What are Golden Rules for Accounting?

Victor Samuel

• Jul 6th, 2017

Golden rules of accounts:
Personal A/c:
Debit the receiver
Credit the giver

Real A/c:
Debit what comes in
Credit what goes out

Nominal A/c:
Debit all expenses and losses
Credit all incomes and gains.

Chandramohanreddy

• Jun 12th, 2017

1.Personal account: The account which is starts with names and artificial concerns are called as personal account debit is the receiver credit is the giver 2.Real account account:Inflows and outfl...

Answer Question  Select Best Answer

We know the difference between PO and Non PO invoice, but how can we identify the critical vendor invoice in SAP.

RAHUL

• Jan 9th, 2018

For PO we have a purchase order number.
For Non-PO we don't have any PO number for that.

Vikas

• Mar 6th, 2017

Critical vendors I believe are the vendors who are directly or indirectly related to Government like Tax invoices which are paid quarterly, monthly and yearly. Critical vendors in short are the vendors whose payment in delay will effect some entity.

Answer Question  Select Best Answer

What are the scenarios where we use Sub debits/credits in AP.

Correct me if I am wrong - for Freight, if amount short paid e.t.c what are the main scenarios.
Why actually would we go for Sub

Satya Nand

• Nov 4th, 2017

Hello,

Basically the concept of Sub debit and credit apply to adjust the price difference where quantity is not included.

This can be placed only after the fist document has been keyed into the SAP.

kavita

• Jul 4th, 2017

Subsequent credit is used to show price difference. Credit is for quantity difference.

Answer Question  Select Best Answer

vaishnavi

• Sep 19th, 2007

Before invoice is approved we need to check the Purchase order number, amount, VAT Number, name......

ch.v.rama krishna rao, chirala

• Jul 18th, 2007

Before approval it is mandatory to observe the purchase invoice, debit note, previous payments, purchase discounts, credit period, supplier cash discount policy etc.

Answer Question  Select Best Answer

dhananjay kumar ray

• Nov 3rd, 2011

An Institute of Finance & Accounts

Cynthia

• Nov 1st, 2011

Institute of Financial Accountants

Answer Question  Select Best Answer

Salim

• Aug 7th, 2011

Before approving invoice following points to be check. 1. Customer or Party name 2. Invoice no. , invoice date & invoice amount 3. Purchase order & quantity 4. Bank details of Customer and par...

Durga Prasad

• Jul 27th, 2011

Before approval of invoice, we need to check the Quantity, and condition of the goods, payment terms, prices, etc

Answer Question  Select Best Answer

Cody2727

 Profile Answers by Cody2727 Questions by Cody2727

• May 8th, 2011

A PO is created because there is an interest in a product.? We make an agreement with an organization to purchase a product or service.? We then enter the agreement in a program, such as HOD, outlin...

anilkumar1425

 Profile Answers by anilkumar1425 Questions by anilkumar1425

• May 6th, 2009

Purchase Order can be created in two ways:AutomaticallyManuallyA purchase order can be created automatically when a requistion is entered and approved, A purchase order can be generated automatically from that requistion. A purchase order can be entered manually directly in the PO Entry window.

Answer Question  Select Best Answer

anybody can let me know the journal entries for401k? like it affects the BS or income statement?

Bobby

• Sep 17th, 2022

Hi, I have questions about 401k loan account. I see $ 19.75 in COA 401k account. I believed I paid short of $19.75 or overpaid so how do I make journal entry for this amount.

Teri

• Mar 9th, 2017

For Trinet you will need to run your 401k report first then subtract the employer contribution from each department on your cost center expense ( if you have departments). TriNet adds that employer 4...

Answer Question  Select Best Answer

arti

• Jul 30th, 2014

Cash A/c- Real A/c- Debit what comes in & credit what goes out.
Cash withdrawn mean cash comes in so it will be debited
Bank A/C- personal A/C - Debit is receiver & Credit is giver
Bank is giver amount so it will be credited

Contra Entry
Dr.Cash A/C
Cr. Bank A/C

Biswajit

• Jan 31st, 2014

In this situation cash a/c is debited and bank a/c is credited and its also a contra entry. contra entry arise when the transaction between made between cash and bank. So the journal entry is cash a...

Answer Question  Select Best Answer

What are the different ways of matching invoices?

Vikas

• Nov 22nd, 2019

Usually we have 3 way and 2 way matching invoices. 3 way matching is : Invoice, GR and PO, we match unit price, quantity, total price e.t.c 2 Way matching: for this we dont have any PO on the invoi...

Mylene McDermid

 Profile Answers by Mylene McDermid Questions by Mylene McDermid

• Sep 21st, 2011

To packing slip,
to purchase order
to quote

Answer Question  Select Best Answer

What are all the journal entries of AP, P2P cycle?

Manju

• Jan 15th, 2024

While making the payments to the Vendor the accounting entries are the below
Vendor account credit, Accounts payable/GRIR debit
If Tax charged on invoice while making the payment the entries are,
Vendor account credit, GRIR account Dr and Sales tax debit

praveen

• Dec 5th, 2018

Inventory to GRIR
GRIR to vendor
Vendor to PIT (payment in transit account - Payment run)
PIT to Bank

Answer Question  Select Best Answer

Donna Lewis

• Feb 8th, 2021

Ord # 112-3180029-6582614 Invoice says $54.29 but Shipment Total on Track Package page says $73.47. The discrepancy is the Gift Card Amount that was applied. I just need to know that $54.29 is the amount charged to my card please.

mumbai18

 Profile Answers by mumbai18 Questions by mumbai18

• Apr 14th, 2009

 The vendor has raised double bill against a single purchase order/work order with different dates but with similar bill no , which i traced with the help of tally data.

Answer Question  Select Best Answer

vara

• Feb 27th, 2014

When we have received amount from bank that is debit to banker , when we deposited amount in bank that is credit as per bank books.

shabeena

• Jun 21st, 2013

What we are receiving the money it is called as debit...................... what we are paying the amount to bank it is called credit

Answer Question  Select Best Answer

Guru

• Jul 24th, 2017

Before making payment need to check the invoice processed and approved by proper DOA correctly, Due date of the invoice if any, invoice currency processed correctly.

Alveretta Thomas

• Jul 15th, 2017

What steps should be taken after verifying the accuracy when paying for purchases?

Answer Question  Select Best Answer

Rohit AGARWAL

 Profile Answers by Rohit AGARWAL Questions by Rohit AGARWAL

• Oct 10th, 2010

Yes it is possible. First you have to check whether you have actually received the goods or not in your plant.Then you can make payment.But it is better to have the invoice prior to making payment to avoid any issue later.

indyslon

 Profile Answers by indyslon Questions by indyslon

• Aug 20th, 2010

Yes of course we may pay even without any InvoiceScenario 1 - Where supplier needs some advance money to provide services in future e.g. Organise the conference - in that case we ask supplier to provi...

Answer Question  Select Best Answer

pradeepk982

 Profile Answers by pradeepk982 Questions by 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

 Profile Answers by Nitin Jiwane Questions by Nitin Jiwane

• Jun 15th, 2009

Balance sheet is the Statement of Assets and Liabilities it shows the financial position of the company.

Answer Question  Select Best Answer

vijay.rathinavel

 Profile Answers by vijay.rathinavel Questions by vijay.rathinavel

• Mar 10th, 2010

Real account includes assets so it is a permanent account and nominal account is temporory account becoz it includes all loss and gain (salary, Rent, insurance etc.,)

Rajeshwari.s

• Apr 3rd, 2007

Their are 2 other names for real account that is property account and asset accountreal account : furniture, building, Plant & machineryPersonal account : o/s wages, bank account, bankoverdraft accountnominal account : Depreciation account, BadDebts account, rent

Answer Question  Select Best Answer

for ex: if the value of the goods is say Rs.5000,and the supplier sends the invoice for Rs.6000.

e46fanman

 Profile Answers by e46fanman Questions by e46fanman

• Aug 29th, 2011

Voucher Packet

shaherukh

• Aug 25th, 2011

Raise Debit note

Answer Question  Select Best Answer

What is 3 Way Matching?

chandra2001

 Profile Answers by chandra2001 Questions by chandra2001

• Dec 20th, 2010

2, 3 & 4 way matching process followed in PeopleSoft.Two-way matching compares vouchers and purchase orders if the Receiving Required option for the purchase order is Do Not Receive or Optional. Thre...

chinnaguntupalli

 Profile Answers by chinnaguntupalli Questions by chinnaguntupalli

• Sep 13th, 2009

Quantity/Price Ordered should match with Quantity/Price Recieved and Billed is known as Three way match.  If the Quantity received and billed is lesser than Qty Ordered is fine to proceed for payment, it should not cross Qty Ordered in any circumstance.

Answer Question  Select Best Answer

Owner of the asset, Feacture Owner of the Particular Asset.

Pintal Chauhan

• Jul 23rd, 2016

Consignor means a person who deliver the goods and services to the customer and Consignee is the person who receive the goods and services from the consignor.

prudhvi

• Nov 7th, 2015

Consignor=Owner
Consginee=Customer

Answer Question  Select Best Answer