If Any amount showing negative figure on the credit side of the trial balance then what does it mean?
Latest Answer: Any negative balance should be show in suspense account. ...
Why does a company/business require an Accounts payables process?
Latest Answer: 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 responsible to pay for the goods purchased or services ...
Explain End to End AP Process?
Latest Answer: Accounts Payable process starts with Purchasing and ends payments to Vendors. Workflow is: Purchasing team recieve requests-Initiate for quotations from vendors-Purchasing team creates Purchase Order, once the quotation is finalized and obtained all required ...
What is a Quick Book? What details does it contain?
What is meant by RTGS?
Latest Answer: 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 fastest possible money transfer system through the banking ...
What is the use of Delivery Note?
Latest Answer: 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. ...
What is MALA? How it is useful in accounts payable?
What is an Accrual entry?
Latest Answer: 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 ...
If there is oustanding payments, we have to pass accural enteries. So what are the enteries for accurals?
Latest Answer: It is an entry to create provision for unaccounted expenses in the current month for which services/goods already recieved. ...
In accounts payable we use to pass sub ledger entries and what is it for?
Latest Answer: Accounts Payable itself is a subledger, hence there is no concept of further subledger in Accounts Payable ...
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