Finance General Faqs

What steps would you take before making a payment?
1. We should verify that any advances have been made. 2. See that all the services/goods delivered according to bill 3. Any query is there to attend on that ultimately can be made payment. ...... More »
What is meant by liabilities?
Liabilities are what all u owe from the bank on notes payable or in other words it is: Liability=Asset-Owners equity What company owes that is liability. Liability = Asset-capital ...... More »
What is debit and credit from the banks point of view?
Credit what comes in Debit what goes out ...... More »
What is FBT (Fringe Benefit Tax)?
The tax payable on a non-salary benefit provided to an employee or an associate of the employee. The employer is liable to pay any FBT and may choose to recover the FBT amount from the employee. ...... More »
What do you understand by Intercompany Settlement?
A key functional area of SAP for Utilities that supports cross-company exchange of settlement data based on international standards such as EDI, XML, and Microsoft Excel. Intercompany data exchange manages data transfer between retailers...... More »
What is an IFA?
Institute of finance & accounts ...... More »
What do you mean by WCC?
Winter compensation from contributions. ...... More »
What do you understand by Open Item Managed Account?
Open item management ensures that all items that have not yet been cleared are available in the system. Only after every open item in a document is cleared can a document be archived. ...... More »
How does the payment mechanism work?
The open items of an account can only be cleared once you post an identical offsetting amount to the account. In other words, the balance of the items assigned to each other must equal zero. During clearing, the system enters a clearing document n...... More »
How is a PO (Purchase order created)?
A document or form used by a customer to issue an order for goods or services. I want notes on 1.Procure to pay cycle with accounting entries 2.order to cash 3.record to report 4.Sox ...... More »