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Navigation =>Setup/Receipts/Bank
This you can use for How Your Customer’s are sending Amounts for Cost Of Goods or
Services to Banks and What are the accounts will be reflect.
8.When you defining a Sales Person, What are the Accounts you should use?
Receivables A/c, Revenue A/c, Freight A/c
15.If you want check the Credit of a Customers How many Forms it should enable,
what are those?
three Forms should be Enabled;
1:Order Type
2:Payment Terms
3:Customer Screen
2. How do you adjust the amount of advance already received against an Invoice ?
A. Create an Invoice for Deposit and receive an amount against this deposit Invoice.
Then Create the regular invoice and in the column of Commitments enter the number of
Deposit Invoice. The Regular Invoice gets matched with the Deposit Invoice for the
amount of Regular invoice or deposit invoice which ever is lower
3. How do you write off small amounts while accounting the receipt against an
invoice?
A. Using Receipts window. You have the button for write offs.
4. How do you Account for bank charges deducted from amount received against an
invoice?
A. Using Quick cash window also you can enter receipts. Here you have the option of
accounting the bank charges deducted on receipt. However, this has to be enabled by
putting the Value in profile option AR: Create Bank Charges = YES.
6. How do you adjust a regular Invoice with a Credit Note ? Enter the amount 0 in
receipt window and in invoice matching window select the invoice as well as the
credit note. This will knock off the invoice against the credit note.
7. What are different types of Receipt Reversals ? What is the difference between
them ? What are the accounting entries ?
A. Standard Reversal and Debit Note Reversal. Standard Reversal reopens the invoice
matched in that receipt. You can match a new receipt against this invoice.
Debit Note Reversal does not reopens the earlier matched invoice but it creates a new
debit note which can be matched with another receipt.
8. When are the following accounts are used Unbilled Receivable and Unearned
Revenue ?
A. When you use Invoicing Rule, the receivables are accounted on different dates as
defined in the rule. Till such time receivables are accounted, the amount is debited to
Unbilled Receivables.
If you use Accounting Rule, the revenue is accounted on different dates. Till such time
revenue is accounted, the amount is credited to Unearned Revenue..
10. What is the difference between earned discounts and Unearned discounts ? How
do you account the Unearned discount? What are the accounting entries involved ?
A. The cash discounts are mentioned in the payment terms. Considering the due date and
the receipt date the discount is automatically calculated while entering the receipt. If
however you want to increase the amount of invoice you can manually increase it. The
amount automatically calculated as per terms is the Earned Discount. The manually
added amount is the Unearned Discount. This however, depends upon the option given in
System Options in Setup.
AR Setup Related
A. Transaction type can either be Invoice, Credit Note, Debit Note, Deposit. Etc. This
also decides whether to account in GL, Whether to consider in receivables, the accounts
to be debited, credited, the tax calculation options, and some other options which are
defauled.
Transaction Source decides whether the source of entry is manual or automatic. It also
mentions whether transaction and batch numbering is manual or automatic.
If automatic the last entered number is to be mentioned to start the automatic numbering.
IF the source is automatic, that means the transactions are to be uploaded through
interface either from OE or legacy system. Then some other options are to be set.
A. This is the account generator in Accounts receivables. This decides accounts for
Receivables
Revenue
AutoInvoice Clearing
Freight
Tax
Unbilled Receivable
Unearned Revenue
From where the accounts are defaulted ?
Sales reps
Transaction Lines
Transaction Types
Taxes
Or you can have Constant values
15. Where do you attach the Set Of Books ? Can you attach more than one set of
books ? if you have more then one set of books then how Receivables is configured ?
You attach the set of books in System Options in Setup. Only one set of books can be
attached. If you have more then one set of books then AR is to be set in multi org
environment. By specifying the “MO Operating Unit” and the “GL Set of Books Name”.
16. How do you define document numbering for receipts ? can you have different
sequences for each Payment Method.
In system administration. You can have different sequences for different payment
methods.
Accounts receivable are usually current assets that arise from selling merchandise or
providing services to customers on credit. Accounts receivable are also known as trade
receivables.
Receivables is the term that refers to both trade receivables and nontrade receivables.
Nontrade receivables are receivables other than accounts receivable. Some examples of
nontrade receivables include interest receivable, income tax receivable, insurance claims
receivable, and receivables from employees.