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Debit Recovery
How to recover an accounts payable with debit balance?
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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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RTGS
What is meant by RTGS?
sanjivani.patil
- Sep 23rd, 2009
Real time gross settlement systems (RTGS) .RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a 'real time' and on 'gross' basis. This is the fas...
ravikumar.PR
- Aug 5th, 2009
RTGS in banking means fund transfer from one bank branch to another bank branch in real time with gross settlement. Real Time Gross Settlement is the full form for RTGS
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Trail Balance
Breif idea of trail balance ?
chinnaguntupalli
- Sep 19th, 2009
Trial balance is a statement to ensure arithmetical accuracy of the financial accounts prepared for a firm..
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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Meaning of Per Diem
What is the meaning of Per Diem?
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
- 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 is a Parked Report?
chinnaguntupalli
- Sep 13th, 2009
Parked Report is a summary of the documents parked by different users, Users will Park the data, when they are not sure whether the document entered is correct or not or "when the user uploaded m...
Sarvottam Darshan
- Feb 21st, 2006
You can use document parking to enter and store (park) incomplete documents in the SAP System without carrying out extensive entry checks
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Sub Ledger Posting
In accounts payable we use to pass sub ledger entries and what is it for?
chinnaguntupalli
- Sep 13th, 2009
Accounts Payable itself is a subledger, hence there is no concept of further subledger in Accounts Payable
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Price Variation
What do you mean by price variation in Purchase Invoice?
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
- Apr 14th, 2009
The price may differ from vendor invoice while comparing with purchase order
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Accrual Entry
What is an Accrual entry?
chinnaguntupalli
- Sep 8th, 2009
Accrual entry is the entry to record an unaccounted expense in current month books of accounts to ensure creating a provision for accounting in subsequent month, this is an auto reversal entry, which need to be revesed on first day of subsequent month
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What is balance sheet
pradeepk982
- Aug 27th, 2009
A balance Sheet is a ststement of Accets, Liabilities and net worth of an individual or interprises at a given date.
Nitin Jiwane
- Jun 15th, 2009
Balance sheet is the Statement of Assets and Liabilities it shows the financial position of the company.
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Billable and non-billable expenses
What is the difference between billable and non-billable expenses?
amrit257
- Aug 25th, 2009
Billable expenses are the expenses incurred by you on behalf of your customer in performing duties / service and supply. This expenses are recoverable from your customer by way of billing. Non-billab...
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What is Reconcillation Statement ?
subbop
- Aug 7th, 2009
It is process of analyzing two or more statements of account records. If any difference exist between them, finding the cause and bringing the statements into agreement and ensuring the reliability.&n...
Rajeshwari
- Apr 3rd, 2007
It is a statement prepared for the purpose of reconciling or agreeing the cash book balance with the pass book balance by making sutiable adjustments for the items responsible for the disagreement
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Delivery Note
What is the use of Delivery Note?
subbop
- Aug 7th, 2009
A Copy of Delivery Note signed by consignee/buyer is the proof of delivery of goods in list of description, grade and quantity to the consigner/seller.
c7831887
- Jul 7th, 2009
Delivery note is a document sending goods from supplier to a buyer. Its contains only the buyer's name, address, VAT/CST No., Description of the goods being sent, Goods quantity and method o...
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Which are the main MIS Reports of an accounts department & what the format of preparing the MIS ?
sharma.murlidhar
- Nov 28th, 2008
As I mean that the main reports of the MIS Reports of the Accounts should be Accounts Payable.
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Expense / Invoice Verification
What items would you verify when processing an expense report / invoice for payment?
balajinanduri
- Jun 27th, 2009
First thing to be verified whether it is a tax invoice or not.Secondly we have to check the party's name on the invoice.it should be approved by the person who is having limit.The other things like cost center IE Type should be checked.
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What happens if A/P on a cash basis shows a huge amount. Shouldn't be zero?
Darvesi Miah
- May 15th, 2009
The A/P department people will take certain limits and measures. They are1. Aging invoice2. Is there any disputes3. Discrepancy'sGenerally Invoices may be paid at the terms and conditions and the same time A/P people try to fully utilise the days, discounts, interest and others
k.venkat ramana
- Mar 21st, 2007
As per income tax rules we cannot pay A.P more than 20000/- at single paymentand also from 01-04-07 it has came to know that expenditures exceeding 20000/- cannot be treated as a expenditure in P&L A/C
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After raising GR then raise invoice for partial quantity. eg raised GR for 1000 quantity and raised invoiced for 500 quantity. Now if u want to reverse the GR, u have to reverse the Invoice also. If the payment done for the invoice, u cant reverse it. So how can we handle in this situation.
Darvesi Miah
- May 15th, 2009
Even though you have paid the invoice you can reverse the GR. As debiting the supplier and crediting the GR.
Md Imran Siddiqui
- Oct 12th, 2006
For the difference quantity of 500 for GR to PV, we can rasie a Purchase return & send back the goods. For the GR quantity of 500, for which PV is booked & payment is done.we can rasie a sales invoice & then make Receipt entry or rasie a debit memo againt the party.
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Accounts Payable STPT
In accounts payable - What do you mean by STPT?
ncthudimilla
- Apr 18th, 2009
Software Technology Parks of India (STPI), is a society set up by the Department of Communication & Information Technology, Government of India in 1991, with the objective of encourag...
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diff b/w current account and saving account?2. what is sub ledger?give me one ex?3. what is another name for a real account in accounting? is it a permanent account or a temporary account?...4. what is the payrollsystem5. what is consolidation6. 1) developed interface program for invoice upload from external system after validation and error handling...7. What is difference between automatic Payments Batches and automatic payments8. After raising GR then raise invoice for partial quantity. eg raised GR for 1000 quantity and raised invoiced...9. what are steps to define supplier?10. 1. If assume we paid 50/- as an advance for worth or 100/- goods, but our supplier sent only up to 25/-...
kashik_1973
- Apr 2nd, 2009
Diff b/w current account and saving account?
A savings a/c is for people who want to keep the money in the bank. This a/c pays a very small rate of interest to the a/c holder.?Current account is one where you don't get interest while you get interest on your savings in the saving accountsapnajain
- May 19th, 2008
sub ledger are the segment of the main ledger for eg:sundry debtors is a main ledger so in sundry debtors we have records of all debtors balances. if we want individual report of anf one debtor we nee...
Accounts Payable Interview Questions
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