1.Can I Change the Value set once i attache to MY COA and can i post the journal entries with assiging the valuesets ti the COA

Ans: U CAN CHANGE THE VALUE SET EVEN AFTER ATACHING IT TO A  COA,PROVIDED U HAVE NOT MAKE ANY TRANSACTION WITH THIS COA.  JUST UNFREEDGE THE ACCOUNTING FLEXFILD AND U WILL ABLE TO CHANGE THE VALUE SET.AFTER CHANGINH RECOMPILE THE A/C FLEXFIELD. BUT U IF CHANGE THE VALUE SET AFTER MAKING TRANSACTION IN THE COA.IT WILL CREATE DATA INCONSISSTENT PROBLEM.

2.What is Interest Invoice and how it can be created?

Ans:Interest invoice is type of invoice which generated for the purpose of late payment towards the invoice due payment. it can created in following way inovice-enty-interest inovice.

 

3.What is a Payable Document?
Ans:1. check
2. Elecronic
3. Wire
4. Clearing

CHECK : Payments in a payment batch, quik payment, or
manual payment

ELECTRONIC : You pay Electronic payment eithr through the e-
commerce Gateway, or by delivering a payment batch file to
your bank. for both methods, payables creartes a file
during payment batch creation. for e-commerce gateway
payments, the fil is processed through the e-commerce
gateway and delivered to your bank ti create payments. for
electronic funds tranfers, the file is formatted and
delivered to your AP.out directory for you to deliver to
your bank.

WIRE : A payment method where you pay invoices outside of
payables by notifying your bank that you want to debit your
account and credit your supplier's account with appropriate
funds. You provide your bank e\with your supplier's bank
information, and your bank sends you confirmation of your
transaction. Your supplier's bank sends your supplier
confirmation of the payment. you then record the trasaction
manually.

CLEARING : Payment method you use to account for interfund
expenses when you do not actually disburse funds through
bank. Generally, you do not generate a payment document
with the clearing payment method


4.What is the report used to identify duplicate suppliers?
Ans: in order to find out duplicate supplier, SUPPLIER AUDIT REPORT is runned

5:What is terms date basis?
Ans:About the rolls,tasks assigned,documentation, bugs and
solving the bugs...

6:What is the program to transfer data from AP to GL?
Ans:Payables Transfer to General Ledger. In this reprot there are total 9 parameters are there. Those are.. Set of bookes Name (Mandatory) Transfer Reporting books (Mandatory) Batch name From date To date (Mandatory) Journal Category (Mandatory) Validate Accounts (Mandatory) Transfer to GL Interface (Mandatory) Submit Journal Import (Mandatory).

7.What are the different types of Set of Books ?
Ans:There are two types of set of books 1. Reporting set of book 2. Primary set of book

8:WHAT IS ON-ACCOUNT RECEIPT ACCOUNT , UN-APPLIED RECEIPT ACCOUNT, AND UN-IDENTIFIED RECEIPT ACCOUNT IN AR ?
Ans:Unidentified:
you receive a cheque, you dont know who(Customer) sent it.
So you dont give credit to any one.

Unapplied:
you receive a cheque, you know who(Customer) sent it, but
you dont set it off against the invoices.
You just give credit.

On-Account:
you receive a cheque, you know who(Customer) sent it, but
you park it in on-account so you cannot set it off against
the invoices.
Still giving him credit.

9:What is Zero-Payment in AP?

Ans: While running a payment batch for a specific supplier site,payment batch will pick up standard invoices as well as debit memos created for the same supplier site. It may happen that invoice amount is exactly equal to the debit memo amount so at the time of payment confirmation there will not be any amount to pay but still it will be registered as a zero payment to track the accounting entries in the payable accounting. At the time of GL transfer it will also get reflected for that specific liability account. Enable Allow Zero Payment checkbox at the bank account level first.

 

10:How many key flexfields are there in Payables?

Ans:There are no Flex Fields in AP

 

11:what are the accounting entries which get effected in order to cash cycle?

Ans:Accounting Entries for AR Once the Order is shipped then Material account will be credit and COGS Account will be debit. At the time of Invoice creation Revenue account will be credit and receivable account will be debit. At the time of receipt creation. Receivable account will be credit and Bank payment account will be debit

 

12:What is the difference between Rollup Groups and Summary Accounts? What is the use of those?

Ans:Rollup group & summary group they go together, and are not different functionalites If we have huge accounting structure with many child account and parent during the process of trial balance generation it is faster if summary accounts are created. Summary Accounts get updated Instantaneously, where as in the normal course oracle needs calculate all the balances. Define a Parent Value For a child range Define a Rollup group Assign a Rollup group to Parent Value Define Summary Accounts and call the Rollup group.

 

13.If purchasing the goods from supplier, (Client or Vendor) want to pay directly by cash then what is the scenario in Accounts Payable, b'coz there is an only three types of payment are available i.e. 1. Electronic, 2. wire, and 3. cheque, in this case what we need, and is the journal entry will get and how it effect in GL Accounts ? to do

Ans:Use cash as bank in Ap to pay that invoice... For payment method we have to check that whether there is option available for defining a new payment method.. Accounting entries will remain same as in case of payments through bank account. Just Bank Natural Account will be replaced with the Cash Natural Account while defining the New Cash Bank and Cash Account.

 

14.What are the Distribution Type while entering the Invoice?

Ans: Distribution set contains the information about the expense heads and the ratio in which each of the expense head should be debited. 2 types- 1. Full - Expense accounts & Ratios 2. Skeleton - Only Expense accounts

 

15.Expalin sequence in brief in R12 in general Ledger module. what are major changes around this functionality?

Ans:The Major changes in R12 compare to 11i
1) 4 C's (11i 3 C's)
2) Ledger ( 11i SOB)
3) Accounting Setup Manager
4) Date Access Set
5) Single and Multi Reporting Currency
6) Secondary Ledger
7) SLA
8) Account Analysis Report

9)Definition access set
10)Assigning balacing segmet value to legal entity
11)Intra company and intercompany rules are seperated
12)You can not reverse unless it is posted
13)Management segment value for management reporting
14)ledger set

 

16.What is charge backs in receivable ? and what type of entries it will come ?

Ans: charge back means decreasing the liability of a customer. it
will be done if the customer has done some payments towards
the invoices. there are some other options are there.
i.e.creation of credit memo. but it can be apply only when
the customer has not done payment.

Adjust the remaining balance of an existing debit items to Zero and create a new Debit item to bill customer for unpaid balance of original invoices. ( Dr..ChargeBack and Cr….Receivable (Invoice)

 

17.why we have to reverse the journal entries after Revaluation?is it mandatory if why?

Ans:Yes, it is mandatory to reverse the revaluation journals in the following month. Revaluation is done for computing the unrealised gain or loss for the month-end at the time of the preparation of the financial statements, inorder to depict a correct picture of the current assets and current liabilities. After the financial statements are generated the revaluation journals need to be reversed as the gain is unrealised. On realisation, the gain or loss will be autoamtically computed by the system. If the revaluation journals are not reversed, then it would lead to duplication.

 

18.WHAT IS CLEARNCE METHOD IN AR ?

Ans: Hi, Clearing method means how we are clear the receipt in AR.So we have there 3types of clearing method in AR. 1 Manual 2.Automatic 3.Clearing method. Clearing method means when we r not using the cash management, we are defining receipt method as a clearing method.After we can easily reconcile the AR to GL.

 

19.What is meant by receipt routing? Types?

Ans:receipt routing are of three types 1. Standard routing 2. Direct routing 3. inspection routing standard -------- goods recieved from supplier ----------> sub inventory. direct ------ supplier---->recieving area(stagging area)------>sub inventory inspection ---------- supplier----> recieving area------->inspection(done)---- >sub inventory.

 

20.What are the different types of Value sets (or) Validation types ?

Ans:The Validation type are 8 types 1. Idipendent 2. Dependent 3. None 4. Special 5. Table 6. Pair 7. Translatable Indipendent 8. Transatable dependent

 

21.Is it possible to match PO from Order Management in AP, if so how ? How does the P.O matching process works in AP?

Ans:In case of Dropship method we create PO and send it to
Suppliers. Supplier will send 856 ASN. Thenw e will validate
the Asn if data looks fine we will create a recipt and
recieve it into our logical inventory. Once the materieal is
recieved the system automatically issues items out of
inventory and closes Sales order line and inserts the data
into AR invoice interface table. We can run Pay on receipt
program which will craete AP invoice based on teh receipt
informtion. Then we can validate AP invoice ,Make payment
and issue Checks

 

22.What is Debit Memo & Credit Memo in Payables?

Ans:Debit Note:When a firm returns some goods to its
suppliers,it prepares a debit note and sends it along wih
goods returned.
Credit Note: Credit note nothing but Credit Memo. It is a
document used to adjust or rectify errors made in a sales
invoice, which has already been processed and sent to a
customer

In AP, both debit and credit memo are perform same task. Debit memo raised by supplier to us and credit memo raised by us to supplier saying we are due to him. both will be mention in -ve amount

 

23.Accounting methods?

Ans:Accounting Methods are

1) Accrual Base Accounting
2) Cash Basis Accounting

expence a\c dr
to liability a\c....1

liability a\c dr
to cash clearing a\c

1. Accrual
2, cash

In Accrual method we are recording the Transaction in two
times
one for invoice and one for Payment.

In cash method we are recording the transaction only
for payment.

Corrections will be appreciated

 

24.as an oracle financials functional consultant what was your role?

Ans:oracle financials functional consultant's role would be to understand the customer requirement ( need ) and implement his requirement into actual oracle tool. It requires financials knowledge and the implementation knowledge or experience and understanding the client requirement throughly. The client requirement has to reflect when project is implemented and it should give desired output or result after implementation . Also it would continue with constanct support whenever client faces difficulty in production environment or process flow.