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EFT
What is EFT? What are the 2 common categories of EFT?
nkamuni_mca
- Dec 30th, 2009
EFT - Electronic fund transfer... the funds can be trasferred electronically in two ways.Through ACH (automatted clearing house)Through Wire transfers
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MALA
What is MALA? How it is useful in accounts payable?
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Approve Invoice for Payment
What items of information do you need before you can approve an invoice for payment?
c7831887
- Nov 22nd, 2009
We have to check the following:-1. Whether the Purchase Oder quantity, rate and description matches with the Invoice sent by the seller.2. Is there any debit note available against the Inv...
chinnaguntupalli
- Nov 6th, 2009
Payment terms of the invoiceWhether posting in ERP is matching with Invoice copy or notWill approve only hold free Invoicesif it is a Non-PO based, will check whether approver has authority approve in...
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Debtors Reconciliation
What are the tools used in Debtors Reconciliation?
chinnaguntupalli
- Nov 6th, 2009
Liability account total from General LedgerBalance as per Trial balance.Ideally these two should match, however in the below instances it will not get match.Conversion rate not updated for foreign cur...
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What is the difference between Payments-Liquidation(Disbursements) & Dividend Warrants Liquidation? Both of these products comes under Cash Management services
infantpragash
- Nov 5th, 2009
Payments: The partial or complete discharge of an obligation by its settlement in the form of transfer of funds. Liquidation: The winding up of a business or a firm by its members or its creditors.
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What is meant by Pay Group?
MohammaMahmood
- Nov 1st, 2009
Every Company has different pay scales according to the HR Policy. It may differ for different positions and acording to education and experience. These are called Pay Groups.
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Billable and Non-billable Expenses
What is the difference between billable and non-billable expenses?
MohammaMahmood
- Nov 1st, 2009
Billable Expenses are those which are charged to the Contractor and are paid and Non-billable are those which are not charged.
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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.
Accounts Payable Interview Questions
Ans