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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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Account Payable Audit
What are the steps and the process from the start till the final report for an internal account payable audit program?
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What is WAC?
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Is it possible to make a payment without invoice or due in SAP, If yes how it possible, If no how
Rohit AGARWAL
- Oct 10th, 2010
Yes it is possible. First you have to check whether you have actually received the goods or not in your plant.Then you can make payment.But it is better to have the invoice prior to making payment to avoid any issue later.
indyslon
- Aug 20th, 2010
Yes of course we may pay even without any InvoiceScenario 1 - Where supplier needs some advance money to provide services in future e.g. Organise the conference - in that case we ask supplier to provi...
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Invoice on hold
What do you mean by invoice on hold?
srikanth535
- Sep 22nd, 2010
Invoice holds are 2 types1)Sytem Hold 2) User Defined Holds.Sytem Holds: Sytem holds the invoice if the Invoice Amt total is not equal to Invoice Distribution Amt. To release the hold correct the amou...
nkamuni_mca
- Dec 30th, 2009
An invoice can be kept on hold - where in we may require some information to complete to process the invoice.
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Credit and collection
Explain how the credit and collection process is handled in a BPO?
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Pass a JV
How to pass a JV when we receive bill including service tax? How to close this a/c?
bhardwaj.anit
- Aug 23rd, 2010
If we can cliam Service Tax:Exp A/C DrService Tax A/c Dr To Vendor's A/CIf we can not claim service tax :Exp A/c Dr To Vendor A/C(With Gross Amount)
chinnaguntupalli
- Sep 9th, 2009
Entries to post is Expense A/C Dr.Tax A/C Dr.Vendor A/C Cr.Upon end of each month we will file return wi...
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Billable Revenue and Collection
Explain billable revenue and collection. How to they differ from one another?
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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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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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What is the Debit Balance recovery? How we can recover if we wont have any future transactions from supplier?
gauravcanada2003
- May 12th, 2010
When payment is made to the wrong vendor or payment made in excess, in that case overpayment has gone to the vendor, so for us it is vendor debit balance.For debit balance recovery, we can either foll...
nkamuni_mca
- Mar 6th, 2010
The Debit balance recovery is usually made by raising a credit memo for the regular vendors. However if there are no future transactions from the supplier, we ask the vendor to send the check / make an EFT for the amount due from him.
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WIRE
What is the full form of the trem WIRE in wire payment ? Expalin the process for making and receiving the payment through WIRE?
vijay.rathinavel
- Mar 13th, 2010
The WIRE payment there is no specific expansion.Incase WIRE payment means the payment will reach vendor within a days.Incase of EFT the payment will reached by the vendor it will take 3 days.(required SWIFT code, Account number, ABA number etc)
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What is another name for a real account in accounting? is it a permanent account or a temporary account? Also, what is another name for a nominal account? is it a permanent account or a temporary account?
vijay.rathinavel
- Mar 10th, 2010
Real account includes assets so it is a permanent account and nominal account is temporory account becoz it includes all loss and gain (salary, Rent, insurance etc.,)
Rajeshwari.s
- Apr 3rd, 2007
Their are 2 other names for real account that is property account and asset accountreal account : furniture, building, Plant & machineryPersonal account : o/s wages, bank account, bankoverdraft accountnominal account : Depreciation account, BadDebts account, rent
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Verify Expense Report / Invoice Payment
What items would you verify when processing an expense report /invoice for payment?
nkamuni_mca
- Mar 6th, 2010
Expense reports are normally submitted by the employees of the company for re-imbursement of the expenses incurred by them on be-half of the company... These reports are audited according to the compa...
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SysAudit
What is the sysaudit?
nkamuni_mca
- Mar 6th, 2010
I have come across this term in ERP's like Oracle Financials and SAP where in an invoice is processed by the system automatically using the OCR software and the audit will be performed by the syst...
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Process and Report
What is the differences between process and report?
nkamuni_mca
- Mar 6th, 2010
Process is the sequence of steps that needs to be followed for completing a task.Report is the outcome of any analysis made
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What are the steps to configure automatic clearing? suppose we have to pay a bunch of outstanding payments what is the procedure?
nkamuni_mca
- Mar 6th, 2010
The configuration steps depends on the kind of ERP package you are using. How ever these are the common steps which have to configured.->Setup house-bank account->Create sequential check lot->...
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In implimenting a project, what are the records we have to upload from non SAP system to SAP system particularly pertaining to accounts department
nkamuni_mca
- Mar 6th, 2010
After finalizing the list of accounts by the management all the accounts which are listed has to be uploaded into SAP system
Accounts Payable Interview Questions
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