Oracle Applications :Payables Part 2
1 In case of void and re-issue, whether the same document will be issued or new document will be issued?
Allow Void and Reissue. If you enable this option, you can reissue a Quick payment. You may need to reissue a check for a Quick payment if it is spoiled during printing. When you reissue a check, Payables voids the old check and creates a replacement check. The checks are identical except that the new check as a new check number, payment date, and payment exchange rate if you are using multiple currencies. You cannot select the Void and Reissue option for future dated payments
2.What are different calculation levels of Automatic tax calculation?
Calculation Level. If you enable the Use Automatic Tax Calculation option, select the level at which you want Payables to automatically calculate sales tax. This value defaults to new suppliers you enter.
Header. Automatically create tax distributions based on the Invoice Amount and Tax Code in the Invoices window:
Tax Code. Automatically create tax distributions based on the distribution Amount, Tax Code, and Includes Tax check box in the Distributions window. When calculating tax amounts, group lines with the same tax code and Includes Tax check box setting together, calculate tax, and then round the tax amount.
Line. Automatically create tax distributions based on the distribution Amount, Tax Code, and Includes Tax check box in the Distributions window. When calculating tax amounts, calculate tax for each distribution, round the tax amount, then add the tax amounts.
3.Is it possible to un-apply a pre-payment invoice if it is already applied to a standard invoice?
Yes, we can unapply the prepayments at any status except when it is cancelled. Prepayment apply will not calculate discounts as it is already paid.
4.what options are to be enabled if invoice Currency and Payment Currency are different?
As the invoice currency and payment currency should be same due to which there is no option available with respect to this.
5.List any five standard reports in oracle Payables.
Five Standard Reports
1. Invoice Aging Report
2. Invoice Audit Report
3. Payables account analysis Report
4. Payment Batch Control Report
5. Payment distribution Report
6.How to set different interest rates for different suppliers?
There are no such options available for defining different interest rates for different suppliers. There are only uniform interest rates.
7.When ‘tax code’ at invoice header will be mandatory?
Require Tax Entry at Header. If you enable this option, Payables requires you to enter a Tax Code and Tax amount in the Invoices window when you enter an invoice.
The calculation should be Header, in this situation the tax code at header level should be mandatory.
8.Is ‘Invoice received date’ mandatory or optional?
Invoice received date is optional if the terms date is set to other than Invoice Received date.
9.Explain the relevance of ‘Pooled Account’.
Pooled Account. If you use Automatic Offsets and you want to associate multiple companies with this bank account, then enable this option. When you enable the Automatic Offsets Payables option, Payables creates one offsetting liability distribution for each invoice distribution. If you then pay the invoice from a pooled bank account, then which Payables accounts for the invoice payment, Payables creates one corresponding cash accounting entry for each liability distribution.
10 .What is accounting entry if we take any discount on payment?
Liability A/c ……Dr XXX
To Discount A/c XXX
To Cash Clearing A/c XXX
11. When I’m trying to ‘Approve’ invoice, Approve button is grayed out. What could be the reason?
Allow Online Approval. Enable this option if you want to allow users to submit Payables Approval in the Invoices window and the Invoice Batches window.
12.How to resolve the following error: “The payment date must be on or after the system date”.
Allow Pre–Date. If you enable this option, Payables allows you to create payments with a payment date before the system date for any payment except a manual payment.
13.What is the accounting entry for foreign currency payment in case of realized gain or realized loss?
Liability A/ Dr XXX
To Realized Gain A/c XXX
To Cash Clearing A/c XXX
Liability A/c … Dr XXX
Realized Loss A/c … Dr XXX
To Cash Clearing A/c XXX
For Part 1:
visit
Oracle eBsusiness Suite - Part 1
1 In case of void and re-issue, whether the same document will be issued or new document will be issued?
Allow Void and Reissue. If you enable this option, you can reissue a Quick payment. You may need to reissue a check for a Quick payment if it is spoiled during printing. When you reissue a check, Payables voids the old check and creates a replacement check. The checks are identical except that the new check as a new check number, payment date, and payment exchange rate if you are using multiple currencies. You cannot select the Void and Reissue option for future dated payments
2.What are different calculation levels of Automatic tax calculation?
Calculation Level. If you enable the Use Automatic Tax Calculation option, select the level at which you want Payables to automatically calculate sales tax. This value defaults to new suppliers you enter.
Header. Automatically create tax distributions based on the Invoice Amount and Tax Code in the Invoices window:
Tax Code. Automatically create tax distributions based on the distribution Amount, Tax Code, and Includes Tax check box in the Distributions window. When calculating tax amounts, group lines with the same tax code and Includes Tax check box setting together, calculate tax, and then round the tax amount.
Line. Automatically create tax distributions based on the distribution Amount, Tax Code, and Includes Tax check box in the Distributions window. When calculating tax amounts, calculate tax for each distribution, round the tax amount, then add the tax amounts.
3.Is it possible to un-apply a pre-payment invoice if it is already applied to a standard invoice?
Yes, we can unapply the prepayments at any status except when it is cancelled. Prepayment apply will not calculate discounts as it is already paid.
4.what options are to be enabled if invoice Currency and Payment Currency are different?
As the invoice currency and payment currency should be same due to which there is no option available with respect to this.
5.List any five standard reports in oracle Payables.
Five Standard Reports
1. Invoice Aging Report
2. Invoice Audit Report
3. Payables account analysis Report
4. Payment Batch Control Report
5. Payment distribution Report
6.How to set different interest rates for different suppliers?
There are no such options available for defining different interest rates for different suppliers. There are only uniform interest rates.
7.When ‘tax code’ at invoice header will be mandatory?
Require Tax Entry at Header. If you enable this option, Payables requires you to enter a Tax Code and Tax amount in the Invoices window when you enter an invoice.
The calculation should be Header, in this situation the tax code at header level should be mandatory.
8.Is ‘Invoice received date’ mandatory or optional?
Invoice received date is optional if the terms date is set to other than Invoice Received date.
9.Explain the relevance of ‘Pooled Account’.
Pooled Account. If you use Automatic Offsets and you want to associate multiple companies with this bank account, then enable this option. When you enable the Automatic Offsets Payables option, Payables creates one offsetting liability distribution for each invoice distribution. If you then pay the invoice from a pooled bank account, then which Payables accounts for the invoice payment, Payables creates one corresponding cash accounting entry for each liability distribution.
10 .What is accounting entry if we take any discount on payment?
Liability A/c ……Dr XXX
To Discount A/c XXX
To Cash Clearing A/c XXX
11. When I’m trying to ‘Approve’ invoice, Approve button is grayed out. What could be the reason?
Allow Online Approval. Enable this option if you want to allow users to submit Payables Approval in the Invoices window and the Invoice Batches window.
12.How to resolve the following error: “The payment date must be on or after the system date”.
Allow Pre–Date. If you enable this option, Payables allows you to create payments with a payment date before the system date for any payment except a manual payment.
13.What is the accounting entry for foreign currency payment in case of realized gain or realized loss?
Liability A/ Dr XXX
To Realized Gain A/c XXX
To Cash Clearing A/c XXX
Liability A/c … Dr XXX
Realized Loss A/c … Dr XXX
To Cash Clearing A/c XXX
For Part 1:
visit
Oracle eBsusiness Suite - Part 1
