How you know inter company balances in corporate level ?

GL reconciliation means Account payable , Accounts receivable ledger balance compared with General Ledger balance and it should be tallied. If not tallied we have to do the reconciliation.

SHAFIQ

• Jul 2nd, 2015

Reconciliation is process way by which the assets and liabilities in the unit's balance sheet are substantiated.

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SHAFIQ

• Jul 2nd, 2015

Balance sheet account reconciliations is the process by which the assets and liabilities in the unit's balance sheet are substantiated.

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In gl we are using recurring journals for reporting purpose,and in ap also we are having recurring invoices. why we use both?

umashankar hs

 Profile Answers by umashankar hs Questions by umashankar hs

• Aug 7th, 2015

Because AP is a subledger therefore every invoice should have corresponding entry in GL a/c

Ansonet Saunders

• Jun 1st, 2015

To save time and to make sure you account for everything

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Ansar Aluva

• Oct 20th, 2015

In an ERP System, All the sub-ledger entries like AR, AP, Inventory, Payroll etc has to flow to General Ledger as an control Account. All the sub-ledger entries used to flow to GL using a scheduled a...

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anil

• Oct 25th, 2015

Sales
-Excise Duty
Net Sales
-CGS
Gp
-Operating Expenses / SGA Expenses
Op/Ebitda
-Non cash exp i.e Dep/amortization
Ebit
-Finance cost
-Exceptional items
Ebt
-Income Tax exp.
PAT/Net income/Net margin
-Extraordinary items
Retained earnings

FHAIZ MAHMOOD

• Oct 22nd, 2015

Sales - Sales Return = Net Sales


Cost of Goods Sold
ie Opening Stock
+ Purchase
- Purchase Return
+ Direct Expense
- Closing Stock

-+From Net Sales

Add/Less Indirect Expense

Add/Less Indirect Income

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What is the single equivalent to series discount of 25%, 20% and 5%?

Nadeem

• Jan 24th, 2016

Yes. We can post budget journals in a closed period.

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If we enable inter-company in Oracle there is a chance to upload incorrect journals like imbalance journals at company level. So how we can rectify this problem. (if the user unfortunately upload journal between two companies it will accept) can you please explain about this.

Dipika

• Jun 14th, 2016

1. There is an option available in Oracle from where you can search your batch which was imbalance and uploaded in Oracle successfully, you can delete that batch and upload the fresh one.

2. You can also reverse that batch in Oracle itself and then upload the fresh batch with required correction.

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Describe the flow and actual journal entries involved in project accounting from start to end

suraj

• Aug 1st, 2016

Inter Company Journal Entries

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Brief view about both MRC and Multi Org

Viswaraj

• Dec 9th, 2016

To my experience, if the central reporting consolidation happens in an unique platform, there can be two types of chat of accounts (COA), one is the local COA (used in individual ERP) and a global COA...

sudhi0381

 Profile Answers by sudhi0381 Questions by sudhi0381

• Sep 21st, 2010

In case the two company codes are using two diffrent chart of account, in each chart of account the GL Account has be defined wtth a alternative GL account, which will represent in the Group Chart of Account. By this way the consolidation of both the company code in Group level will be done.

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vijay

• May 9th, 2017

The Land always will get appreciation.

Shilpa Borsare

• Feb 19th, 2017

Because we cannot define useful life of land

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Why we have to prepare Balance Sheet Reconciliation?

SUNIL KUMAR N

• May 12th, 2017

BS reconciliation means Preparing, Reviewing of BS schedules pertaining to Assets/Liabilities like, trade Payables, GRIR Ledger review, Pre-Paid Expenses/Incomes Review, Loans & Advances ageing, revie...

thamaraiselvan

• Apr 24th, 2017

We are preparing the balance sheet reconciliation to ensure the accuracy of the financial statement. If there is any variance in the balance sheet GL we are identifying through reconciliation and rectifying the same.

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Where do we show VAT payable in profit and loss account?

prafull

• Jul 19th, 2017

It is a balance sheet item come under current liability (duties & taxes)

C.oBas

• Apr 21st, 2016

After EBITDA and Interest Expense.

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If we availing service tax credit , what is the journal entry we have to pass when we receives the bill & what is the payment entry we have to pass if we make a payment

dhatchayani

• Aug 1st, 2017

I have booked cenvat credit and failed to obtain refund bcoz of time lapse. Now the amount is showing in Current Assets, now need to write off the amount, as no chance of getting refund of service tax input booked
Pls give me the journal entry so that I can write off the amount in books

Krishna Maheshwari

• Dec 18th, 2016

Suppose what can we do if I forgot to pass journal entry of service tax payment bill for the 1st half yr Apr to sept and now books of accounts are closed. Now what rectification we can make as books of accounts are already closed and service tax return for first first half period is also filed. .

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Harish

• Aug 14th, 2017

Hi Pk, we cannot charge depreciation on Land, as we cannot ascertain the useful life of land (exceptions are mine and quarries). Depreciation is (value of asset - residual value at the end of useful life)/ Useful life.

Surajit Palley

• Aug 3rd, 2017

General Accounting is the mainstay of any Finance and Accounting process. For financial information to be reliable and accurate.

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In the month of Dec-2016, received the rent bill for the following months of Jan-16 to Mar-16. but the payment will happen in the month of Mar-16. What is the Journal has to post in the month of Dec-16.

Gouda

• Dec 30th, 2017

Rent a/c cr
bank a/c dr

Puneet Ary

• Sep 11th, 2017

Rent A/C Dr.
To Rent Outstanding

Rent Outstanding A/C Dr
To Bank A/C

Rent A/c Dr
To Bank A/c

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We have purchsed 100 share by cheque and we have sold 200 share from our stock. Tell how can we give entry to accounts ?

Ahem

• Feb 25th, 2018

When you purchase 100 shares : the entry will be : Inventory a/c DR Good Receipt Note CR GRN a/c DR Vendor Cr Vendor - DR Bank - Cr When You sold 200 Share the entry will be:- Cost of Gold...

sreejithsr

 Profile Answers by sreejithsr Questions by sreejithsr

• Nov 28th, 2010

    Purchase of Share            Share a/c dr Bank a/c cr    Sold of shares            Bank a/c dr Share a/c cr   

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