Accounting and Finance Questions

Accountants... in big organization there will be a department to maintain AR department.

A Customer Master Record is a permanent record that contains key information about a business partner or a material. This information must be entered into the system before any transactions can take place involving the business partner [customer] or a material. Entering all the information about a customer or a material into the system before making transactions insures that subsequent transactions or inquiries will have consistent data and reports and analyses can be done in an orderly way. Master Records can be edited or changed when necessary. Changing master records is frequently called "Maintaining" in SAP

Time periods you define to age your debit items. Aging buckets are used in the Aging reports to see both current and outstanding debit items. For example you can define an aging bucket that includes all debit items that are 1 to 30 days past due.

Normal table used for this Report is < 30 days 30-60 days 60-90 days 90-180 days and >180 days

A certificate of deposit (CD) is a savings certificate with a fixed maturity date, specified fixed interest rate and can be issued in any denomination aside from minimum investment requirements.

CD's are generally issued by commercial banks

Tax Collected at Source (TCS) is income tax collected in India payable by the seller who collects in turn from the buyer and it is provided under section 206C of Income Tax Act, 1961 at the sale of some goods which are specified.

E - TCS  is the process of filing TCS returns through electronic media. It is necessary for government and corporate collectors to file TCS returns in its electronic form. Collectors (other than government) have the provision to file TCS returns in physical form or electronic form.

A loss (or losses) from previous years carried forward in order to offset future earnings. This reduces the tax burden for the years with profit as the accumulated losses are deducted from the taxable profit.

The tax payable on a non-salary benefit provided to an employee or an associate of the employee. The employer is liable to pay any FBT and may choose to recover the FBT amount from the employee.