show as debit balance in supplier account. Supplier can send the payment by way of cheque / demand draft without adjusting in his subsequent bills.
Q15. What Do You Understand By Open Item Managed Account?
Open item management ensures that all items that have not yet been cleared are available in the system. Only after every open item in a document is cleared can a document be archived.
Q16. What Is Fbt (fringe Benefit Tax)?
The tax payable on a non-salary benefit provided to an employee or an associate of the employee. The employer is liable to pay any FBT and may choose to recover the FBT amount from the employee.
Q17. What Is The Difference Between Sap Memory And Abap Memory?
SAP Memory: Global, user-related memory that extends beyond traction limits. Access to the SAP memory is via SPA/GPA parameters.ABAP Memory: Memory area within each main session, which can be accessed by programs using the EXPORT and IMPORT statements and which remains available using a series of program calls (call sequence).
Q18. What Is The Full Form Of Sox In Accounts?
Sarbanes Oxley Act.
Q19. What Is The Difference Between Billable And Non-billable Expenses?
Billable expenses are the expenses incurred by you on behalf of your customer in performing duties / service and supply. These expenses are recoverable from your customer by way of billing. Non-billable expenses are the expenses incurred by you for carry out your own business / duties and responsibilities.
Q20. Can You Give A Sample Process Flow For Procure To Pay Cycle?
Step1: Receipt of Invoice and goods Step2: QC approval Step3: Verification with po terms Step4: creation of liability Step5: payment after due date.
Q21. What Are The Types Of Assets?
There are two types of assets they are fixed assets & current assets.
Q22. What Is Three Way Matching Of Invoice? What Is The Difference Po Able Invoice And Non Po Able Invoice?
PO expenses are paid for the core business activities. e.g a food manufacturing co. will pay its usual charges for Raw material freight, plant maintenance etc. A non PO expenditure is the one which is payment for its non core activities e.g payment of utility bills e.g telephone charges, electricity bill. for usual tractions of core business traction a PO is created i.e. Purchase order# is created & non PO is for non core activities.
Q23. What Do You Mean By Wcc?
Winter Compensation from Contributions.
Q24. What Do You Understand By Intercompany Settlement?
A key functional area of SAP for Utilities that supports cross-company exchange of settlement data based on international standards such as EDI, XML, and Microsoft Excel. Intercompany data exchange manages data trfer between retailers, distributors, and independent service operators with special regard to the requirements in deregulated markets.
Q25. What Is An Ifa?
Institute of Finance & Accounts.
Q26. What Is The Difference Between Consignor And Consignee?
Consignor is the person who is the owner of the goods and who deliver the goods to the consignee. Consignee is the person who receives the goods and he just possesses the goods and not the owner.
Q27. What Is Account Payable? How We Pass The Entries In Account Payable?
Account payable is the outstanding balance that we must pay to the third party or suppliers. We pass the entries in account payable from two sides: purchase order and general ledger. Purchase order module will be posted after material order has been arrived in warehouse and combining with invoice plus related documents that have been approved by authorized person. General ledger normally from service entry where it must be attached by service agreement between company and third party.
Q28. What Steps Would You Take Before Making A Payment?
We should verify that any advances have been made. See that all the services/goods delivered according to bill. Any query is there to attend on that ultimately can be made payment.
Q29. What Is Debit And Credit From The Banks Point Of View ?
In Banks point of view debit me you have deposited money in the bank . and credit me you have withdraw money from the banks.
Q30. What Are Steps To Define Supplier?
Supplier should follow the check list. He should create confidence in the client mind Services to be done (fulfilled in time) Services to be done according the specification of the client. He should be placed the another order by doing the above three steps.