Ques:
1). Describe the Accounts Payable.
Answer:
The
Accounts Payable application component keeps track of and maintains all vendors
accounting data. It's also a key component of the purchasing system, as
deliveries and invoices are tracked by vendors. In reaction to the operative
transactions, the system automatically activates postings. Similarly, the
system feeds figures from bills to the Cash Management application component to
help with liquidity planning.
Oracle
Fusion Applications interview Questions and Answers
Ques:
2). What does the term "invoice" mean?
Answer:
An
invoice or bill is a commercial document sent by a seller to a buyer that
details the products, quantities, and agreed-upon prices for goods or services
provided by the seller. The buyer must pay the supplier according to the
payment conditions stated on the invoice.
In the
rental business, an invoice must include a particular reference to the duration
of the time being invoiced, so the invoicing amount is based on quantity,
price, discount, and duration rather just quantity, price, and discount. In
general, each line of a rental invoice refers to the real hours, days, weeks,
months, and so on that have been billed.
Oracle ADF Interview Questions and Answers
Ques:
3). What's the difference between an EFT and a wire transfer?
Answer:
The
most common electronic payment methods are EFT and WIRE. After WIRE, EFT stands
for electronic fund transfer and is the second fastest means of electronic
payment. EFT is a batch-oriented system for transferring payments from one bank
to another, which takes 2 to 4 days to clear and settle. WIRE, on the other
hand, is a real-time gross settlement (RTGS) system for transferring funds in
real-time and on a gross basis. The clearing and settlement processes take
place on the same day. WIRE is more expensive than EFT, but it is also faster.
Oracle
Access Manager Interview Questions and Answers
Ques:
4). What does GRN stand for?
Answer:
The
merchandise has been delivered to the shops department, according to a goods
receipt note. The GRN, together with other crucial documentation, serves as
verification of material receipt at the warehouse. This can be prepared by the
stores department and approved by the plant manager. GRN contains the ordered
quantity, received quantity, and acceptable quantity. On the basis of the GRN
note, the bill will be passed. The inventory will be automatically updated
after the GRN is prepared, and payment will be released to the vendor.
GRN
contains the following details.
1.Ordered
quantity .
2.Received
Quantity.
3.Defective
quantity in received quantity .
4.Quality
standards details.
Oracle Fusion HCM Interview Questions and Answers
Ques:
5). Can you give a sample Process Flow for Procure to Pay Cycle?
Answer:
Process
flow for Procure to pay will go through two departments (Commercial &
Finance)
Procure
- Commercial Department
The following steps involve to procure any item:
- Received Requsition from concern Department
- Request for Quotation from Suppliers at least three.
- Finalize the best Quotation by keeping in mind about our companies standard
- Check the Budget for the same.
- Negociate with supplier for more economic pricing and finalize the payment terms.
- Process the PO and forward to the supplier to supply the goods and services
Pay
Cycle - Finance Department
The following steps need to be fulfil:
- Invoice should be match with PO.
- Invoice should has all the supporting documents such as PO copy, Delivery note duly signed by receiver (our staff who authorized to received goods / store keeper).
- If the invoice is for services then it should be forwarded to the concern department head or project manager for his confirmation of work done and his approval.
- Even if it not the services invoice, it should forwarded to the concern person's approval who request the PO for the same.
- Finance can reject the invoice if it is not budgeted and ask for the reasons.
- After receiving all the confirmation and approvals from the concern department heads the invoice will be update in to the accounting system first in order to avoid any duplication of Invoice and PO (it shown on accounting package if the invoice is duplicate if not, at least it tells you if the PO already used or cancel).
- Finance approved the invoice and process the payment base on payment terms with the supplier.
Oracle SCM Interview Questions and Answers
Ques:
6). How does the payment system operate?
Answer:
An
account's open items can only be removed if an identical offsetting amount is
posted to the account. To put it another way, the sum of the things assigned to
each other must equal zero. The system enters a clearing document number and
the clearing date in these objects during clearing. Invoices in a vendor
account are marked as paid, and items in a bank clearing account are marked as
cleared in this fashion.
In
most cases, the payment program is used to settle invoices. As a result,
manual clearance of open items is rarely required. However, you may have to
manually remove objects on occasion if, for example, you receive a refund from
your vendor or you have set up a direct debit procedure.
Oracle Financials Interview questions and Answers
Ques:
7). What is the process of creating an Invoices and transferring it to GL?
Answer:
1.
create batch
2.
create invoice
3.
create distribution
4.
validate the invoice
5.
actions -Ã approve
6. if
individual create accounting click ok
7. If
batch go to batch create accounting.
8.
Create accounting hits Payable Accounting(Transfer) ??Program which will create
accounting.
9. Run
Transfer to GL Concurrent Program
10.
Journal Import
11.
Post journals
12.
Hits balances.
Oracle
Cloud Interview Questions and Answers
Ques: 8).
What Is Gl Date Basis & Prepayment Settlement Date?
Answer:
The
date you want Payables to use as the default accounting date for invoices
during invoice entry Invoice Date. Invoice date you enter during invoice entry.
System Date. Current date for your Payables system. The date you enter the
invoice.
Goods
Received/Invoice Date. Date that you enter in the Date Goods Received field. If
no value is entered, then the invoice date is used.
Goods
Received/System Date. Date that you enter in the Date Goods Received field. If
no value is entered, then the system date is used.
Prepayment
Settlement Days. Number of days you want Payables to add to the system date to
calculate a default settlement date for a prepayment.
Payables prevents you from applying the prepayment to an invoice
until on or after the settlement date.
Oracle PL/SQL Interview Questions and Answers
Ques:
9). What's the difference between interface and base tables?
Answer:
The
following is a comparison of the interface and base tables.
Interface
table: The interface table is where the data is checked before being posted to
the base tables. Oracle is seeded in a large number of interfaces. You can
think of the interface as the data's entry point, and it checks the data's
sanity.
Base
tables: As told earlier once the data is validated will get updated in the base
tables, and is considered as the data which is in the base table is accurate
and used in many ways. (Reporting..etc..)
The
base tables in AP are as follows:
1)
ap_invoices_all
2)
ap_invoice_payments_all
3)
ap_invoice_distibutions_All
4)
ap_payment_schdules
5)
ap_payment_dustributions_all
6)
ap_checks_all
7)
ap_accounting_events_all
8)
ap_bank_accounts_all
9)
ap_bank_accounts_uses_all
Oracle SQL Interview Questions and Answers
Ques:
10). How many different forms of buy order agreements/orders are there?
Answer:
A)
Standard Purchase Order: Standard purchase orders are used for one-time
purchases of a variety of items. When you know the specifics of the goods or
services you need, as well as expected pricing, quantities, delivery schedules,
and accounting distributions, you may write standard purchase orders. Because
the required information is known if you use encumbrance accounting, the
purchase order may be encumbered.
B)
Planned Purchase Order: A planned purchase order is a long-term commitment to
purchase items or services from a single supplier. You must include preliminary
delivery dates as well as all specifics for the items or services you wish to
purchase, such as the charge account, quantity, and anticipated cost.
EXAMPLE:
Buying Christmas gifts from a specific retailer.
C)
Contract PO: You form a contract purchase agreement with your supplier to agree
on particular terms and conditions without specifying the items and services
you would be purchasing, such as "for $ amount, you must supply this much
quantity.” You can then issue ordinary purchase orders referencing your
contracts, and if you use encumbrance accounting, you can encumber these
purchase orders.
D)
Blanket Purchase Agreement: You construct blanket purchase agreements when you
know the details of the items or services you expect to buy from a specific
provider over a period of time but not the details of your delivery schedules.
Before actually acquiring your things, you can use blanket purchase agreements
to define negotiated rates.
A
Blanket Purchase Agreement is a type of contract between you and your supplier
that specifies the price at which you will buy products from them in the
future. The price of the item, not the quantity, is entered here. The amount of
the items is entered when the release is created. In the release, there is no
way to change the pricing. The Released Amount is calculated by multiplying the
amount by the price. Assume you have a contract with your supplier that states
you can only buy products worth a certain amount against the contract.
Oracle RDMS Interview Questions and Answers
Ques:
11). What exactly are recurring invoices? What are the procedures in setting up
an AP?
Answer:
In
some cases, suppliers fail to provide invoices. However, housing payments must
be made: rent, lease rents. In this case, we must create invoices on a
period-by-period basis. To accomplish this, we'll need to design a single
recurring invoice template. The term "template" refers to the process
of making several invoices from a single master copy. We're making a single
invoice master copy, which is also known as a recurring invoice or recurring invoice
template.
SET
UP:
1)
Create one special calendar
2)
Create one full distribution set
3)
Enter payment terms in the recurring invoice window
4) Enter the template no, first invoice amount, special invoice amounts
BI Publisher Interview Questions and Answers
Ques:
12). What Are The Different Types Of Holds That Are Used To Prevent Invoice
Payment?
Answer:
Holds
that we can manually apply or that Payables automatically apply to block
payment and, in some situations, the generation of accounting entries for an
invoice. We can manually release specific holds that Payables applies during
Approval, and we can remove holds that we apply.
Payables
offers us with some default invoice holds, and we can construct our own based
on our invoice approval requirements. We can also put a hold on the supplier
rather than on each individual invoice to prohibit payment of supplier
invoices.
There
are two major category of hold
Manual
Hold
System
Hold.
Manual
hold we can create and release manually where as system hold is created by
system and normally released by system after due rectification.
There
are three types of holds we can use to prevent payment of an invoice
Invoice
Hold:We can manually apply one or more Invoice Hold Reason Approvals (”holds”)
to an invoice using the Invoice Holds window of the Invoice Workbench.
Scheduled
Payment Hold: We can hold payment on part of an invoice by placing one or more
of the scheduled payments on hold in the Scheduled Payments window of the
Invoice Workbench.
Supplier
Hold: In the Supplier Sites window, we can enable the Hold All Payments, Hold
Unapproved Invoices, or Hold Unmatched Invoices options. We also have the
option of specifying an Invoice Amount Limit for a supplier site.
Oracle 10g Interview Questions and Answers
Ques:
13). What Are The Invoice Matching Option?
Answer:
The
following are the Invoice Matching Option available :
Purchase
Order Matching:
2–Way.
When you match to a purchase order or receipt, Payables Approval performs these
control checks:
Quantity
billed <= Quantity ordered (Symbol mean lessor)
Invoice
price <= Purchase order price
Receipts
Matching:
3–Way.
Control checks 1 and 2, plus:
Quantity
billed <= Quantity received
Invoice
Matching:
4–Way.
Control checks 1, 2, and 3, plus:
Quantity
billed <= Quantity accepted
Ques:
14). What is the difference between Oracle Payables' Primary and Secondary
Ledgers?
Answer:
The
Primary Ledger is the Main Ledger, while the Secondary Ledger is the Replica of
the Primary Ledger. All of our transactions are recorded in the Primary Ledger.
The main reason for using Primary and Secondary Ledger is the discrepancy
between the Organizational and Statutory Requirements.
For
example, a US corporation with an office in India has a calendar that runs from
October to September, but the Indian calendar goes from April to March. This is
when the notion of the Primary and Secondary Ledger comes into play. Whereas
the primary calendar might be designed according to US standards, However,
according to India's Statutory Requirements, the secondary calendar is used.
Ques:
15). What Are The Approval Levels That Match?
Answer:
We can
execute online matching of invoices and original purchase orders or purchase
order receipts if we utilise Oracle Payables with Oracle Purchasing or another
connected purchasing product. Matching ensures that we only pay for the items
and services we requested, and that our vendors do not overcharge us. The
Payables Approval Program applies holds to invoices that exceed the amount and
quantity tolerances we establish, preventing payment until the holds are
released.
Ques:
16). How does the payment system operate?
Answer:
Open
items on an account can only be cleared if an equal and opposite amount is
posted to the account. To put it another way, the total number of items
assigned to each other must be zero. During clearing, the machine enters a
clearing document number and the clearing date in these items. Products in a
bank clearing account are marked as cleared, and invoices in a vendor account
are indicated as paying.
The
payment programme is typically used to settle invoices. As a result, removing open
things manually is rarely required. You may need to manually clear products if,
for example, you request a refund from your supplier or have set up a direct
debit mechanism.
Ques:
17). What should be the setup steps when i wish to implement TDS features only?
Answer:
Setup
only Step 16-21 of the India Localization Setups. Refer to the Setup Overview
chapter of the India Localization User Guide.
Following
India Localization Setups need to be completed:
Define
TDS Related Information for the Organization
Define
Income Tax Authority
Define
TDS Sections
Define
TDS Tax Codes
Defining
TDS year Information
Define
TDS Details for Suppliers
Ques:
18). What causes the Error? When attempting to match an invoice to a PO, does
App-Sqlap-10715 appear?
Answer:
When
an invoice is matched to a PO for the complete quantity, the PO is ready for
invoicing. If the invoice line is rejected (using the Discard button), the
Match button becomes available again, reversing the PO match, and the invoice
is matched to the same PO for a different quantity. The following message
appears at that time: APP-SQLAP-10715: For invoicing purposes, this purchase
order line has been closed. Before continuing with this match, you might want
to look over the purchase order.
When
we trash a line in R12, the status is only updated at validation time. When we
match or reverse POs, we update the quantity billed and amount billed, but the
status is only affected when we validate the invoice. Validate the invoice
before proceeding with any other actions on the invoice after pressing the
Discard button. For more information, see Doc ID 456370.1 and Bug 5927520.
Ques:
19). How a PO Match comes over as Exclusive Tax Lines for a reason?
Answer:
Taxes
are always exclusive in PO, unless otherwise specified in the PO
application/product design. As a result, in AP, taxes on an invoice linked to a
PO are calculated as exclusive taxes. More information may be found in Bug
6748767 R12: APXINWKB - JAPAN INCLUSIVE TAX, PO MATCH COMES OVER AS EXCLUSIVE
TAX LINES. For more details, see Doc ID 549988.1.
Ques:
20). What Are Offset Taxes and How Do They Work? What Is It Used
For?
Answer:
Offset
Taxes: Offset tax codes are used on invoices to record self–assessed taxes
while reducing or totally offsetting tax burden. Because offset taxes have
negative–amount rates, you must input negative–amount invoice tax distributions
when using them.
It is
utilised in the European Union, and if you are a member of the EU, you can use
the Intra–EU VAT Audit Trail report to report on these zero–rated taxes.