Alex has noticed a problem with the balance showing in the Notes payable account, according to a statement sent by the Bank the notes in question has a remaining balance 75,000.00 while the G/L shows a $64,000.00 balance. In researching this ALEX finds that the $3,000.00 per month payment was coded entirely to Notes payable and no entry was made to Interest Expense. What entry should ALEX make to correct...

zijing

• Mar 11th, 2015

E

mikeregas

 Profile Answers by mikeregas Questions by mikeregas

• Mar 2nd, 2008

Debit intrest and credit notes payable

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What do you mean by rectification

vasudeo007

 Profile Answers by vasudeo007 Questions by vasudeo007

• Aug 31st, 2008

There are three types of errors possible.Error of commissionError of omission andError of principleIn error of commission, the right amount is posted in wrong account.Say I buy something from you so i...

Sweete

 Profile Answers by Sweete Questions by Sweete

• Jun 20th, 2008

If any errors are made in accounting like posting wrong amount, posting to wrong account, making partial entries or giving credit to the account instead of debit etc all these kind of errors are commi...

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Breif idea of trail balance ?

chinnaguntupalli

 Profile Answers by chinnaguntupalli Questions by chinnaguntupalli

• Sep 19th, 2009

Trial balance is a statement to ensure arithmetical accuracy of the financial accounts prepared for a firm..

kokkikumar

 Profile Answers by kokkikumar Questions by kokkikumar

• Aug 13th, 2008

Trail Balance is checking the mistakes like any entry errorIt should be show company finaical flowWe know the company balanceWe check customer credits and suppilers debits.

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mohsin.w.nadkar

 Profile Answers by mohsin.w.nadkar Questions by mohsin.w.nadkar

• Nov 21st, 2008

GL Account Created on the basis of nature of expences.

Karottsanthosh

 Profile Answers by Karottsanthosh Questions by Karottsanthosh

• Jul 21st, 2008

 General Ledger is prepared based on the sales and purchase which are done through the invoice.

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What is the meaning of Per Diem?

chinnaguntupalli

 Profile Answers by chinnaguntupalli Questions by chinnaguntupalli

• Sep 13th, 2009

It is the allowance paid to an employee who is working on a special assignment.  This amount is completely exclusive of his Compensation plan.  These are given in scenerio's like, w...

vensandi_07

 Profile Answers by vensandi_07 Questions by vensandi_07

• Jul 22nd, 2008

It is the allowance given to the employee for the spending that amount for per day is called per diem

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What do you mean by price variation in Purchase Invoice?

chinnaguntupalli

 Profile Answers by chinnaguntupalli Questions by chinnaguntupalli

• Sep 9th, 2009

If the Invoice unit price and PO unit price is varies is known as price Variance.  however users can post invoices if the variance is within threshold of 5% or $50, whichever is lower.

mumbai18

 Profile Answers by mumbai18 Questions by mumbai18

• Apr 14th, 2009

The price may differ from vendor invoice while comparing with purchase order

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What is a tolerance limit with respect to invoice processing?

Sanjay yadav

• Jan 12th, 2018

Tolerance also include Tax amount mention on PO or its calculated Based on amount excluding tax and freight amount

Naresh NG

 Profile Answers by Naresh NG Questions by Naresh NG

• Jan 15th, 2010

Limit up to which small differences in an invoice are accepted by the invoice recipient without any further verification being necessary. Naresh NG

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What do you mean by invoice on hold?

srikanth535

 Profile Answers by srikanth535 Questions by 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

 Profile Answers by nkamuni_mca Questions by 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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Which mode of payment is faster and cheaper - ACH or Wire transfer?

e46fanman

 Profile Answers by e46fanman Questions by e46fanman

• Aug 29th, 2011

wire is faster but has charge associated for both parties (sender and receiver). It does NOT go through a clearing house (third party) so it is faster. both parties must agree on amount being transf...

prabodh79

 Profile Answers by prabodh79 Questions by prabodh79

• Jun 11th, 2010

Wire transfer

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What are the entries that get generated in Bank reconciliation both check and wire banks ?

shabbu

• Jun 21st, 2013

Bank statement reconciliation means differentiate between the bank book to cash book .......... that means cash book amount bank book amount should verify

Basamaekul

 Profile Answers by Basamaekul Questions by Basamaekul

• Jun 29th, 2010

There are two spearate entries that one must make to reconcille the bank statement to the company's books.  The first is the increases to the cash account that the company has not recorded.&n...

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Biswajit Ghosh

• Aug 7th, 2011

TDS means Tax Deduction at source, when party or vendor make payment in various sector , i.e means cross the limit of TDS names , that will deducted from the party , and that amount deposited into the bank.

RAVI

• Jul 27th, 2011

How we can know wheather TDS is appliable to the supplier and how we can deduct the TDS to supplier and what is the rate of deductions. and also pls forward the entries in accounts payable process .

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Mahmoud

• Aug 4th, 2014

Accounts Payable Cycle is: 1- End-user requisition of some Materials. 2- Check if the Materials available in the warehouse. 3- If not available, search for a proper vendor on the Tenders Meeting. ...

Biswajit Lenka

• Jan 31st, 2014

To checking the payable invoices and send it to the invoices verification and then send for the period

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1. Explain Accounts payable process and its impact to business.
2. What is PO invoice, Non-PO invoice, Intercompany invoice. Explain the difference & list some examples.
3. What is invoice processing ? What are the mandatory fields to be entered while processing invoices.
4. What is GSM and GPM ? Give its abbreviation and explain the concept ?
5. Which version you used...

Dawn al-Matiin

• Oct 23rd, 2014

Correspond invoice with payment

M.L.Srinivas

• Sep 22nd, 2014

Took Requisition from The concerned Departments regarding to the Material Required, And call for the Quotations, Based on the received Quotations Choose the Best of Service Provider, After Goods Recei...

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What is exactly reversal journal entry, for what purpose we are using ?

Seungok

• Jan 12th, 2015

For adjustments

Ofelia

• Nov 26th, 2014

We key this journal entry to include the expense for the month and it reversed when the actual expense comes.

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nayeem

• Nov 12th, 2014

Credit to bank

g.esrayelu

• Nov 10th, 2014

Car a/c dr
to bank a/c

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What does research and resolve exception invoices daily mean?

aneel kumar

• Oct 27th, 2015

If the information on the invoice does not match the information on the PO, an exception invoice occurs. These are two types: 1 Invoice header exception: This occurs information on the invoice he...

ASHISH JHA

• Apr 8th, 2015

If the information on the invoice does not match the information on the purchase order, an exception invoice occurs...

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If Auditor advise you to do pass wrong entry for show revenue more what will you do ?? in the case of crisis in the company if we not show revenue more to investors company would be close so how you will take decision??

Yogesh

• Aug 10th, 2018

In the above case one can take proper approval from the management and ensure that the said entry should have proper supporting with all the necessary autorizations.

MURUGAN A

• Jul 21st, 2018

In this case we can proceed the entry

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Need to know End to End PTP activity. Starting from PO request to payment to vendors.

Megha Dave

• Mar 5th, 2017

The Procure to pay cycle involve order entry through the payment for goods and services. The PTP cycle start with:
1. Enter PO (P4310),
2. Print PO (R43500),
3. Print Receiver (R43510)
4. Enter Receipts (P4312),
5. Voucher Match (P0411),
6. Post voucher (P0011/R09801).

mayur

• Mar 8th, 2016

Procure to pay process start with the identifying the need of the department. The specific department who require the goods and services will raise the Purchase requisition and send it to procurement...

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Can anyone state the Journal entries from the starting to the last i.e in the AP process?

Sagar Nayak

• Nov 2nd, 2016

When the order made no accounting document is made When the invoice raised form vendor site : Party A/c Dr To Sales A.c Cr ...

Lakshmi priya

• May 31st, 2016

When invoice raised
Stock dr to GRNI cr
When invoice processed
GRNI dr to vendor cr
When invoice gets paid
Vendor dr to bank cr
When payment remitted in the bank
Bank dr to cash cr

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Ajit

• Sep 10th, 2007

An example of invoice dispute was not finding the vendor bank account & contact number. Although many attempts were made for this payment but could not locate the 'one time vendor' (one time of purcha...

Mansukh Gambhava

 Profile Answers by Mansukh Gambhava Questions by Mansukh Gambhava

• Mar 31st, 2007

Any dispute related invoice like quantity, Quality, Rate, taxes and other commercial and technical term, we have to strictly accept as per Purchase Order and solve the problem. 

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