Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.
http://www.geekinterview.com/Interview-Questions/Accounting/Accounts-Payable
What procedure for excess payment to supplier...
The following steps to be taken.
1. We have ask for the repyament of excess money
2 If he do not make repayment we can pla...
In oracle apps this procedurecalled as Refund. So, in this process supplier will send adujusting amont to
customer. It is ...
When we made excess payment to supplier this will show as debit balance in supplier account. In this
circumstance we can a...
View all answers by chinnaguntupalli
Excess payment can be made in two ways:
1) Invoice posting done twice and payment mad...
As there is no duplicate entry in Sub Ledger, This we need not to show agianst Vendor account as stated
earlier.
When supp...
Upcoming SlideShare
Loading in …5
×

Refund scenario

985 views

Published on

Published in: Economy & Finance, Business
  • Be the first to comment

  • Be the first to like this

Refund scenario

  1. 1. http://www.geekinterview.com/Interview-Questions/Accounting/Accounts-Payable What procedure for excess payment to supplier i would like know without adjusting invoice that means how supplier will send back excess amount how do in oracle apps Asked by: Interview Candidate | Asked on: Oct 17th, 2005 First Previous Next Last Return back to Accounts Payable Answer Question Showing Answers 1 - 9 of 9 Answers S.RAVINDRA Answered On : Jan 6th, 2006 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. Answer Question Login to rate this answer. Login to rate this answer. suryaprakash B Answered On : Jun 1st, 2006
  2. 2. The following steps to be taken. 1. We have ask for the repyament of excess money 2 If he do not make repayment we can place some other order to compensate the same Answer Question Login to rate this answer. Login to rate this answer. Santosh .S Answered On : Feb 22nd, 2007 with out adj to inovice , excess payment can be taken as " pre payments" in or.app as a the status "temp" or "permenant" steps just like the producers of enter of invoice but only select the type as "pre payments" Answer Question Login to rate this answer. Login to rate this answer. ch.sambhasiva Answered On : Jun 3rd, 2007
  3. 3. In oracle apps this procedurecalled as Refund. So, in this process supplier will send adujusting amont to customer. It is called as Refund, Maximum this amount sent as cheque or EFT. Answer Question Login to rate this answer. Login to rate this answer. preetamdelhi Answered On : Jun 20th, 2007 View all answers by preetamdelhi As per my understanding, we should ask for a credit note to the Vendor. Suppose the vendor has raised the invoice for US$ 200.00 i/o US$ 150.00. Now if vendor send us the Credit note of US$ 50.00 then we can adjust the same against the invoice in Oracle. Answer Question Login to rate this answer. Login to rate this answer. Kamala kannan Answered On : Jul 23rd, 2008 View all answers by Kamala kannan
  4. 4. When we made excess payment to supplier this will show as debit balance in supplier account. In this circumstance we can ask supplier to issue a credit note, once we entered the credit note in the same supplier account the debit balance will get adjusted. Or We can adjust the excess payment in the subsequent order, which will receive from the same supplier. Kamal Answer Question 2 Users have rated as useful. Login to rate this answer. Login to rate this answer. mumbai18 Answered On : Apr 14th, 2009 View all answers by mumbai18 We can ask him to give a credit note otherwise adjust the amount with other payment to the concerned vendor. Answer Question Login to rate this answer. Login to rate this answer. chinnaguntupalli Answered On : Nov 6th, 2009
  5. 5. View all answers by chinnaguntupalli Excess payment can be made in two ways: 1) Invoice posting done twice and payment made in Twice. In this case, we can ask vendor to return the funds back to our account, on receipt, we can post the entry as Bank account Dr. Expense Account Cr. Vendor Account Dr. Vendor Account Cr. The reason for showing a Debit and Credit in Vendor account is due to have visibility in vendor account that, the excess payment been returned. Or, We can ask supplier to raise a credit note for the amount paid in excess or upon receipt from supplier AP team can raise a credit note by using the same expense details which were booked twice, which can be off set against future invoices. 2. AP team recorded only one invoice, but due to technical issue or invoice paid through manual payment but not recorded in Subledger and issued another payment through Bulk Payment run. In this case, in Sub Ledger and General Ledger we will be having only entry, however as per bank, we paid the invoice in twice. for this also either we can request vendor to return the funds and entry should be posted as below Cash Account Dr. Bank Account
  6. 6. As there is no duplicate entry in Sub Ledger, This we need not to show agianst Vendor account as stated earlier. When supplier requsted to adjust the excess payment made, entry should be posted as Vendor Account Dr. Bank Account. so that, it creates debit balance in supplier account and which can be off set against future invoice. Answer Question Login to rate this answer. Login to rate this answer. Cody2727 Answered On : May 8th, 2011 View all answers by Cody2727 You would utilize a credit. The supplier would issue a credit memo at our request and an adjustment would be made, if possible, on the next invoice payment to that supplier.

×