Personnel Accounts is an account maintained to record transactions with persons. Based on the classification of the persons personnel account can be of
1. Natural Personnel Account (Mr. Ram, Mr. Robert, Mr.Rahim)
2. Artificial Person (all entities like companies, banks, municipal corporations, all statutory or non statutory bodies)
3. Representative Person: Representing group transactions for group of persons like Salary Payable Account. Taxes payable account.
Where as Impersonnel Account shall be of Two types.
A. Real Account B.Nominal Account.
Real Accounts are accounts to record transactions relating to Assets. Like Cash, Plant & Machinery etc., These type of accounts are permanent accounts.
Nominal Accounts are the accounts used to record the transactions relating to Income and Expenses. Like Salary, Power, Sales etc., At the end of the year all the nominal accounts are closed by transferring to Profit and loss account or Income and Expenditure account. The net differnce shall be carried forwarded to Balance Sheet.
There is no specific abbreviation for the term WIRE because when the payment is being made using this option, you will not see the physical movement of funds. It is all electronic. It is just like a current passes through Wire.
Therefore Electronic movement of funds is campared with WIRE.
Software Technology Parks of India (STPI).Some of the software service providers will get exemption from STPI for their software exports. In accounts payable may be we need to define the vendor STPI location wise.
In India we have different STPI location. If one vendor supplying services or materials to all OR some of the STPI locations we need to maintain the same vendor STPI wise.
The terms Billable and Non-Billable expenses are normally associated with say a consultancy company where they bill consultants out to their clients. Therefore Billable expenses will be paid by the client whereas Non-billable will be paid by your employer. What's included in both is subject to the contract your company has with their client.