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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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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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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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Debenture
What is the difference between debenture and preference share
GnanPra
- Dec 19th, 2008
The difference between Debentures and Preferential Shares is as follows: 1) Person holding debentures has owed money to a company, while Preferential Shareholder could be considered as a partial ow...
Nishi Kanti Dey
- Nov 6th, 2008
When the capital of the company is not sufficient to carry on business the company raise loan by issuing what is known as debenture, debenture holder money treated as a loan whereas preference shareho...
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Diff b/w current accout and saving account?
Nishchint_2006
- Jul 14th, 2008
one more difference is overdraft facility available on current account where as no such facility is available in saving bank a/c.The basic difference between saving and current account is that we get ...
SUMMIT NIGAM
- Oct 23rd, 2007
The basic difference between saving and current account is that we get interest on saving account. but we don't get interest on current account . even we have to pay for the transactions. there is lim...
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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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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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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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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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Notes Payable
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
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Rectification
What do you mean by rectification
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
- 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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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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How the General ledger accounts Relate to invoice?
Karottsanthosh
- Jul 21st, 2008
General Ledger is prepared based on the sales and purchase which are done through the invoice.
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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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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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Tolerance Limit
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
- 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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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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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...
Accounts Payable Interview Questions
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