The Payment methods Electronic and Wire are modes of Electronic Fund Trfers . These modes might differ in the formats and documents involved at the site level. WIRE is a kind of outdated method used by remote sites for payments in ORACLE. Jargon might be different but the actual mode is same of either of them.
debit me "receivable" & credit me "payable".
The open items of an account can only be cleared once you post an identical offsetting amount to the account. In other words, the balance of the items assigned to each other must equal zero. During clearing, the system enters a clearing document number and the clearing date in these items. In this way, invoices in a vendor account are indicated as paid, and items in a bank clearing account are indicated as cleared. You generally use the payment program to clear invoices. Manual clearing of open items is therefore not usually necessary. However, you will sometimes have to clear items manually if, for example, you receive a refund from your vendor or you have set up a direct debit procedure.
GRN me goods receipt notes ,it is generally used in manufacturing industries for checking of purchased of raw materials .
GRN contains the following details.
Invoice is a statement which contains the under mentioned details compulsorily:
@Have the goods been received in good order ?
@Is the quantity/price correct ?
@Were you expecting any discount ?
@Is the delivery charge correct ?
Following steps should be taken:
Finally for payments you need to format, build.
Credit what comes in.
Debit what goes out.
Excess payment to supplier is treated as Advance paid to supplier. This will show as debit balance in supplier account. Supplier can send the payment by way of cheque / demand draft without adjusting in his subsequent bills.t
Liabilities are what all you owe from the bank on notes payable or in other words it is:
You can use document parking to enter and store (park) incomplete documents in the SAP System without carrying out extensive entry checks.
Account is 'the art of classifying, analysing, Recording and summarising financial information', to the management.
Accounts payable is nothing but money which a company need to pay to vendors for goods and services purchased on credit.
Excess payment to supplier is treated as Advance paid to supplier. This will show as debit balance in supplier account.
Supplier can send the payment by way of cheque / demand draft without adjusting in his subsequent bills.
Open item management ensures that all items that have not yet been cleared are available in the system. Only after every open item in a document is cleared can a document be archived.
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.
SAP Memory: Global, user-related memory that extends beyond traction limits. Access to the SAP memory is via SPA/GPA parameters.
ABAP Memory: Memory area within each main session, which can be accessed by programs using the EXPORT and IMPORT statements and which remains available using a series of program calls (call sequence).
Sarbanes Oxley Act.
Billable expenses are the expenses incurred by you on behalf of your customer in performing duties / service and supply. These expenses are recoverable from your customer by way of billing.
Non-billable expenses are the expenses incurred by you for carry out your own business / duties and responsibilities.
There are two types of assets they are fixed assets & current assets.
Winter Compensation from Contributions.
A key functional area of SAP for Utilities that supports cross-company exchange of settlement data based on international standards such as EDI, XML, and Microsoft Excel.
Intercompany data exchange manages data trfer between retailers, distributors, and independent service operators with special regard to the requirements in deregulated markets.
Institute of Finance & Accounts.
Consignor is the person who is the owner of the goods and who deliver the goods to the consignee.
Consignee is the person who receives the goods and he just possesses the goods and not the owner.
Account payable is the outstanding balance that we must pay to the third party or suppliers.
We pass the entries in account payable from two sides: purchase order and general ledger.
In Banks point of view debit me you have deposited money in the bank . and credit me you have withdraw money from the banks.
Supplier should follow the check list.