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Why does a company/business require an Accounts payables process?
niraj
- Feb 28th, 2013
Accounts payable process is required in a company because this will help and guide the accountant to manage their payables with in the normal course of the business. This includes verifying and checki...
nkamuni_mca
- Dec 30th, 2009
Accounts payable prime responsibility is to pay the vendors who has supplied goods and services on credit.
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Accruals Entries
If there is oustanding payments, we have to pass accural enteries. So what are the enteries for accurals?
sundar
- Feb 23rd, 2013
3050000 account debit
To customer account creditchinnaguntupalli
- Sep 13th, 2009
It is an entry to create provision for unaccounted expenses in the current month for which services/goods already recieved.
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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 -
Factored Invoice
What is a factored invoice?
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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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Invoice discrepancy
How do you resolve a Invoice discrepancy that you discover
Lokesh M
- Feb 11th, 2012
Send a debit note/memo to vendor
Ask the vendor to send credit note/memo for the discrepancies caused. -
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Invoice payment
What items of information do you need before you can approve an invoice for payment?
Murugan L
- Jan 11th, 2012
1. Date
2. Invoice No
3. Vendor Name
4. Tin No
5. Total Amount calculated correctly or not
6. Signature of inventry handler (who taking care of material receiving, Goods Receiving Note)
7. Materials quantity and quality must tally with purchase order
8. and tax details.
molabanti
- Nov 11th, 2011
From the following points normally we observe
Invoice Date
Invoice Number
Vendor Name
Vendor Address
Quantity of Stock
Total Price
Vendor Signature
Net Price
Original Invoice
Security Seal
Pass in Seal
Tax Code -
Calculating current liabilities
ABC Trial Balance 12/31/year 1A/P 20,000.00Bonds Payable due year 2 $ 10,000.00Dividends Payable on 02/01/year 2 $5,000.00Income Tax payable$ 15,000.00Notes Payable due 01/15/year3 $ 10,000.00in ABC's 12/31/year 1 Balance Sheet The Current Liabilities total S/B50,000.00 or 60,000.00 or 20,000.00 or 35,000.00 or $0.00
finance_quest
- Nov 25th, 2011
Contingent liability is one kind of provision that company keeps as the safety to meet its unforeseen events.In future any event can come to place such as changes in the value of the foreign currency...
haniabdulrasoul
- Mar 29th, 2008
ABC Trial Balance 12/31/year 1A/P 20,000.00Bonds Payable due year 2 $ 10,000.00Dividends Payable on 02/01/year 2 $5,000.00Income Tax payable$ 15,000.00Notes Payable due 01/15/year3 $ 10,000.00in ABC&#...
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What is the difference between EFT & Wire?
DHANANJAY KUMAR RAY
- Nov 3rd, 2011
EFT and WIRE are the most popular form of electronic payment method. EFT stands for electronic fund transfer and it is one of the fastest mode of electronic payment after WIRE. EFT is a batch oriented...
e46fanman
- Aug 29th, 2011
There are many reasons to transfer funds from entity to entity, but there are really only two methods of transferring these funds. These methods are by either electronic funds transfer, called "EFT" ...
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Why would the balances of trail balances be equal
furqan shah
- Oct 10th, 2011
Because according to rule of accounting if u are debit some account than you have to credit same amount.
naveen_bansal205
- Sep 16th, 2011
As an accountant wants to be sure that the ledger accounts he/she has prepared are correct in respect of amount, side, balance, etc. To check the accuracy of posting in the ledger a statement is prepared. This statement is called Trial Balance.
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What documents are required before verifying invoice? what is the process if the supplier passes an invoice for more amount?
for ex: if the value of the goods is say Rs.5000,and the supplier sends the invoice for Rs.6000.
shaherukh
- Aug 25th, 2011
Raise Debit note
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Faster and Cheaper Payment
Which mode of payment is faster and cheaper - ACH or Wire transfer?
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...
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Accounts Payable Interview Questions
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