Ledger Interview Preparation Guide

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11)Recurring Invoice
12)Budget's
13)After permanently closed period. in the same period how to pass transactions.
14)We passed one invoice with 90 days payments term but we paid amount to supplier after 10 days how do in apps a.p
15)What is use of set of books
16)Debit invoice and credit invoice accounting in apps

1)Invoice approval work flow
2)Invoice validations
3)Invoice accounting
4)Auto invoice in Accounts pay ables
5)Legacy P.O's conversions
6)legacy Invoice's conversions
7)Autoaccounting,autocash rule set
8)How many set of books attach to one legal entity
9)Many set of books attach to one operating unit
10)Expense invoice

Business is an activity performed with the sole intention of earning profit. The activity may vary according to the scope and volume.

Future period means in oracle not yet opened, u can't post any entry in this period, U can have two future periods or one displayed in calander options, adjustment period means, normally comany may have 12 months, or 13 months as per co's requiremens, if u have 13 month, jan to dec its 12 months, addtional one month i.e dec say example 25th to 31st Dec. So here we have 13 months, additional 5 days called adjustment period, this is use full to enter additonal entries Audit time,if your dec period is closed, u may still have 5 days period to entery adjustment entries given by auditiors.

Current account balances may not represent correct balances due to following reasons:
a. Company made mistakes in preparing journal entries in the past.
b. Accounting records are not updated to reflect new transactions or amount changes in previous transactions.

Adjusting journal entries are usually prepared at the end of an accounting period to update account balances to reflect correct balances as of the balance sheet date (the date at the end of an accounting period).

The timing differences in recognizing revenues and expenses between accrual basis and cash basis accounting are frequently corrected by adjusting journal entries.

year closing of banking software which General ledger balance carried forward and which is closed. and tell me adjustment about the saving a/c of branches and Head Office for year ending operation

we can integrate the general ledger with subledger through reconsilation account.

Meaning of Multiorg:Its a serverside enhancement which supports multiple organisations with single installation of oracle application product and its keep and stores data secure and safe way and seperately.

MULTI-ORG STRUCTURE

BUSINESS GROUP (HEAD COMPANY)

LEGAL ENTITY(SET OF BOOKS)

OPERATING UNIT(AP,PO,AR,FA)

INVENTORY ORG

Surplus

1 Define value sets : setup--> financials--> flexfield--> key--> validation--> sets.

2.Define accounting flexfield(key flexfield) : setup--> financials--> flexfield--> key--> segment

A. Define segments

B .Assign value sets to segments

c.assign the flexfied qualifiers

d. select allow dynamic inserts or cross validate segment.

3.define values for value sets : setup--> financials--> flexfield--> key--> validation--> values

4. define set of books : setup--> financials--> books

5.defining responsibility in system administrator module : security--> responsibility--> define

6.assign your responsibility to the user in sysadmin module: security--> user--> define

7. assign your set of books to the responsibility in sysadmin module through the profile option GL: SET OF BOOKS NAME' : profile--> system

8.go to your responsbility and open periods : setup--> open/close

9.start entering transactions using journal form : journals--> enter

Accounts of assets is called Real Accounts.

Accounts of persons or institutions is called Personal Account.

Accounts of expenses/losses, incomes/gains is called Nominal Account.

planning is generally part of controlling. however, we can plan for the general ledger accounts in finance module of sap. this can be done to prepare the variance analysis within financial accounting.

When company dispose there assets the following transaction takes place
Assets = Liabilities + Shareholders Equity

Suppose assets beginning balanceis $4900and accumulated depreciation is $1900
When you want sell, both of these should beeliminated from account book so asstes $4900 and accumulated depreciation debited by $1900,so both assetswill be clear.


Let us come for retained earnings,
This depends on profit or loss.
When it is disposedit depends uponassets sold more than or less than book value.
If more than book value is retained earnings is credited, if less than book value is retained then earningsis debited

Accrual basis of accounting means that the costs or revenues of events are recognized in the period in which they occur, though the cash flows may take place in another accounting period.

Like for a period of July 05 - October 05, if the organization was due to receive 1000K from an individual X but has not recieved yet for some reason, will recieve in November 05. It would be still be accounted for in the period July 05 - October 05 and not the period starting from November 05.

users cannot access the concurrent programs ( just like Forms) until unless the program is attached to a responsibility through a Request Group. Thus the responsibilities provide the complete security by restricting access to forms, reports, tables( through data-groups) and also to specific records ( through profile options like Set of Books Id, MO Org Id).

Both Letter of Credit and Letter of Guarantee are commitment to payment by the issuer of the instrument (generally a Bank). In letter of credit, the issuer has to fulfill his commitment on fulfilling the terms and conditions of the letter of credit by the beneficiary. Whereas, on the other hand, in letter of guarantee the issuer has to make payment, when the beneficiary is unable to fulfill the terms & conditions of the letter of guarantee.

1. What you mean by Business unit, Legal entity, operating unit, Business Group.
2. Can u tell me the Setup's for Auto Invoice and Multi-org.
3. What u mean by Parent and child relation ships and when we are using the same?

I believe that cash discounts are taken into P&L and not to the B/S.

The journal would be :

Dr. Bank A/c 90
Dr. Cash Discount given A/c 10
Cr. S. Drs 100

So it is taken into P&L and adjusted in the Net profit itself..

Hence, you add the Net profit with your capital in B/S.

So, net effect is given there.

"Prepaid Customer' Reconcillation Details. or Advance billing Customer List.

General ledger contains all the ledger accounts including vendors,customers, revenue, asset & liability account type which are ultiamtely part of Chart of Accounts applicable for a particular company code.

every project has 5 phases.

In the first phase u define the business process. in this the client entire business structure represents.

in the second phase u define the blue print according to the requirement of client as specified in business process document(1 phase).

in the third phase u map the blueprint into SAP while defining and integration some problems will appear.ex posting periods,

the problems appearing in the realization phase basing on blueprint are called GAP. function consultants are together solve these GAPS.

Captial A/c , Drawings a/c , Fixed assets purchasing and so on. According to the double entry system each transaction have two side debit and credit. there are some transaction satisfied with balance sheet items. For ex, advance given to manager for travelling. Mangaer is to be treated like debtors. other side cash is going outside will cash balance both items appear in assets side of the balance sheet.

Fiscal Year means the financial year .In india it is April to march. In singapore it is July to june. In hongkong it is Jan to dec.
Normal year is nothing but english calendar year jan to dec. If the company operating more than countries and it faces such a situation changes in finacial year , they will go for comparison analyis. in such that case the company may suggests all the country to follow the uniform year for make a conclusion.

A template used for document creation in which default values are provided for the posting of a business transaction.

An account assignment model may contain any number of G/L line items, and can be changed or enhanced as needed. Unlike sample documents, account assignment models may contain incomplete G/L line items.

Transaction Code used - Fast Entry (F-02).

t/code ob53, give COA and then type X or Y in pl account head and then give the account number in the acoount head.... this u can create prior to the creation of the account group reserve and surplus as well as after creating the account group .....