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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...
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Invoice discrepancy
Tell us about an invoice discrepancy that you discovered and how you resolved the discrepancy
gulred21
- Dec 24th, 2008
Invoice can be discrepant with Purchase order in the following ways. 1. Currency of Purchase order does not match with Invoice. 2.? Post dated Invoice 3. Invoice details does not match with the database maintained. 4. Quantity and Price Variance 5. Total Mismatch 6. Incorrect VAT calculation.
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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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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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Invoice for payment
What steps would you take before approving an invoice for payment?
Devaraju.R
- Nov 17th, 2008
STEP 1 ; Verification of purchase order, qty, rate
STEP 2 : Verification of purchase invoice with purchase order
STEP 3 : Verification of goods received note
STEP 4 : Number of credit days
STEP 5 : Bank Name and CH favouring -
Accounts Payable Process
Why does a company/business require an Accounts payables process?
armando a. domingo
- Oct 21st, 2008
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 checkin...
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What is the MIS?
Explain the meaning of mis?
joy_debora
- Oct 20th, 2008
MIS (management information systems) is a general term for the computer systems in an enterprise that provide information about its business operations. Regards,Debora.
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What is Goodwill ?
Goodwill is an intangible assets. it is exist in business.
kmananda
- Oct 13th, 2008
Goodwill is a reputaion of the organisation and it will appearing?in assets side of the balance sheet. It can be value based on diff- type of method based on financial statement of the company.
Sweete
- Jun 20th, 2008
Goodwill is the extra amount paid at the time of acquiring the bussiness, it is got by reputation, brand name, fame of the company and loyalty of the company. It is an intangible asset which is shown in the balance sheet on the asset side.
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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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Difference between account payable and bills payable
Gandhevi
- Aug 17th, 2008
Accounts Payables & Bills Payable looks one and the same but the only difference here is Bill Payables talks about making payment to Vendors whereas Accounts payable deals with internal adjustment...
Nishchint_2006
- Jul 14th, 2008
Accounts payable consist of debtors & bills receivable,where as bills receivable is part of accounts receivable,if you have doubt plz check in Ratio analysis full fledged knowledge books
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Form 1099
What is the for 1099 - Misc used for?
Gandhevi
- Aug 17th, 2008
1099 form is an Internal Revenue Service(IRS) tax document i.e., sent to businesses or individuals after calender year end. It is used by them for reporting taxable income to the IRS.It is not issued to Corporations & Non-Profit/Non Exempt organizations.Regards,Vinod.
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Cost Accounting and Management Accounting
What is the difference between Cost Accounting and Management Accounting
kokkikumar
- Aug 13th, 2008
Cost accounting is period of year the financial statementmangement accounting is like mangement manageble and reconslidation, and changethe cash flow the have wright
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Trial Balance
What type of account appear on a post closing trial balance?a) income statement accountsb) balance sheet accountsc) cash flow accountsd) temporary owner's equity accounts
bandari.r
- Jul 31st, 2008
Income/Expense statement sheet Net Profit as the balancing item and this will be taken as Net Profit in Balance Sheet
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Purchase Entry Record
What entry is recorded when $75.00 worth of supplies are purchased on account?
tharik_409
- Jul 25th, 2008
Purchasing good two kinds of entry either Cash or Credit.If Cash Purchase A/c----Dr xx To Cash A/c (Being good purchase on cash)If Credit Purchase A/c----DrTo Supplier A/c (Being goods purchase on Credit)
shoukath
- Jul 22nd, 2008
Purchasing good two kinds of entry Either Cash or Credit If CashPurchase A/c------Dr xxTo Cash A/c(Being good purchase on cash)If Credit Purchase A/c----DrTo Supplier A/c(Being goods purchase on Credit)
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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...
Accounts Payable Interview Questions
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