26th June 2008 From Pakistan
1. What is the meaning of TDS? How it is charged?
2. What is interest on Capital?
3. What is another name for a real account in accounting? is it a permanent account or a temporary account?
4. What is consolidation?
5. What is different between automatic Payments Batches and automatic payments?
6. What are steps to define supplier?
7. What steps would you take before making a payment?
8. What is debit and credit from the customer point of view?
9. What is debit and credit from the banks point of view?
10. What do you understand by Intercompany Settlement?
source: <link outdated-removed> ( Search On Cite | Search On Google )
28th June 2009 From Vietnam,
Some usefule notes in accounts payable for you. see the attachement.
Accounts payable process:
What is accounts payable?
Accounts payable is the amount due from the company to the supplier for the purchase of the goods or services by the company from the supplier.
How many parties involved in this?
Purchaser and Supplier
What is purchase agreement?
Purchase agreement is a contract between the purchaser and the supplier for the purchase of the goods or services during a particular period for specified quantity at a specified.
What is three ways matching in accounts payable?
When an invoice is received by the purchaser , The accounting department has to book the invoice into their book of accounts. The accounting department has to confirm and match that the goods have been received from the supplier and the quantity and rate of the goods mentioned in the invoice are matching with rates mentioned in the purchase order.
So three way matching comparing the goods received note, Invoice and Purchase Order.
How the payment is being made to the supplier?
The payment needs to be made to the supplier as per payment agreement between purchaser and supplier. If there is cash discount and trade discount offered by the supplier and the payment term days like 30 days or 60 days. This needs to check before making the payment.
Auditing of the payment to the supplier:
The auditing of the invoices is most important task in accounts payable process to ensure that the payment is being made to the correct supplier. Match the supplier address and other details mentioned in the invoice with purchase order details and also with invoice booked in the system by the accounting department. This is also done to avoid the duplicate payment to the same supplier.
26th March 2010 From India, Shillong
Question 8 - should from Vendor(seller) point of view and not the customer. For AP we are the customers dealing with vendors.
Question 9 - Is simply the AR job.
Question 1 - No where related to AP
9th August 2012 From India, Mumbai
Ans- We should veryfy that any advances have been made.
See that all the services/goods delivered according to bill
Any quiery is there to attend on that
ultimately can be made payment
Before releasing payment, items delivered should be matched according to bill as well as our purchase order.Payment terms should also keep in mind. In short GRN & puchase entry should be made .
19th August 2012 From India, Jaipur