Oracle-Apps-Financial questions

Question: what is the use of accounting flex-field in accounting title in key fl exifield Question Accounting methods? Answer: Accounting Methods are 1) Accrual Base Accounting 2) Cash Basis Accounting Answer: Accounting method 2 accounts created -> expence a\c dr to liability a\c....1 liability a\c dr to cash clearing a\c Answer: Accounting Methods are two types in oracle 11i 1. Accrual 2. cash In Accrual method we are recording the Transaction in two times -> one f or invoice and one for Payment. In cash method we are recording the transaction only for payment. Answer: Accounting Methods When you set up Payables you choose a primary accounting method. In the Payables Options window you can also choose a secondary accountin g method. The accounting method determines the types of accounting entries Payable s creates. For each accounting method, cash or accrual, you choose a set of books i n which you will account for transactions. Attention: Carefully consider these settings at implementation time beca use you cannot change them after accounting events occur (for example, after any invoice has been validat ed in your system). Set up Payables to create accounting entries in compliance with one of t he following accounting methods: 1. Cash Basis Accounting ==> You account only for payments, and do not r ecord liability information for invoices. The payment accounting entries typically debit your expense or asset acc ount & credit your cash or cash clearing account. When U create accounting entries, Payables might also create entries for discount taken & foreign currency exchange gain or loss. Payables uses the payment date as the accounting date for your expense a nd cash journal entries. 2. Accrual Basis Accounting ==> You create accounting entries for invoic es and payments. The invoice accounting entries generally debit your expense or asset acc ount & credit your liability account. For prepayments, Payables creates accounting entries that debit your pre payment account & credit your liability account. For prepayment applications, Payables creates accounting entries that de bit your liability account & credit your prepayment account. Payment accounting entries typically debit the liability account and cre dit the cash or cash clearing account. Payables might also create accounting entries for discount taken and for eign currency exchange gain or loss. When you reconcile payments using Oracle Cash Management, Payables might

also create accounting entries for cash clearing, bank charges, bank errors, and foreign currency exchange gain or loss between payment and reconciliation time. 3. Combined Basis Accounting ==> U maintain 1 set of books for cash acco unting & 1 set of books for accrual accounting. You choose which will be your primary and your secondary set of books. Invoice accounting entries are recorded for your accrual set of books & payment accounting entries are recorded in both your cash set of books a nd accrual set of books. Combined basis accounting allows you to produce financial reports for ei ther your cash or accrual set of books. For example, you may want to manage your company on an accrual basis, bu t require cash basis accounting information for certain regulatory reporting on a periodic basis. Accrual Basis Accounting Examples In the following examples, US Dollars is the functional currency for your set of books and you use accrual basis accounting. You account for payments at issue time only. Example 1 You enter and validate an invoice for $100 with payment terms that allow you to take a 10% discount on the invoice if paid within 10 days. When Payables creates accounting entries for the invoice , it debits the expense account and credits the liability account. You pay the invoice five days later, taking the 1 0% discount. When Payables creates accounting entries, it records the liability and cash transactions along with th e appropriate discount transaction. Example 2 You enter and validate a $25 prepayment for a supplier site. You then enter and validate a $100 invoice for the same supplier site. When you account for the prepayment and invoice, Payables re cords the expense and liability transactions for the invoices. You then pay the prepayment and apply the prepaym ent to the invoice, reducing the amount due on the invoice. You pay the remaining amount of the invo ice and create accounting entries for the prepayment application and the invoice. The prepayment applicati on accounting entry debits the liability account for the amount of the prepayment and credits your prepayment a ccount. The invoice payment accounting entry debits your liability account for the reduced invoice amount an d credits your cash account. Cash Basis Accounting Examples In the following examples, US dollars is the functional currency for your set of books and you use cash basis accounting. You account for payments at issue time only. Example 1 You enter and validate an invoice for $100 with payment terms that allow you to take a 10% discount on the invoice if paid within 10 days. Payables creates no accounting entries for the invoice. You pay the invoice five days later, taking the 10% discount. When Payables crea tes accounting entries, it records the expense and cash transactions along with the appropriate discount

transaction. Example 2 You enter and validate a $25 prepayment for a supplier site. You then enter and validate a $100 invoice for the same supplier site. Payables records no accounting entries for the prepayment and invoice. You then pay the prepayment and apply the prepayment to the invoice, reducing th e amount due on the invoice. You pay the remaining amount of the invoice and create payment accounting entrie s. The prepayment application debits the expense account and credits the prepayment account for the amount of the prepayment. The payment accounting entry debits your expense account and credits your cash a ccount for the reduced invoice amount.

Answer: Accounting method in AR perspective ==> Accounting method would be ACCRUAL if you want your billing system to record revenue from invoices, debit memos, and chargebacks. When you use this method, Receivables debits your cash account and credits your receivables account upon payment of a debit item. Accounting method would be CASH BASIS if you want to recognize revenue at the time you receive payment for an invoice, debit memo, or chargeback. Receivables debits cash and credits revenue when using the Cash Basis method. 0 R K Jain

Question Can we implement MRC at payables?Rank Answer Posted By Question Submitted By :: Guest I also faced this Question!! © ALL Interview .com Answer Yes we can implement MRC at payables , if we look at ap invoice and payment tables , we can find mrc related colums.

0 Naveen

Question Multi currency payments?Rank Answer Posted By Question Submitted By :: Santhi I also faced this Question!! © ALL Interview .com Answer We multiple currency transactions are allowed in parables but, we can payment currency should be same as the invoice currency 0 RANICHALASANI

Answer For this multi currency we need enable multi curr ency check box for the respective bank. Need to create payment formats that need to select multi currency option the payment format need to attach to respective bank in the payable documents tab. In supplier site level also need to enable multi cuurency option.

Then u can able to multi currency payments. Regards Reddy 0 Srikanthreddy

Question Use of batch invoices?Rank Answer Posted By Question Submitted By :: Santhi I also faced this Question!! © ALL Interview .com Answer batch invoice are speed up data at the end user. if we have lot of invoices per day we will use batch invoices Seshu Akividu

0 Seshu

Answer Batch invoice we can enable through profile setti ng so we can use either batch or single for one responsibility level Batch invoice used for grouping the invoice with a batch number (document number) that we can make a batch validation, batch payment etc and it is easy to track out 0 Binoj

Question What Are Important Reports In AP,AR?Rank Answer Posted By Question Submitted By :: Bala Krishna This Interview Question Asked @ Wipro I also faced this Question!! © ALL Interview .com Answer Accounts Payable aging report and Accounts Receiv able aging reports. 0 Pardip Sidhu

Question What Are The Important Reports In GL?Rank Answer Posted By Question Submitted By :: Balaji This Interview Question Asked @ IBM I also faced this Question!! © ALL Interview .com Answer Trail balance details Journals

0 Sandeep

heet(BS)

0 Jul

Answer I can think of IS(Income statement) and balance s

Answer GLCRDR>>Consolidation Journals Report. GLRGNL>>General Ledger Report (132/180 char). GLRJED>>Account Analysis Report /Foreign Currency Account Analysis Report.

GLXAVTRB>>Average Trial Balance Report. GLXIETRD>>Intercompany Transactions Detail Report These all are required reports in GL...

0 Sunil Kumar

Question Hi Friends!! I've completed my MBA in Finance and Systems and currently working in a Staffing firm. Recently I've joined in Oracle Apps training institute and can anyone let me know whether there are any chances of getting a job as a fresher. Please help me!!Rank Answer Posted By Question Submitted By :: Guest I also faced this Question!! © ALL Interview .com Answer contact to Blue star infotech. 0 Sunil Budhwani

Answer Hello, New Year Greetings from iWareLogic !!! We are Oracle Approved Education Center which provide Trainings & Certifications in Oracle Applications in 11i & R12 Oracle R12 Financial Training Schedule R12 E-Business Suite Essentials for Implementors Ed 1 R12 Oracle General Ledger Management Fundamentals Ed 1 R12 Oracle Payables Management Fundamentals Ed 1 R12 Oracle Receivables Management Fundamentals Ed 1 R12 Oracle Cash Management Fundamentals Ed 1 R12 Oracle Asset Management Fundamentals Ed 1 Total Duration: 21 days For any sort of trainings / certifications requirement for the same, please help me know. Your response is highly awaited kindly revert for more details. Thanks & Regards iWareLogic Amit Giri | iWare Logic Technologies Pvt. Ltd. Consulting | Outsourcing | Training | Siebel | PeopleSoft | Oracle Apps 93265-15010 | 020-6632-1113 | Aditi Samruddhi Building, Baner, Pune, India

[email protected] | www.iwarelogic.com

0 Amitgiri

Answer AS a fresher you wont get the job.but it is good for learning in future.it is help in future.why because you did MBA in finance so that..but u carefully inquire the institute why because In oracle finance one model GL take 1month to 45 days so that take care about that..ok 0 Rameez

Answer Contact Greenchain Software Solutions Pvt. Ltd, t hey will give corporate training in application and also they are providing project to know the real time environment and they will have recruiting center also, you can get it better training compare to other institute... all the best for your future....

0 Srinivas

Answer as per my opinion u continue ur job. AS a fresher you wont get the job.but it is good for learning in future.it is help in future.why because you did MBA in finance and system so that..but u carefully inquire the institute why because In oracle finance (functional)one model GL take 1month to 45 days so that take care about it.. 0 Rameez

Question please can u tell me what is the AP TO GL RECON CILATION process and used reports?Rank Answer Posted By Question Submitted By :: Vassu This Interview Question Asked @ TCS I also faced this Question!! © ALL Interview .com Answer Simply put the AP to GL reconciliation process is a way for users/system to account for and balance all incoming journals with source AP to AP vouchers using an ASOF and Effective Date. The Open Payable Liability should be equal to the balance within the General Ledger/Accounts. The process needs to be run as a precursor to the AP Open Liability Report. 0 Arunjyothi Janga

Question What is internal-external bank (account)? Suppliers bank account? Inernal-external sales order? In AP, do you settup each supplier with its own account or you just use your expense/charge account for all supplier.Whatif you want to know how much money you paid to a particular supplier?Rank Answer Posted By Question Submitted By :: Malick

I also faced this Question!! © ALL Interview .com Answer In AP every account setup, According to the compa ny GL account. For example: all travel expense charges belongs to 5000 and all billable travel expense charges belongs to 8000 etc. 0 Pardip Sidhu

Question Can you split an Invoice?Rank Answer Posted By Question Submitted By :: Chaitu This Interview Question Asked @ Cap-Gemini I also faced this Question!! © ALL Interview .com Answer definitely. u can split an invoice.in the invoice workbench window select the invoice and click the split option. very simple srinibas [email protected] 0 Srinibas

Answer I don't know what does it mean by saying spliying of an invoice. I there is a particular Payments.

am not very sure about the same, but definitely option of spliting the payment schedule of a invoice in the Invoice Workbench -> Scheduled 0 Arnab

Answer Basically You doesn't split the invoice . You sp lit the shedule payment of the invoice . You will get this option when you click the tab of schedule payments of the invoice