DHANANJAY KUMAR RAY

• Nov 3rd, 2011

EFT and WIRE are the most popular form of electronic payment method. EFT stands for electronic fund transfer and it is one of the fastest mode of electronic payment after WIRE. EFT is a batch oriented...

e46fanman

 Profile Answers by e46fanman Questions by e46fanman

• Aug 29th, 2011

There are many reasons to transfer funds from entity to entity, but there are really only two methods of transferring these funds. These methods are by either electronic funds transfer, called "EFT" ...

Answer Question  Select Best Answer

Read Best Answer

Editorial / Best Answer

raghunath.bhat  

 Profile Answers by raghunath.bhat Questions by raghunath.bhat

• Member Since Jul-2008 | Jul 1st, 2008

---

Accounts payable process means by checking the payable invoices (purchase) and then send it to payment and lastly settlement of payment.

manohar

• Dec 22nd, 2017

Accounts Payable Means Process Start With Purchasing and End with Payment, Its should be Payment Terms As Per Purchase Order, While Process the Payment only select the Due date of the Invoices and Pro...

Mohammed Hussain

• Oct 3rd, 2017

Account payable process starts with purchasing and end with payments to vendors

Improve Answer

Andy Nguyen

• Jul 28th, 2017

About 750+ a week, 3000+ a month. Not include permits/taps, water, utilities bill, and tons of work like scanning, copy, mail check, and much much more.

Muhammad Abid

• Feb 1st, 2014

What are the steps you go through to check your accounting work before submitting it? Give an example of this?

Answer Question  Select Best Answer

senthy

• Oct 11th, 2017

Inter-company Settlement is a process in JDE Finance GL module which we ensure that each company net balance is equal to zero. (Debit=Credit).

xyz

• Oct 11th, 2017

XYZ Ltd US has a payable of $100,000 and has a receivable of $150,000 from XYZ Ltd India, in this case XYZ Ltd US is in a net receivable position of $50,000 from XYZ Ltd India.

Answer Question  Select Best Answer

Please explain end to end process of accounts payable. I mean, Invoice processing to Payment.

Praveen

• Oct 11th, 2013

Finding supplier - Raising Purchase Requisition - Creation of Purchase order - Invoice process with(2 way, 3 way & 4 way matching) - payment run for the invoices(which is due to pay) - Cash Team will make the payment.

devi prasad

• Feb 15th, 2012

AP work starts with receiving of invoices from stations, validation of invoices and ends with payment of that invoice.

Answer Question  Select Best Answer

If Any amount showing negative figure on the credit side of the trial balance then what does it mean?

sankesh

• May 27th, 2013

It means that there is an error in nominal ledger accounts

srinivas

• Sep 11th, 2012

Trial Balance- It is a statement in which debit and credit balances of all the accounts of the ledger including cash and bank balances (taken from cash book) are shown to test arithmetical accuracy of...

Answer Question  Select Best Answer

Vinod kumar Reddy

• Nov 23rd, 2018

Interest on capital is the expense to the company, Company has to pay to the interest on the capital invested by owner.
Accounting Treatment:
interest on Capital a/c DR
To proprietor/Owner a/c
Interest on capital will be charged to P/L on debit side.

amrit

• Oct 4th, 2018

Basically Interest on Capital is an expense for the company. It is noted that the company and the business person both are distinct.

Answer Question  Select Best Answer

Read Best Answer

Editorial / Best Answer

Answered by: RAVINDRA

• Jan 6th, 2006

---

The following are the important steps one should take before approving the payment.

1. Refer the Purchase Order issued.

2. Refer the Goods Received Note (GRN) for having received goods / service as mentioned in the P.O

3. Refer the terms and conditions for making the payment ( any credit period)

4. check the bank balance before approve the invoice for payment.

aneel

• Oct 25th, 2015

After receiving Invoice from vendor, the accounts payable department follow the technique i.e three way match
1) Purchase order - What we ordered
2) GRN - What goods or products we received against PO
3) Invoice - What quantity and price mentioned in PO.
these 3 are reconciled by payable dept.

rajujdv

• May 31st, 2007

1. Invoice Qty   = Goods Received Note2. Invoice Price = Purchase Order Price3. Check whether any Credit Note exists against that vendor4. Check the Ship To address for making correct paymen...

Improve Answer

kashik_1973

 Profile Answers by kashik_1973 Questions by 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 account

sapnajain

 Profile Answers by sapnajain Questions by sapnajain

• 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...

Answer Question  Select Best Answer

Joginder Singh

• Oct 7th, 2016

One way to do this check with vendor if they can give us refund and provide a credit memo. If the supplier agrees for refund and gives credit memo. AP team has to process a credit against expense cod...

vs

• Apr 30th, 2015

Vendor paid excess; so we refunded him back; how to adjust this in books

Answer Question  Select Best Answer

What are the sap transaction codes used in accounts payble process and how to pull reports from sap?

Rinitha

• Jun 15th, 2017

FBL1N - Vendor line items
FK03 / XK03- To Get the vendor details
ME23N- PO Details
MR8M - Reversal
MIRO - PO Invoice posting
FB60 - Non PO invoice processing
F-44 - Vendor clearing
FB03 - TO check entry at document level
FB08 - Mass reversal
ZWFM_R002 - To check CAM approval flow

Jitendra shukla

• Jan 14th, 2017

First we create a ledger for a/p in fs00 then we create account group in obd3 then define no.range in xkn1 then assign no.range for vendor acct group in obas then define vendor in xk01 then Post invoice in f-43 .

Answer Question  Select Best Answer

shilpa

• Aug 16th, 2011

Liabilities are the obligation or debt payable by the enterprise in future in the form of money or goods.

S.M.Vishwanath

• Aug 10th, 2011

Liability is part of amount which is liable to pay to its creditors by the company/business.

Answer Question  Select Best Answer

What is the difference between Finance & Accounts?

Prasad Ravulakollu

• Jun 27th, 2017

Accountancy is the locker containing historical data for decision making, where Finance is the key to unlock it.

Santosh Kumar Prusty

• Jun 21st, 2017

As per Accounting Rule, Accounting = Financing+Manage Accounts+ Manage Costing
For regularize day to day function of establishment, for Financial Manager, generate fund, accounts manager utilize fund and cost accountant regulate fund.

Answer Question  Select Best Answer

Naveen S

• May 2nd, 2016

AP is overall current liabilities of a co. It includes BP, rent due etc.,
BP is a instrument which in written, accepted by purchasers, on credit purchase of goods or services.

vikas Gupta

• Nov 17th, 2015

I think Bills payable means bills that are pending to be credited to party ledger & accounts payable means the bills already credited to party account & standing for payment to be released on a futuristic date.

Answer Question  Select Best Answer

What is a Non-PO Invoice?

amrit

• Oct 4th, 2018

When we received any invoice without any P.O number it is called NON PO based invoice.The NON PO based invoice can processed by G L code(Cost centre or Profit centre).

Mahesh

• May 15th, 2018

If we receive any invoice copy without po number we consider that has a non po. In this case we need to find out vendor number and gl account number

Answer Question  Select Best Answer

What is Vendor Account Reconciliation?

Logesh

• Aug 28th, 2017

Concept:
The VAR is a report to know the fund details which has been given to the vendor from company.
Usually the Reconciliation involved minimum two accounts. Ex, Company account and Vendor account.
Note: The Reconciliation account should ends with "0"

Seraj Ali

• Nov 28th, 2016

Matching of our companys cash book to the vendor statement. And adjustment balancing amount.

Answer Question  Select Best Answer

What do you mean by THREE WAY MATCHING CONCEPT for the following aspectsVoucher & receiverPurchase order, Receiver & invoiceReceiver, Invoice & VoucherInvoice, Purchase order & Voucher

amrit

• Oct 4th, 2018

The three way matching concept of a document is basically Purchase Order, Supplier Invoice and Goods Receipt Note.

manohar

• Dec 22nd, 2017

Three way Matching Concept Is Matching the PO, Invoice and GRN.

Answer Question  Select Best Answer

Purchased equipment from Company, $9,000. Paid $1,500 down and the balance was placed on account. Payments will be $375.00 per month for twenty months. The first payment is due 4/1.

How would I enter this in a journal entry?

Imran Ahmad

• Aug 24th, 2017

Equipement A/C Dr 9000
To cash A/C 1500
To S.Creditor A/C 7500
(Being equipement purchased and paid rs 1500 and rest in his A/C.)

Yogeesha

• Jul 21st, 2017

When Purchase the Equipment.
Asset Account Dr 9000
To Bank A/C 1500
To Supplier A/c 7500

When making balance payment
Supplier A/c Dr 375
To Bank Account 375

Answer Question  Select Best Answer

What is golden rule of accounts

Aruneshwari naik

• Jul 15th, 2019

Golden Roles of Accounting:
1) Personal Account:
Debit the receiver
Credit the giver

2) Real account:
Debit what comes in
Credit what goes out

3) Nominal account:
Debit all expenses and losses
Credit all gains and income

?kash Salve

• Apr 14th, 2019

Real Account-Credit what comes into the business and debit what goes out from the business
Nominal Account-Credit Income and gains and Debit Expenses and losses
Personal Account-Credit to giver and debit to receiver

Answer Question  Select Best Answer

Mohd.

• Feb 26th, 2018

Basically P2P cycle to be followed as below: -
1. Material requirement planning
2. Vendor selection
3. Request for quotation
4. Purchase requisition
5. Purchase order
6. Goods receipt note
7. Goods receipt with invoice
8. Invoice verification
9. Payment to vendors

sadhna

• Oct 14th, 2017

1)Identification of Material required
2) Vendor/Quotation selection
3) Purchase requisition to Purchase order
4) Goods receipt note
5) Invoicing
6) Payment to supplier
7) Payment reconciliation.

Answer Question  Select Best Answer