1) What are the encumbrance options for AP? How are they used?
Requisition Encumbrance, and PO Encumbrance available in Financial Option. Encumbrance used to reserve the Funds at the time of raising the Requisition or creating of PO.
2) What are the different types of supplier sites?
Pay, Primary Pay, RFQ, Purchasing and Procurement Card.
3) What are the types of Accounting Methods?
Accrual and Cash.
4) What is Automatic Offset Methods?
Payables automatically create balancing accounting entries for your invoice and payment transactions. Three types of Offset Methods are None, Balancing, Account.
5) What are the tables involved in AP Invoice Interface?
AP_INVOICES_INTERFACE AP_INVOICE_LINES_INTERFACE
6) What are the Offset Taxes? Where it is used?
Offset Taxes:
Offset tax codes are used to record self–assessed taxes on invoices, while reducing or completely offsetting tax liability. Offset taxes have negative–amount rates, so when you use them, you enter negative–amount invoice tax distributions.
It used in European Union, if you are a member of the European Union (EU), you can report on these zero–rated taxes using the Intra–EU VAT Audit Trail report.
7) What are the different types of taxes used in payables?
Sales use tax, offset, user-defined and withholding tax.
8) What are the different types of payment methods?
Manual, quick and refund.
9) What are the perquisites for entering a Standard Invoice?
Supplier, supplier site, payment term, payment method, distribution set (optional).
10) What are Term date basis & pay date basis?
Term date basis: Date from which the due date will be calculated based on the payment term.
Pay date basis: Selection criteria of invoices based on the due date or scheduled.
11) How do you create interest invoice?
In Payable Option under Interest Tab Allow Interest Invoices. Enable this option if you want to allow Payables to calculate interest for overdue invoices and create interest invoices for selected suppliers. Payables automatically create interest invoices when you pay overdue invoices in a payment batch or with a Quick payment. If you pay an overdue invoice using a manual payment, Payables warns you that interest is due on the invoice and you should pay the invoice in a payment batch or with a Quick payment.
12) What is a distribution set? What are the types of distribution set?
Distribution Set is to automatically distribute Invoice amount in to different GL Account code Combination.
Type of Distribution Set:
§ Full Distribution:
Full Distribution means we know the exact percentage and exact account code combination. The sum of the distribution percentages must equal 100 or 0.
§ Skeleton Distribution Set:
Whereas in Skeleton we don't the percentage but we know the GL Account Code Combination. So percentage should not be entered here.
13) What are the modules that are interfaced with Oracle payables?
General Ledger, Purchasing, AOL, Cash Management and Assets.
14) How does the information defaults in payables?
Financial Option > Payables > Supplier > Supplier Site > Invoice > Distribution and Schedule of Payment.
15) What are recurring invoices?
A feature that lets you create invoices for an expense that occurs regularly and is not usually invoiced. Monthly rents and lease payments are examples of typical recurring payments.
16) What is the Prepayment Invoice? What are the Types of Prepayment Invoice?
A prepayment is a type of invoice we enter to make an advance payment to a supplier or employee.
The Following are the Two Types of Prepayments
1. Temporary prepayments can be applied to invoices or expense reports you receive.
2. Permanent prepayments cannot be applied to invoices.
17) What is the Payable Open Interface Table?
The Payables Open Interface tables store invoice information. The Payables Open Interface Import program builds Payables invoices based on the invoice records in the Payables Open Interface tables.
After the import program builds the invoices, they can be viewed, modified, and approved in the Invoice Workbench. The invoice data is from e–Commerce invoices from your suppliers, invoice records that you entered in the Invoice Gateway window, invoices that you loaded with Oracle SQL*Loader, lease invoices that were transferred from Property Manager, and credit card transaction data.
18) What are the ways in which invoice can be approved?
Before you can pay or create accounting entries for an invoice, including prepayments, you must submit Approval for the invoice in one of three ways:
• Online by using the Invoice Actions window.
• Online by using the Approve button in the Invoice Batches
• Batch by submitting the Payables Approval program from the Submit Request window.
19) What are the hold options at the supplier Site?
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.
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