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Coding License Agreements, service contacts and maintenance contracts to a GL? Which is the best way to code these types of expenses?
Cody2727
- May 8th, 2011
Coding for service contracts depends on the contract. Most maintenance contracts use the app as 150 and the RA as 300.
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What do you mean by DOA?
Cody2727
- May 8th, 2011
DOA is the Department of Administration.? The main fiscal headquarters.? There are usually some bills paid by DOA, such as long distance and CPU within the organization.
satya
- Jun 15th, 2007
DOA means Deligation Of Authority.It is a document that shows responsibilities and powers attached at each position in hierarchy. e.g manager,GM,AVP , VP etc
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How is a PO (Purchase order created)?
Cody2727
- May 8th, 2011
A PO is created because there is an interest in a product.? We make an agreement with an organization to purchase a product or service.? We then enter the agreement in a program, such as HOD, outlin...
anilkumar1425
- May 6th, 2009
Purchase Order can be created in two ways:AutomaticallyManuallyA purchase order can be created automatically when a requistion is entered and approved, A purchase order can be generated automatically from that requistion. A purchase order can be entered manually directly in the PO Entry window.
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How does the payment mechanism work?
Cody2727
- May 8th, 2011
As you receive an invoice in the mail, date stamp it with the date received.? You can pay an invoice when and if you have a matching PO, and receiving ticket which has been signed by the employee rec...
Sarvottam Darshan
- Feb 22nd, 2006
The open items of an account can only be cleared once you post an identical offsetting amount to the account. In other words, the balance of the items assigned to each other must equal zero.During cle...
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What do you mean by Mischarge Correction?
Cody2727
- May 8th, 2011
A mischarge correction is when the wrong account line was used or the wrong amount was entered.? The account that was wrongly charged needs to be credited and the correct account needs to be debited....
nkamuni_mca
- Mar 3rd, 2010
An expense which is charged to a wrong account is known as Mischarge and correcting this mischarge is known as mischarge correction. An rectification entry needs to be passed to correct the mischarge.
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What is debit and credit from the customer point of view ?
Cody2727
- May 8th, 2011
From the customer point of view, a debit is something he purchased or a service was rendered of which he owes money and a credit is something he received, such as a paycheck , credit, or a bonus,
kapil kabra
- Jul 1st, 2006
Here we can follow the basic rule of accounting Debit the receiver, Credit the Giver
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3 Way Matching
What is 3 Way Matching?
chandra2001
- Dec 20th, 2010
2, 3 & 4 way matching process followed in PeopleSoft.Two-way matching compares vouchers and purchase orders if the Receiving Required option for the purchase order is Do Not Receive or Optional. Thre...
chinnaguntupalli
- Sep 13th, 2009
Quantity/Price Ordered should match with Quantity/Price Recieved and Billed is known as Three way match. If the Quantity received and billed is lesser than Qty Ordered is fine to proceed for payment, it should not cross Qty Ordered in any circumstance.
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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 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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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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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.
Accounts Payable Interview Questions
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