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Accounts Payables Process
Why does a company/business require an Accounts payables process?
Baltoo
- Oct 7th, 2009
Accounts Payables is nothing but a Liability which has to be paid by the company for the goods that they have purchased or services that they have availed from a Vendor. The Firm is Accountable or re...
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Evaluated Receipt Settlement
Evaluated receipt settlement is used for __________ backed suppliesa. Paymentb. Purchase orderc. Advanced. All of these.
nkamuni_mca
- Dec 30th, 2009
The answer is b.purchase order suppliesERS is used for only for PO based vendors
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Debtors Reconciliation
What are the tools used in Debtors Reconciliation?
chinnaguntupalli
- Nov 6th, 2009
Liability account total from General LedgerBalance as per Trial balance.Ideally these two should match, however in the below instances it will not get match.Conversion rate not updated for foreign cur...
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Billable and Non-billable Expenses
What is the difference between billable and non-billable expenses?
MohammaMahmood
- Nov 1st, 2009
Billable Expenses are those which are charged to the Contractor and are paid and Non-billable are those which are not charged.
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Accounts Payable Rules for Liquidation
How does one handle outstanding account payable when the business is closing and on an accural basis, but owner has no way to pay the debt, can these expenses be deducted on the final tax return?
bwstui
- Jul 19th, 2010
No, the expenses are dissallowed. If you have already expensed payables that will never get paid, you must reverse them when you liquidate....this means you must recognize INCOME.
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Account Payable Rules
What is account payable rules for liquidation?
Basamaekul
- Jun 29th, 2010
The short and quick answer would be to pay them back in the order that they are due with whatever money that you can get from the liquidation. The creditors, however, are to be paid before any partners/stockholders are paid anything from the company.
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Functions of Account Payable Department
What are the different functions of account payable department?
nkamuni_mca
- Dec 30th, 2009
The following are the functions of Accounts payable->Processing vendor invoice->Clearing the invoices which may have some issues->Processint the vendor payments->Handling any issues partai...
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Net Working Capital
How do you calculate the Net Working Capital?
nkamuni_mca
- Dec 30th, 2009
Net working capital(NWC) = Current Assets - Current Liabilities(excluding deferred tax assets/liabilities, excess cash, surplus assets and/or deposit balances)
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Modes of Receiving Invoices
What are the different modes of receiving invoices?
nkamuni_mca
- Dec 30th, 2009
The invoices can be received in the following ways.1. Mail box (through mails)2. Fax3. Through emails
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EFT
What is EFT? What are the 2 common categories of EFT?
nkamuni_mca
- Dec 30th, 2009
EFT - Electronic fund transfer... the funds can be trasferred electronically in two ways.Through ACH (automatted clearing house)Through Wire transfers
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P-Card
What is a P-Card? What are its advantages?
nkamuni_mca
- Dec 30th, 2009
P-Card means purchase card.. employees of the company will be given P-Cards for purchasing goods and services and they can pay through P-Cards... P-Cards will have a specific limit associated with it ...
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Correcting Duplicate Payments
Explain some of the ways in which duplicate payments made can be corrected?
nkamuni_mca
- Dec 30th, 2009
Duplicates payments - once made cannot be corrected... we have to recover the duplicate amounts paid to the vendor... we can recover the amounts by way of asking the vendor to return back the paid amo...
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Accounts Payable Helpdesk
What are common issues addressed by AP helpdesk?
nkamuni_mca
- Dec 30th, 2009
The accounts helpdesk may consist of help through emails / calls. Most of the calls will be on inovice payments and year end we may all receive calls/emails about 1099 misc...
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TDS
If you have TDS exemption for Last Year and bill also for last year but booking happen in current year then what is the TDS Effect?
siddbang
- Jul 29th, 2010
While issuing the TDS exemption certificates generally Income Tax officer mention the Validity of the certificate. Normally it will be till the end of financial year. So, after that period it becomes ...
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Factored Invoice
What is a factored invoice?
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AP Process
What is the most criticality part or process for AP?What is delegation of authority in term of AP process?
suren1206
- Dec 7th, 2010
The most critical part of AP process is "verification" of goods / services as per invoice. Whether it is thru' certification of the concerned team which has raised the PO or by confirmat...
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What is accumulated loss
bill7031
- Mar 20th, 2012
A loss (or losses) from previous years carried forward in order to offset future earnings. This reduces the tax burden for the years with profit as the accumulated losses are deducted from the taxable profit.
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Which period is closed in P2P cycle?
we will involve Inventory, Purchasing, Payables, cash Management and Cost management in P2P cycle.
which module period is closed
Accounts Payable Interview Questions
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