What is the difference between Consigner and Consignee?

Consigner 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.

Consigner is the owner and who deliver the goods to the consignee. Consignee receives the goods and after payment he becomes the owner of good.

What is debit and credit from the banks point of view?

In Banks point of view debit means u have deposited money in the bank. And credit means u have withdrawn money from the banks. in other word we can say that if debit bank balances shows in bank statement this means it is the unfavorable condition for the company and credit balance means it is the favorable condition for the company

What is the full form of SOX in accounts?

Sarbanes Oxley act. Otherwise known as Public companies accounting reforms and investor protection act. It was enacted in 2002 in USA after lot of scams arosen on accounting framework whereby investors lose faith and confidence on accounting disclosures.

What is account payable? How we pass the entries in account payable and related all the question based on account payable?

Account payable is the outstanding balance that we must pay to the third party or suppliers. We pass the entries in account payable from two sides: purchase order and general ledger. Purchase order module will be posted after material order has been arrived in warehouse and combining with invoice plus related documents that have been approved by authorized person. General ledger normally from service entry where it must be attached by service agreement between company and third party.

Accounts Payable is a short term liability of an organization. It's a process by which a company buys goods and services on credit and is billed in the form of an invoice, which states the terms and conditions of the payment. Accounts Payable is recorded as a current liability in the balance sheet. All accounts payable entries are to be coded under the right G/L accounts to have an accurate picture of the company's short term liability.

What is a Parked Report?

Normally parking documents, will occur, when you are uploading invoices into SAP through spreadsheet uploads, to recheck the data which you entered, SAP will provide you opportunity to change the fields until it get posted.

What is the types of assets?

Asset: Fixed Asset Fictitious Asset Intangible asset Tangleble asset. Preliminary Asset: Copy Rihts on product, Mis. Asset Current Asset Active / Liquid asset
What is three way matching of invoice? What is the difference PO able invoice and non PO able invoice?

PO expenses are paid for the core business activities. e.g. a food manufacturing co. will pay its usual charges for Raw material freight, plant maintenance etc. A non PO expenditure is the one which is payment for its non core activities e.g. payment of utility bills e.g. telephone charges, electricity bill. for usual transactions of core business transaction a PO is created i.e. Purchase order# is created & non PO is for non core activities
What is FBT (Fringe Benefit Tax)??

Tax payable by the employer on the amenities provided to employees and maintenance of vehicles, telephone bills and travelling and conveyance charges on

20% of the expenditure @ 30% tax. It will not be allowed as deduction from gross total income of the business organization. Any how it is abolished from the financial year 2009-10 onward

FBT is one tax which is not paid on income which is paid on expenses.

What is debit and credit from the customer point of view?

From the Customer's point of view Debit is what he receives or whom ever pays to him and Credit is what goes out or to whom he pays. In case of Expenditure Debit is what he spent and credit is what he earned

How many invoices have you handled on a monthly basis?

IT ALL DEPENDS ON THE TURN OVER OF THE COMPANY AND THE EXPENDITURE INCURED BY MARKETING DEPARTMENT AND PURCHASE DEPARTMENT. WE CAN HANDLE AT LEAST 1500 TO 2000 INVOICES CAN BE TAKEN IN TO ACCOUNT ON MONTHLY IE. ON AN AVERAGE 60 TO 70 BILLS PER DAY IS NOT A PROBLEM.

Can you give a sample Process Flow for Procure to Pay Cycle?

step1 check on hand availability in inventory step2 create requisition step3 create rfq(req for quotation) step4 create quotations step5 analyse the quotes step6 create purchase order step7 po sent to supplier step8 goods received step9 invoice booked step10 payment to supplier
Tell us about an invoice discrepancy that you discovered and how you resolved the

discrepancy.

Discrepancies in invoices could be many such as 1. Error in total 2. Quantity or Unit price mismatch with PO 3. No proper supporting documents such as Timesheet if the invoice is from Subcontractor (Team Hire) I discover some invoices with the discrepancy of duplicating of Timesheet and wrong pricing, calculate the amount for the same and advice the supplier for a credit note or revised invoice.

How does the payment mechanism work?

Payment Mechanism Work - One you post the payment entry in to the system it will affect the following accounts 1. Reduction in the following accounts a) Vendor or supplier Account b) Credit Balance c) Bank Balance
What is the meaning of GRN?

GRN is means goods receipt notes, it is generally used in manufacturing industries for checking of purchased of raw materials. GRN contains the following details. 1. 2. 3. 4. Ordered quantity. Received Quantity. Defective quantity in received quantity. Quality standards details.

What do you mean by WCC?

Working Capital Cycle

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 IMPORT statements and which remains available using a series of program calls (call sequence).