Finance General Faqs

What is the difference between SAP MEMORY and ABAP MEMORY?
SAP Memory: Global, user-related memory that extends beyond transaction limits. Access to the SAP memory is via SPA/GPA parameters. ABAP Memory: Memory area within each main session, which can be accessed by programs using the EXPORT and...... More »
What is the difference between Consignor and Consignee?
Consignor is the person who is the owner of the goods and who deliver the goods to the consignee. Consignee is the person who receives the goods and he just possesses the goods and not the owner. ...... More »
What procedure for excess payment to supplier I would like know without adjusting invoice that means how supplier will send back excess amount how do in oracle apps?
Excess payment to supplier is treated as Advance paid to supplier. This will show as debit balance in supplier account. Supplier can send the payment by way of cheque / demand draft without adjusting in his subsequent bills. ...... More »
What is the meaning of invoice?
Invoice is a statement which contains the under mentioned details compulsorily. 1. Invoice Number 2. Invoice date 3. Name and address of the person Name and address of the person to whom invoice is made. ( ...... More »
What steps would you take before approving an invoice for payment?
Following steps should be taken.. ► Validate the invoice once it is matched for checking any holds.. ► If workflow is implemented , initiate approval for the invoice. Once the invoice is approved/Approval not requir...... More »
What is the difference between billable and non-billable expenses?
Billable expenses are the expenses incurred by you on behalf of your customer in performing duties / service and supply. These expenses are recoverable from your customer by way of billing. Non-billable expenses are the expenses incurred...... More »
What is an audit process?
The word 'Audit' is a derivative of the word 'Audition' which means 'to hear'. In earlier times, the Kings used to hear their accountants narrate the accounts verbally. However, as the complexity of the accounting function ...... More »
What is statutory audit?
It is a compulsory audit done by a CA. Finance Audit conduct by the CA to compliance the legal requirements of monitory issues. ...... More »
What do you mean by vouching?
Vouching is the process of checking the authentication of the voucher maintain by the management with the respective supporting document. ...... More »
Explain the Before an audit processes?
► Make sure the authority of the audit team is established - this will increase the cooperation from auditees. ► Decide what areas of the company will be audited and the frequency of the audits. Prepare a yearly audit schedule and d...... More »