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Q:

What is diffrence between automatic Payments Batches and automatic payments? 

Answer:



Q:

What is 'Three-Way Match' refers in Acconting ?

Answer

In accounting, the Three-way Match refers to a procedure used when processing an invoice received from a vendor or supplier. The three-way match is an important step in safeguarding an organization's assets. The purpose of the three-way match is to avoid paying incorrect and perhaps fraudulent invoices.


Here Three-way refers to the three documents involved :


* Vendor's invoice which was received and will become part of an organization's accounts        payable if approved.


* Purchase order that was prepared by the organization.


* Receiving report that was prepared by the organization.


And Match refers to the comparison of the quantities, price per unit, terms, etc. appearing on the vendor's invoice to the information on the purchase order and to the quantities actually received.


After the vendor's invoice has been validated by the three-way match, it can be further processed for payment.

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Q:

What is the difference between Consigner and Consignee ?

Answer

Consigner is the person who is the owner of the goods and who delivers the goods to others(consignee) Whereas Consignee is the person who receives the goods and just holds the goods and will not be the owner.

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Q:

What is the main function of international monetary fund  ?

A) Help to solve Balance of Payment problems of member countries B) Act as private sector lending arm of the World Bank
C) Finance investment loans to developing countries D) Arrange international deposits from banks
 
Answer & Explanation Answer: A) Help to solve Balance of Payment problems of member countries

Explanation:
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Filed Under: Accounts Payable - Accounting and Finance
Exam Prep: Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

2 154
Q:

What do you understand by Intercompany Settlement ?

Answer

A company may also have various company codes across the different locations. There will be exchange of services between these company codes. These goods and services which are shared or exchanged between these company codes are bring to terms during the month end process. The exchange difference has to be settled by a company code in the way of money transfer.


This process is known as Intercompany Settlement. 

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Q:

What is the Debit Balance recovery? How we can recover if we won’t have any future transactions from supplier ?

Answer

The Debit balance recovery is usually made by raising a credit memo for the regular vendors. However if there are no future transactions from the supplier, we ask the vendor to send the check / make an EFT for the amount due from him. When payment is made to the wrong vendor or payment made in excess, in that case overpayment has gone to the vendor, so for us it is vendor debit balance. For debit balance recovery, we can either follow- up with the vendor to send us the excess amount / refund back, or we can adjust that extra amount in future invoices submitted by that vendor. In case no future transactions, we have to follow-up with the vendor, failing which we have to write off this amount. 

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