Accounts Payable Questions and Answers
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1 :: What is the difference between billable and non-billable expenses?

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.
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2 :: What steps would you take before approving an invoice for payment?

Following steps should be taken..

► Validate the invoice once it is matched for checking any holds..

► If workflow is implemented , initiate approval for the invoice. Once the invoice is approved/Approval not required(status in case WF is not implemented) you can go for payments.

► Create accounting after approval of invoice..

Finally for payments u need to format, build.
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3 :: What is the meaning of invoice?

Invoice is a statement which contains the under mentioned details compulsorily.

1. Invoice Number

2. Invoice date

3. Name and address of the person

Name and address of the person to whom invoice is made. ( Buyer of goods and service)

5. Description of goods / services involved

6. Applicable rates and taxes with percentages

7. Rate of the goods / services

Quantity of the goods and services

9. Quality or any other specifications

10. Price / Value of the goods and services

11. Invoice must be signed by the person making it

12. Terms and conditions of making the payment
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4 :: 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?

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.
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5 :: What is the difference between Consignor and Consignee?

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.
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