Below were the questions asked recently in an Interview for Finance Functional of 5+ years experience
General
- Tell about yourself and your experience
- How many implementations & Support projects?
Accounts Receivable
- Explain Quote to Cash Process with Accounting Entries
- What are the parameters of the Auto-Invoice Program?
- How is the GL Date derived by AutoInvoice process? Any set-ups?
- What is the use of the Default GL Date given in parameters of the Autoinvoice import program?
- Can it be set that the GL date is the Sale Order date or Ship to Date?
- Can multiple Sales Orders be invoiced under one Invoice?
- Can Adjustments be imported?
- Can Credit memo be imported and applied to the transactions via Autoinvoice?
- Grouping Rules and Line Ordering Rules
- Allow Overapplication option
- Invoice in Arrears
- Is it possible to import invoices of a specific Sales Order?
- Can closed AR Invoices be imported using AutoInvoice?
Payables
- Can Supplier numbering be set to automatic?
- P2P process along with accounting entries
- Allow Final Match option & Match PO Distribution level
- Substitute receipts and Unordered Receipts
- What is the difference between Recurring Journals and Recurring Invoices? What is the need for the Recurring Journals in GL when Recurring invoices exist in AP?
- How is a foreign currency invoice entered in AP?
- When does the Invoice price variance arise? What is the accounting entry?
- What is the concept of ERS?
General Ledger
- Set-ups required from GIS / Inter-company & the process
- Consolidation; What kind of consolidation have you worked on?
- Is there a need to have separate responsibility for MRC?
- Separate set of books required for translation?
- Can journals imported from sub-ledger, if unposted, be modified?
- What is the significance of 'Import journal references' option at journal source?
- What are the options available to import Exchange rates into Oracle Application?
- What kind of budgets have you worked on?
- How can FSG be generated to provide dynamic report i.e. current month, previous month and 2 months before balances for a given period?
Thursday, November 26, 2009
Thursday, November 5, 2009
Oracle India Localization Interview Questions - TDS
Below are some interview questions with respect of TDS functionality of Oracle India Localization:
Question Can India Tax code be defined with a back-dated effective date?
Answer No. While defining India Tax codes, the start date cannot be less than System Date.
Question What are the steps for generation of TDS certificates?
Answer The following three programs need to be run to generate TDS certificates:
-> India - Process TDS Payments
-> India - Generate TDS Certificates
-> India - TDS Certificate
Question If for a particular supplier there is no need to deduct TDS, what are the options available to ensure this?
Answer If no TDS needs to be deducted for a supplier, do not define 'Supplier Additional Information' for that supplier. This will ensure that no TDS tax codes are available for selection.
Question Is TDS deducted on Debit Memo or Credit Memo?
Answer No! TDS cannot be deducted on Debit Memo or Credit Memo. This entails recovery of TDS amount from TDS Authority; hence this functionality is not supported by India Localization.
Question What are the accounting entries when TDS is deducted?
Answer When TDS is applied on an Invoice, it creates creates two invoices (one Standard Invoice and one Credit Memo). The accounting entries are as follows:
Credit Memo (in the name of Initial Invoice's Supplier)
DR AP Liability
CR TDS Clearing Account
Standard Invoice (in the name of TDS Authority)
DR TDS Clearing Account
CR AP Liabiltity
Question A seperate check needs to be given to TDS authority for all deductions under various sections. How can this be achieved?
Answer While defining India Tax codes ensure that the Vendor Site is different for different TDS Section related Tax codes. Since, AP requires each supplier site to be paid by separate check, the above requirement can be met.
Question What do we mean by Threshholds under India Localization? Explain the concept of 'Single' and 'Cumulative' threshold.
Answer Refer India Localiation User Guide.
Question What is the naming convention of Invoices automatically created when when TDS tax codes are applied?
Answer The naming convention of TDS Invoices is
< Intial Invoice Number > - TDS - < SI or CM > - < a unique running sequence number >
For example, for the Standard Invoice with invoice number 'INV001' the TDS invoice numbers would be
- TDS Authority's INV001-TDS-SI-1111
- Supplier's INV001-TDS-CM-1111
(Assuming that TDS amount is payable to TDS Authority and the sequence's next value is 1111)
Question While creating AP Invoices TDS tax code can be applied either at Invoice Header or Distribution level. Is this statement correct?
Answer No! TDS Tax code can be only applied at the Invoice Distribution Level's DFF.
Question At what point of time are the TDS invoice's are automatically created? When invoice is entered / validated / approved / accounted / paid?
Answer TDS invoices are automatically created when a TDS Tax is entered in Invoice distribution and Invoice is validated.
Question While entering an invoice user forgot to enter TDS tax code at the invoice distributions. What option does the user has if he doesnt want to cancel the invoice but apply TDS tax?
Answer I leave this scenario so that you can check yourself :)
Question Can India Tax code be defined with a back-dated effective date?
Answer No. While defining India Tax codes, the start date cannot be less than System Date.
Question What are the steps for generation of TDS certificates?
Answer The following three programs need to be run to generate TDS certificates:
-> India - Process TDS Payments
-> India - Generate TDS Certificates
-> India - TDS Certificate
Question If for a particular supplier there is no need to deduct TDS, what are the options available to ensure this?
Answer If no TDS needs to be deducted for a supplier, do not define 'Supplier Additional Information' for that supplier. This will ensure that no TDS tax codes are available for selection.
Question Is TDS deducted on Debit Memo or Credit Memo?
Answer No! TDS cannot be deducted on Debit Memo or Credit Memo. This entails recovery of TDS amount from TDS Authority; hence this functionality is not supported by India Localization.
Question What are the accounting entries when TDS is deducted?
Answer When TDS is applied on an Invoice, it creates creates two invoices (one Standard Invoice and one Credit Memo). The accounting entries are as follows:
Credit Memo (in the name of Initial Invoice's Supplier)
DR AP Liability
CR TDS Clearing Account
Standard Invoice (in the name of TDS Authority)
DR TDS Clearing Account
CR AP Liabiltity
Question A seperate check needs to be given to TDS authority for all deductions under various sections. How can this be achieved?
Answer While defining India Tax codes ensure that the Vendor Site is different for different TDS Section related Tax codes. Since, AP requires each supplier site to be paid by separate check, the above requirement can be met.
Question What do we mean by Threshholds under India Localization? Explain the concept of 'Single' and 'Cumulative' threshold.
Answer Refer India Localiation User Guide.
Question What is the naming convention of Invoices automatically created when when TDS tax codes are applied?
Answer The naming convention of TDS Invoices is
For example, for the Standard Invoice with invoice number 'INV001' the TDS invoice numbers would be
- TDS Authority's INV001-TDS-SI-1111
- Supplier's INV001-TDS-CM-1111
(Assuming that TDS amount is payable to TDS Authority and the sequence's next value is 1111)
Question While creating AP Invoices TDS tax code can be applied either at Invoice Header or Distribution level. Is this statement correct?
Answer No! TDS Tax code can be only applied at the Invoice Distribution Level's DFF.
Question At what point of time are the TDS invoice's are automatically created? When invoice is entered / validated / approved / accounted / paid?
Answer TDS invoices are automatically created when a TDS Tax is entered in Invoice distribution and Invoice is validated.
Question While entering an invoice user forgot to enter TDS tax code at the invoice distributions. What option does the user has if he doesnt want to cancel the invoice but apply TDS tax?
Answer I leave this scenario so that you can check yourself :)
Publishing FSG Reports using XML Publisher
I have found a good article on how to publish FSG Reports using XML Publisher. Below is the link for the same:
Tutorial for Publishing FSG using XML Publisher
And to find how to create FSG reports following links may be referred:
- How To Generate FSG Reports - Part I
- How to Generate FSG Reports - Part II
- FSG Reporting (Refer to FSG via Apps section)
Tutorial for Publishing FSG using XML Publisher
And to find how to create FSG reports following links may be referred:
- How To Generate FSG Reports - Part I
- How to Generate FSG Reports - Part II
- FSG Reporting (Refer to FSG via Apps section)
Oracle Payables (AP) Period End Interview Questions
Below are few of the Interview questions that can be based on AP period-end process:
Question What are the various possible period statuses in AP?
Answer Various period statuses of AP module are
- Never Opened
- Open
- Closed
Question 'Period Close Exception Report' lists some payments under the heading 'Future Dated Payments Requiring Maturity Event and Account'. What action should be taken to resolve this?
Answer To resolve this issue 'Update Matured Future Payment Status' program needs to be submitted with appropriate Maturity Date.
Question Can a period be closed if the Payment Batch in that period is in the status 'Formatted'?
Answer If a period can be closed only after the payment is accounted and transferred to GL. Since, the status of payment is not 'Confirmed'; this payment will not allow for AP period closure.
Question Will an Invoice without a Distribution Line come in the 'Period Close Exception Report'? What action will be required to resolve it?
Answer An Invoice without a distribution will not hinder period closing process. Hence, no action will be required.
However, it is recommended to enter distributions, if a valid invoice; else delete such invoices.
Question What are the most common issues encountered while AP Period Closing process?
Answer Without going to technicalility, on a broader level the most common issues are:
- Invoice (Distributions) not Validated
- Invoices on Hold
- Invoices not Accounted
- Payments not Accounted
- Invoices & Payments accounting entries not transferred to GL
- Maturity Accounting not done for Future Dated payments
The above issues may arise either because users forgot to run relevant programs or because of bugs (which are quite many in AP) and awaiting resolution from Oracle (after Service Request i.e SR is raised).
Question Is is mandatory to resolve the issues in All the Operating Units of a given Legal Entity? Or the period can be closed once issues of one Operating Unit are resolved?
Answer It is mandatory to resolve all the issues of ALL the Operating of a given Legal Entity/ Set of Books (SOB).
Wednesday, November 4, 2009
Oracle Fixed Assets Interview Questions
1) How many key flexfields are there in Oracle Assets module?
Answer There are 3 Key Flexfields in Oracle assets and they are Asset Category, Asset Location and Asset Key.
2) What are the methods/ways in which an asset can be added ?
Answer There are 4 ways in which asset can be added
- Through Payables
- From external system through FA_MASS_ADDITIONS
- Quick Addition
- Detailed Addition
3) What are the various 'Asset Types' ?
Answer The various 'Asset Types' are
- Capitalized
- CIP
- Expense
- Group
4) In the multi-org structure, where does Fixed assets module operate?
Answer Instance
5) Can we have multiple period open in Assets module?
Answer In Fixed Assets only one period can be open at any given time. Multiple periods cannot be open.
6) Is it possible to set-up Assets module in such a way that accounting entries are not transferred to GL? How? In what scenario's does such requirement arise?
7) While defining 'Depreciation Calendar' what precaution needs to be taken (if accounting entries are to be transferred to GL)?
Answer The Depreciation Calendar's period name should be same as the GL calendar's period name.
8) Can an asset added in the period OCT-09 be retired in the same month?
Answer An asset cannot be retired in the same month in which it is added. It can be retired only in next period.
9) How is a period in FA opened? Is there a form?
Answer When a period is closed, while submitting Depreciation process, the next period is automatically opened. This ensures that only One period is open at any given point of time.
10) What is the difference between 'Expense' and 'Amortize' concepts?
11) What is the difference between Prorate Calendar and Depreciation Calender?
12) Can you explain the concept of Prorate Convention? How is it different from Retirement Convention?
13) What is the accounting entry passed at the time of creation of Asset?
Answer The accounting entry is as follows:
DR Asset Cost
CR Asset Clearing
14) Is the 'Asset Numbering' manual or automatic? Can an asset number be alpha-numeric?
Answer The Asset Numbering will be automically generated if no Asset number is manually enetered; Thus, we can say it is a combination of both methods.
15) Is is possible to set different Asset Numbering series for various Corporate Books? If yes?
Answer Using standard functionality it is not feasible do achieve this. Since, Asset number is given at 'System Controls'. However, using form personalization this can be achieved.
Added on 07-NOV-2009
16) When defining System Parameters in Oracle Assets module, Oldest Date Placed in Service was set as 01-APR-1960. In such case should the 'Depreciation Calendar' start from 01-APR-1960? If the start period in Depreciation Calendar is taken as 01-APR-2009 will there be any implications?
17) In GL Calendar the number of periods are 24 (including 12 Adjusting periods). Should Depreciation Calendar in FA also have 24 periods?
18) What is the difference between Fiscal and Calendar Year in Oracle Assets? Will they have any implication on the naming convention of the period? Can that naming convention be overwritten?
Answer There are 3 Key Flexfields in Oracle assets and they are Asset Category, Asset Location and Asset Key.
2) What are the methods/ways in which an asset can be added ?
Answer There are 4 ways in which asset can be added
- Through Payables
- From external system through FA_MASS_ADDITIONS
- Quick Addition
- Detailed Addition
3) What are the various 'Asset Types' ?
Answer The various 'Asset Types' are
- Capitalized
- CIP
- Expense
- Group
4) In the multi-org structure, where does Fixed assets module operate?
Answer Instance
5) Can we have multiple period open in Assets module?
Answer In Fixed Assets only one period can be open at any given time. Multiple periods cannot be open.
6) Is it possible to set-up Assets module in such a way that accounting entries are not transferred to GL? How? In what scenario's does such requirement arise?
7) While defining 'Depreciation Calendar' what precaution needs to be taken (if accounting entries are to be transferred to GL)?
Answer The Depreciation Calendar's period name should be same as the GL calendar's period name.
8) Can an asset added in the period OCT-09 be retired in the same month?
Answer An asset cannot be retired in the same month in which it is added. It can be retired only in next period.
9) How is a period in FA opened? Is there a form?
Answer When a period is closed, while submitting Depreciation process, the next period is automatically opened. This ensures that only One period is open at any given point of time.
10) What is the difference between 'Expense' and 'Amortize' concepts?
11) What is the difference between Prorate Calendar and Depreciation Calender?
12) Can you explain the concept of Prorate Convention? How is it different from Retirement Convention?
13) What is the accounting entry passed at the time of creation of Asset?
Answer The accounting entry is as follows:
DR Asset Cost
CR Asset Clearing
14) Is the 'Asset Numbering' manual or automatic? Can an asset number be alpha-numeric?
Answer The Asset Numbering will be automically generated if no Asset number is manually enetered; Thus, we can say it is a combination of both methods.
15) Is is possible to set different Asset Numbering series for various Corporate Books? If yes?
Answer Using standard functionality it is not feasible do achieve this. Since, Asset number is given at 'System Controls'. However, using form personalization this can be achieved.
Added on 07-NOV-2009
16) When defining System Parameters in Oracle Assets module, Oldest Date Placed in Service was set as 01-APR-1960. In such case should the 'Depreciation Calendar' start from 01-APR-1960? If the start period in Depreciation Calendar is taken as 01-APR-2009 will there be any implications?
17) In GL Calendar the number of periods are 24 (including 12 Adjusting periods). Should Depreciation Calendar in FA also have 24 periods?
18) What is the difference between Fiscal and Calendar Year in Oracle Assets? Will they have any implication on the naming convention of the period? Can that naming convention be overwritten?
Tuesday, November 3, 2009
GL Interface Interview Questions
1) What are the tables involved in GL Interface?
GL_INTERFACE
2) What is the program name to import journals?
Journal Import can be executed from Menu. Else Program - Import Journals program can be used.
3) What are the criteria on which journal import can be run?
Ans) The criteria's are
Ans) The criteria's are
- Source Name
- Group Id
- Import Desc Flexfield (Y/N)
- Create Summary Journal ( Y/N)
4) Can you give segment values or CCID in GL_Interface?
Ans) Both can be given.
5) How can we identify whether records in GL_INTERFACE are errorred records?
Ans) The status of those records will be other than NEW
6) What is the significance of Group ID?
7) If Journal import couldn't import journals because of errors, will Journal Import program end in error?
Ans) No. The Journal Import program doesnt error; but it gives details of the journal batches that have failed to import along with the error code
8) What validations are required for GL_INTERFACE?
9) Does the records get auto-purge
10) What are the errors encountered during Journal Import?
Ans)
- This date is not in any open or future enterable period
- Detail posting not allowed for this Accounting Flexfield
- Disabled Accounting Fledfield
- Invalid Currency code
- The journal entry is unbalanced and susspense posting not allowed in this et of books
Monday, November 2, 2009
AP Interface Questions
1) Explain the Interface process.
Answer The interface process starts with uploading the legacy data, which is in the form of flat file to the temporary table, and validating the data in the temporary. After that the data to be transferred to the Interface tables. From there by running the Customer Open Interface concurrent program, the data that is in the interface tables are transferred to main tables.
2) What are the various tables involved in AP Interface?
Answer AP_INVOICES_INTERFACE
AP_INVOICE_LINES_INTERFACE
3) What is the program used to import invoices from interface tables?
Answer - Payables Open Interface Import
4) What the various validation to be done before transferring data from temporary table to interface tables?
Answer The various type of validations are:
Not null validation:
Not null validation:
few columns like
- Invoice Number,
- Invoice Date,
- Currency Code etc should not null
Data Type Validation:
- Invoice Amount
- Invoice Date
Business Validation:
- Is the GL date in open period? GL_PERIOD_STATUSES
- Invoice number is not repeating
- Invoice distribution total should match with Invoice header amount
Generation of CCID
GET_CCID
5) What cases do you use Mapping? How did you achieve mapping functionality? Give some examples?
6) How can achieve that either complete files is inserted or complete file is rejected; while inserting into Open Interface tables?
7) Can you give segment values or CCID while inserted records into AP_INVOICE_LINES_INTERFACE table?
8) Does the records in the Interface table get auto-purged after getting successfully imported into base tables?
Ans) No. We have run Payables Open Interface Purge
9) What are the errors encoutered while Importing Invoices?
Sunday, November 1, 2009
Oracle Payables (AP) Functional Interview Questions
Still in progress.....
1) Invoices vs Invoice Batches
2) Type of Invoices supported by Oracle Payables
3) Number of Tabs in Invoice Entry screen and what are they?
There are 5 Tabs
4) Where is the method of Supplier Number set? At what level is the supplier numbering controlled?
5) What are the various statuses of invoices?
6) How many key flexfileds are there in Payables
Payables doesn't have any key flexfield
7) What are AP Accounting periods? How are they different from GL periods? Are there adjusting periods in AP?
8) Can a partial payment of Prepayment be done?
9) Can you hold partial payments? And how can that be achieved?
10) How can the Invoice distributions' which can be transferred to Fixed Assets be identified in AP? Is there is any field explains/indicates the same?
11) When you return goods to supplier (RTS) whether system created Debit Memo or Credit Memo? And what is the set-up required for the system to create the relevant document automatically?
12) What does Accrual mean?
13) An invoice is entered, validated and accounted. And thereafter, the invoice is cancelled; what will be the accounting status?
14) What is the Debit Memo and Credit Memo?
15) What are the invoice interface tables in AP?
16) Can you explain 2-way, 3-way and 4-way matching?
17) What is a Payable document?
18) How can we link an Employee to Supplier?
19) Can you explain the concept of Automatic Offset in Payables? And how is this different from Autoaccounting in AR?
20) How can a range of Document numbers be voided in one go ?
21) Can two users use same payable document simultaneously? If yes, which user will get the document number assigned first?
22) What are the various statuses of payment batch?
25) Explain the concept of the ERS. Also give relevant set-ups and programs related to it.
Answer Evaluated Receipt Settlement (ERS) also referred to as 'Pay on Receipt'. While defining supplier site in Purchasing tab, the "Pay on" field should be 'Receipt'.
26) Can the payment date be before invoice date?
27) Can accounting of Payment be done before accounting invoice?
28) Explain the concept of Proxima payment terms.
29) What are the various type of Distribution sets? And what is thier purpose?
30) Can an invoice be accounted if there are holds applicable to the invoice?
Answer Yes! An invoice can be accounted even if the holds are applied against it provided, Accounting Allowed check-box is enabled while defining the Invoice Hold.
31) Can an Invoice in INR be paid in USD currency? What are the alternatives available?
32) Can multiple currency payments be done using same bank account? If yes, what are the relevant set-ups required?
33) Can PO level DFF be transferred to AP Invoice? Any set-ups are required for the same?
34) What is the name of program which is used to transfer accounting entries from AP to GL and what are the options available during submitting the program?
35) Explain the concept of withholding tax along with relevant set-ups.
36) Which expense report templates are available in iExpense Modules?
Answer All those Expense Report Templates are available in iExpenses modules for raising Expense Reports for which "Enable for Internet Expenses" is enabled.
37) What is the name of the program used to import expense reports into AP? And what are the tables from where the expense reports are imported?
Answer The name of the concurrent program is "Expense Report Import". The tables where expense reports are maintained are AP_EXPENSE_REPORT_HEADERS and AP_EXPENSE_REPORT_LINES
38) Can the same Invoice Number be entered for two different suppliers in Payables?
Answer The invoice number should be unique for a given supplier; hence, the same Invoice Number can be used by multiple suppliers
39) Control of Payables (AP) periods is at what level? At Operating Unit?
Answer Though Payables (AP) operates at Operating Unit level, the control of period is at set of books level.
40) Can the same bank account be assigned to multiple suppliers? What is the alternative if same bank account is to be shared across multiple suppliers (e.g. part of same group)?
Answer While defining Internal bank accounts, "Allow Assignment to Multiple Suppliers" check-box should be enabled.
41) What is "Zero Payment"? And what are the set-ups required to make a Zero Payment? Is it possible to ensure that only zero payments are allowed using a payable document?
Answer While defining Bank Accounts, in Payable Options tab "Allow Zero Payments" check-box to be enabled. To ensure that only zero payments are allowed using a payable document, attach a payment format to the same which has "Zero Amount Payments Only" check-box enabled.
42) A supplier is available in Invoice Inquiry; however, the supplier is not available while entering Invoices. What are the possible reasons for the same?
Answer The possible for the unavailability of supplier are
- The 'Pay' check-box at supplier site (General tab) is disabled
- 'Inactive On' date is entered at the supplier site level i.e. supplier site is end-dated.
43) While doing future dated payments, is the future dated payment account at the supplier site used?
Answer It depends on the Payable Options's Accounting tab. There we have option to select whether the future dated payments account should be selected either from Supplier site or Payable documents.
44) When the 'Payment Method' at invoice level is given as 'Electronic', sytem requires some additional details? What are they?
Answer When the 'Payment Method' is selected as 'Electronic' system additionally requires a Bank account in the invoice currency to be assigned to the supplier.
45) If there is a requirement that for specific supplier, each invoice should be paid by a separate check? Can that be achieved? If yes, how?
Answer While defining supplier site in the Payments tab, the "Pay Alone" need to be checked so that each invoice is paid by a separate check.
46) Let us assume that a check issued to supplier has become time-barred. And supplier returns it requesting for a new check. Can the existing check be voided and a new check be issued simultaneously?
Answer
47) Can the payment date be before the system date i.e, is it possible to issue back-dated checks?
Answer
48) While defining payable documents, document number is given as 1 to 4999. And an user has issued checks till 4999. What happens when 5000th check is being created using the same payable document?
Answer
49) Can you create an Invoice in USD, while the Standard PO has been created in EUR?
Answer
1) Invoices vs Invoice Batches
2) Type of Invoices supported by Oracle Payables
3) Number of Tabs in Invoice Entry screen and what are they?
There are 5 Tabs
4) Where is the method of Supplier Number set? At what level is the supplier numbering controlled?
5) What are the various statuses of invoices?
6) How many key flexfileds are there in Payables
Payables doesn't have any key flexfield
7) What are AP Accounting periods? How are they different from GL periods? Are there adjusting periods in AP?
8) Can a partial payment of Prepayment be done?
9) Can you hold partial payments? And how can that be achieved?
10) How can the Invoice distributions' which can be transferred to Fixed Assets be identified in AP? Is there is any field explains/indicates the same?
11) When you return goods to supplier (RTS) whether system created Debit Memo or Credit Memo? And what is the set-up required for the system to create the relevant document automatically?
12) What does Accrual mean?
13) An invoice is entered, validated and accounted. And thereafter, the invoice is cancelled; what will be the accounting status?
14) What is the Debit Memo and Credit Memo?
15) What are the invoice interface tables in AP?
16) Can you explain 2-way, 3-way and 4-way matching?
17) What is a Payable document?
18) How can we link an Employee to Supplier?
19) Can you explain the concept of Automatic Offset in Payables? And how is this different from Autoaccounting in AR?
20) How can a range of Document numbers be voided in one go ?
21) Can two users use same payable document simultaneously? If yes, which user will get the document number assigned first?
22) What are the various statuses of payment batch?
25) Explain the concept of the ERS. Also give relevant set-ups and programs related to it.
Answer Evaluated Receipt Settlement (ERS) also referred to as 'Pay on Receipt'. While defining supplier site in Purchasing tab, the "Pay on" field should be 'Receipt'.
26) Can the payment date be before invoice date?
27) Can accounting of Payment be done before accounting invoice?
28) Explain the concept of Proxima payment terms.
29) What are the various type of Distribution sets? And what is thier purpose?
30) Can an invoice be accounted if there are holds applicable to the invoice?
Answer Yes! An invoice can be accounted even if the holds are applied against it provided, Accounting Allowed check-box is enabled while defining the Invoice Hold.
31) Can an Invoice in INR be paid in USD currency? What are the alternatives available?
32) Can multiple currency payments be done using same bank account? If yes, what are the relevant set-ups required?
33) Can PO level DFF be transferred to AP Invoice? Any set-ups are required for the same?
34) What is the name of program which is used to transfer accounting entries from AP to GL and what are the options available during submitting the program?
35) Explain the concept of withholding tax along with relevant set-ups.
36) Which expense report templates are available in iExpense Modules?
Answer All those Expense Report Templates are available in iExpenses modules for raising Expense Reports for which "Enable for Internet Expenses" is enabled.
37) What is the name of the program used to import expense reports into AP? And what are the tables from where the expense reports are imported?
Answer The name of the concurrent program is "Expense Report Import". The tables where expense reports are maintained are AP_EXPENSE_REPORT_HEADERS and AP_EXPENSE_REPORT_LINES
38) Can the same Invoice Number be entered for two different suppliers in Payables?
Answer The invoice number should be unique for a given supplier; hence, the same Invoice Number can be used by multiple suppliers
39) Control of Payables (AP) periods is at what level? At Operating Unit?
Answer Though Payables (AP) operates at Operating Unit level, the control of period is at set of books level.
40) Can the same bank account be assigned to multiple suppliers? What is the alternative if same bank account is to be shared across multiple suppliers (e.g. part of same group)?
Answer While defining Internal bank accounts, "Allow Assignment to Multiple Suppliers" check-box should be enabled.
41) What is "Zero Payment"? And what are the set-ups required to make a Zero Payment? Is it possible to ensure that only zero payments are allowed using a payable document?
Answer While defining Bank Accounts, in Payable Options tab "Allow Zero Payments" check-box to be enabled. To ensure that only zero payments are allowed using a payable document, attach a payment format to the same which has "Zero Amount Payments Only" check-box enabled.
42) A supplier is available in Invoice Inquiry; however, the supplier is not available while entering Invoices. What are the possible reasons for the same?
Answer The possible for the unavailability of supplier are
- The 'Pay' check-box at supplier site (General tab) is disabled
- 'Inactive On' date is entered at the supplier site level i.e. supplier site is end-dated.
43) While doing future dated payments, is the future dated payment account at the supplier site used?
Answer It depends on the Payable Options's Accounting tab. There we have option to select whether the future dated payments account should be selected either from Supplier site or Payable documents.
44) When the 'Payment Method' at invoice level is given as 'Electronic', sytem requires some additional details? What are they?
Answer When the 'Payment Method' is selected as 'Electronic' system additionally requires a Bank account in the invoice currency to be assigned to the supplier.
45) If there is a requirement that for specific supplier, each invoice should be paid by a separate check? Can that be achieved? If yes, how?
Answer While defining supplier site in the Payments tab, the "Pay Alone" need to be checked so that each invoice is paid by a separate check.
46) Let us assume that a check issued to supplier has become time-barred. And supplier returns it requesting for a new check. Can the existing check be voided and a new check be issued simultaneously?
Answer
47) Can the payment date be before the system date i.e, is it possible to issue back-dated checks?
Answer
48) While defining payable documents, document number is given as 1 to 4999. And an user has issued checks till 4999. What happens when 5000th check is being created using the same payable document?
Answer
49) Can you create an Invoice in USD, while the Standard PO has been created in EUR?
Answer
Saturday, October 31, 2009
Other Links with GL Questions
Please find below list of links you may refer for GL Interview Questions:
- GL Tables info on knoworacle - Its good for every functional to have this basic information on GL tables.
Oracle General Ledger Interview Questions - Basic
Here are few of the basic Oracle General Ledger (GL) interview Questions:
Question 1 In the multi-org structure, at what level does GL operate?
Answer General Ledger operates at SOB level.
Question 2 What are the various statuses of GL Periods? And in which table this information is stored?
Answer The statuses of GL periods are are below:
Question 3 If Journal Approval flag is checked while defining Set of Books (SOB) then all journals will necessarily require approval. Is this statement correct?
Answer In addition to enabling Journal Approval flag at SOB level; Require Journal Approval flag at Journal Sources level for journals to require approval.
Question 4 Does GL support Accrual or Cash system of accounting?
Answer GL is a central repository and all the journal entries from sub-ledger flow to GL. And there is no option to specify which method of accounting is allowed. So, such an option is available only at sub-ledger level; at GL level, users are free to entry either type of entries. Hence, we can say that GL supports both methods of accounting.
Question 5 Journal can be entered only in Open Periods. Is this statement correct?
Answer No, journals can be entered both in Open and Future-Entry periods. However, journals can be posted only in Open periods.
Question 6 Can a GL period be opened after the period is being closed? Can the period be opened after the closure of Financial Year?
Answer Yes, a GL period can be opened any time after it is closed; even after financial year is closed (though not recommended). However, once a period is permanently closed it cannot be re-opened.
Question 7 What happens when the Posted journal are changed?
Answer Posted Journal cannot be modified. They can only be reversed.
Question 8 What is the difference between Revaluation and Translation?
Answer
Revaluation is used to determine the position of foreign currency debtors, creditors etc at the end of month; and it created revaluation journal entries.
While Traslation is a functionality used to convert all balances including functional currency (say INR) balances in a given foreign currency (USD). Then, Trial Balance in that currency(USD) can be generated. It is used whenof a subsidiary or branch (INR) are required to be merged with another company reporting in different currency (USD).
Question 9 What is the meaning of Retained Earning? Where the retained earning account given?
Answer
Retained Earnings represent the undistributed profits of a company i.e. profits retained. The retained earning account is a mandatory account to be given at the time of defining Set of Books (SOB).
Question 10 Can the GL period be closed when there are unposted journals in the period? What error will it give?
Answer Unlike AP and AR, where period cannot be closed unless all transactions are processed; GL period can be closed even if there are unposted journals. So, it gives no error as such.
Question 11 What are the maximum number of period that can be open in GL? Answer There is no limit on number of periods that can be concurrently open GL; however, it is advised to keep the number of GL Open periods to minimum.
Question 12 What are the key tables of GL module?
Answer The tables that store the information of GL journals are - GL_JE_BATCHES - GL_JE_HEADERS - GL_JE_LINES While the summary of balances is stored in GL_BALANCES. And the GL interface table is GL_INTERFACE.
Question 13 What is the difference FSG report and D2k report?
Answer Financial Statement Generator (FSG) is a functionality GL which can used to develop financial reports based on data in GL only (i.e. sub-ledger details cannot be displayed in the report) and FSG reports can be developed by functional users. However, to develop a D2K report knowledge of table structures and SQL (may be even PL/SQL) would be required. And using D2K report can be build for any module or extract data from multiple modules based on user requirement.
Question 14 What are the various type of balances supported by GL?
Answer Oracle GL supports three type are balances which are:
- Actual
- Encumbrance
- Budger
Question 15 What are the various type of accounts in GL? And at what point is the type of account identified? And explain the nature of accounts.
Answer Five type of accounts are maintained in GL
- Expense (E)
- Revenue (R)
- Asset (A)
- Liabiltiy (L)
- Owner's Equity (O)
While defining the Natual Account segment values, in the segment qualifier we specify the nature of account. The type of account for a Code combination is stored in GL_CODE_COMBINATIONS
Expense and Revenue accounts represent expenses/losses and Revenues/Gains respectively. And these accounts have a ZERO balance at the start of the year. This point has to be taken care of while developing reports where Opening Balance is calculated rather than using GL_BALANCES table.
Owner's Equity represent Share Capital and includes retained earnings and reserves, if any. Owner's Equity along with Asset and Liability Balances are carried forward at the end of year.
Question 16 Explain the concepts of PTD, YTD, QTD and PJTD in GL?
Answer All the below are various ways of calculating balances and each indicate the starting point since when the balance is calculated
PTD - Period To date (i.e. from the start of period till date)
YTD - Year to date
QTD - Quater to Date
PJTD - Project to Date (i.e. from the start of the project and it can span multiple years)
Question 17 What is a funding budget? And what is its purpose?
Answer A funding budget is a budget for which 'Require Budget Journals' check box is checked. Funding budget can be used to control expenses if budgeting control is enabled at Set of Books (SOB) level.
Question 18 What is the maximum number of periods allowed in a year while defining GL calander? Can you two periods in GL calander overlap?
Answer GL calander allows for 1 to 366 periods per year. And two periods cannot overlap unless one of them is an adjustment period.
Question 19 When entering a Code Combination in Journals screen, user is getting the error - Please choose an existing combination.
How can this issue be resolved? Can any changes be done so that this issue doenst doesn't arise again?
Answer The issue can be instantly resolved by defining the combinations to be used in GL Accounts screen. And to prevent re-occurence of this issue, 'Allow Dynamic Inserts' check-box should be enabled while defining the Chart of Accounts.
Question 1 In the multi-org structure, at what level does GL operate?
Answer General Ledger operates at SOB level.
Question 2 What are the various statuses of GL Periods? And in which table this information is stored?
Answer The statuses of GL periods are are below:
- Open
- Closed
- Future - Entry
- Permanently Closed
- Never Opened
Question 3 If Journal Approval flag is checked while defining Set of Books (SOB) then all journals will necessarily require approval. Is this statement correct?
Answer In addition to enabling Journal Approval flag at SOB level; Require Journal Approval flag at Journal Sources level for journals to require approval.
Question 4 Does GL support Accrual or Cash system of accounting?
Answer GL is a central repository and all the journal entries from sub-ledger flow to GL. And there is no option to specify which method of accounting is allowed. So, such an option is available only at sub-ledger level; at GL level, users are free to entry either type of entries. Hence, we can say that GL supports both methods of accounting.
Question 5 Journal can be entered only in Open Periods. Is this statement correct?
Answer No, journals can be entered both in Open and Future-Entry periods. However, journals can be posted only in Open periods.
Question 6 Can a GL period be opened after the period is being closed? Can the period be opened after the closure of Financial Year?
Answer Yes, a GL period can be opened any time after it is closed; even after financial year is closed (though not recommended). However, once a period is permanently closed it cannot be re-opened.
Question 7 What happens when the Posted journal are changed?
Answer Posted Journal cannot be modified. They can only be reversed.
Question 8 What is the difference between Revaluation and Translation?
Answer
Revaluation is used to determine the position of foreign currency debtors, creditors etc at the end of month; and it created revaluation journal entries.
While Traslation is a functionality used to convert all balances including functional currency (say INR) balances in a given foreign currency (USD). Then, Trial Balance in that currency(USD) can be generated. It is used whenof a subsidiary or branch (INR) are required to be merged with another company reporting in different currency (USD).
Question 9 What is the meaning of Retained Earning? Where the retained earning account given?
Answer
Retained Earnings represent the undistributed profits of a company i.e. profits retained. The retained earning account is a mandatory account to be given at the time of defining Set of Books (SOB).
Question 10 Can the GL period be closed when there are unposted journals in the period? What error will it give?
Answer Unlike AP and AR, where period cannot be closed unless all transactions are processed; GL period can be closed even if there are unposted journals. So, it gives no error as such.
Question 11 What are the maximum number of period that can be open in GL? Answer There is no limit on number of periods that can be concurrently open GL; however, it is advised to keep the number of GL Open periods to minimum.
Question 12 What are the key tables of GL module?
Answer The tables that store the information of GL journals are - GL_JE_BATCHES - GL_JE_HEADERS - GL_JE_LINES While the summary of balances is stored in GL_BALANCES. And the GL interface table is GL_INTERFACE.
Question 13 What is the difference FSG report and D2k report?
Answer Financial Statement Generator (FSG) is a functionality GL which can used to develop financial reports based on data in GL only (i.e. sub-ledger details cannot be displayed in the report) and FSG reports can be developed by functional users. However, to develop a D2K report knowledge of table structures and SQL (may be even PL/SQL) would be required. And using D2K report can be build for any module or extract data from multiple modules based on user requirement.
Question 14 What are the various type of balances supported by GL?
Answer Oracle GL supports three type are balances which are:
- Actual
- Encumbrance
- Budger
Question 15 What are the various type of accounts in GL? And at what point is the type of account identified? And explain the nature of accounts.
Answer Five type of accounts are maintained in GL
- Expense (E)
- Revenue (R)
- Asset (A)
- Liabiltiy (L)
- Owner's Equity (O)
While defining the Natual Account segment values, in the segment qualifier we specify the nature of account. The type of account for a Code combination is stored in GL_CODE_COMBINATIONS
Expense and Revenue accounts represent expenses/losses and Revenues/Gains respectively. And these accounts have a ZERO balance at the start of the year. This point has to be taken care of while developing reports where Opening Balance is calculated rather than using GL_BALANCES table.
Owner's Equity represent Share Capital and includes retained earnings and reserves, if any. Owner's Equity along with Asset and Liability Balances are carried forward at the end of year.
Question 16 Explain the concepts of PTD, YTD, QTD and PJTD in GL?
Answer All the below are various ways of calculating balances and each indicate the starting point since when the balance is calculated
PTD - Period To date (i.e. from the start of period till date)
YTD - Year to date
QTD - Quater to Date
PJTD - Project to Date (i.e. from the start of the project and it can span multiple years)
Question 17 What is a funding budget? And what is its purpose?
Answer A funding budget is a budget for which 'Require Budget Journals' check box is checked. Funding budget can be used to control expenses if budgeting control is enabled at Set of Books (SOB) level.
Question 18 What is the maximum number of periods allowed in a year while defining GL calander? Can you two periods in GL calander overlap?
Answer GL calander allows for 1 to 366 periods per year. And two periods cannot overlap unless one of them is an adjustment period.
Question 19 When entering a Code Combination in Journals screen, user is getting the error - Please choose an existing combination.
How can this issue be resolved? Can any changes be done so that this issue doenst doesn't arise again?
Answer The issue can be instantly resolved by defining the combinations to be used in GL Accounts screen. And to prevent re-occurence of this issue, 'Allow Dynamic Inserts' check-box should be enabled while defining the Chart of Accounts.
Thursday, October 29, 2009
Oracle Treasury Interview Questions
Please find below Treasury Interview Questions:
Question 1 How can you ensure that user has access to entering a Deal FX-SPOT, but cannot Validate it?
Answer User Access Levels allow restricting the access of Company and Deals. Further, in Deals there is an option to restrict Input and Validation of Deals
Question 2 Why is it advised to keep the number of Porfolios to minimum during treasury implementation?
Answer For every additional portfolio, Journal Entry Actions needs to be set-up for a combination of Deal, Deal Subtype and Product Types. And this adds to a great deal complexity. So creating that many number of as required by accounting practice make it easier to maintain in long run.
Question 3 In the multi-org structure where does treasury module operate?
Answer Treasury operates Legal Entity Level as a separate Company is created for each Legal Entity.
Question 4 How can FX deal be cancelled in Oracle Treasury?
Answer To cancell a deal the Deal Status of FX deal needs to be changed to Cancelled
Question 5 Can you set-up User Access in such a way that the user has access to FX deal for Company X and have TMM deal access for Company Y?
Answer No! User Access Levels, currently, doesnt support giving access of deals/deal subtypes/ products company wise; and hence the requirement cannot be met.
Question 6 How Treasury Users can be created against one Application User?
Answer The relationship between Application User and Treasury User is One-To-One. Hence, only one Treasury User can be created against a given Application User.
Question 7 What is Net Exposure?
Answer Maximum amount of the currency that you want to hold at any time.
Question 8 What is the difference between Base Currency and Spot Currency? Explain with example.
Answer Base currency is the first currency quoted in a currency pair on forex. For example, if you were looking at the CAD/USD currency pair, the Canadian dollar would be the base currency and the U.S. dollar would be the quote/contra currency. The price represents how much of the contra/quote currency is needed for you to get one unit of the base currency.
Question 9 What are the various types of Counter Parties allowed in Oracle Treasury?
Answer Treasuy supports creation of two type of Counter Parties Internal and External.
Question 10 How can a Counter Party be set-up as an Internal counter party?
Answer While defining the Counter Party, in the Cross Reference field the parent Company name should be given.
Question 11 What are the Open Interface/ API currently available in Treasury and what do they do?
Answer There are Open Interface/ API available for
Question 12 Can a user add new Amount Type for FX deal type?
Answer RTMM is the only Treasury deal type where users can create their own amount types, which show up in the Principal Type LOV under the Principal Adjustment tab on the RTMM deal form. For all other Treasury deal types, including FX deals, the user cannot create amount types.
Question 13 What the steps of Accounting Process in Oracle Treasury? What is the name of program run using which all the steps can be completed in one ?
Answer
- Perform revaluations (optional)
- Generate accruals and amortizations
- Generate daily journals
- Transfer journals to General Ledger
You can post journal entries for cash flow amounts (that is, non-revaluation and non-accrual journal entries) on a daily or weekly basis, and post journal entries for your revaluation/accrual deals on a separate timeline. The posting of cash flow amounts does not require performing revaluations or generating accruals prior to generating daily journals.
The concurrent program which can be used completing all the above 4 steps in one go is Program - Accounting Streamline Processing.
Question 14
While Generating Journals what are the two type of journals that can be created?
Answer When running the General Journals process you can choose to generate journals of two kinds:
Question 15 What are the two types of Accruals supported by Oracle Treasury?
Answer Two type of accruals supported by Treasury are:
- Straight Line Accruals
- Effective Interest Accruals
Question 16
What are the options available for rectifying a Accrual accounting batch after Daily Journals have been generated?
Answer
As long as Daily Journals are not transferred to GL, the daily journals can be deleted. Once daily journals are deleted, Accrual Batches can be unauthorized and thereafter changes can be done.
Question 1 How can you ensure that user has access to entering a Deal FX-SPOT, but cannot Validate it?
Answer User Access Levels allow restricting the access of Company and Deals. Further, in Deals there is an option to restrict Input and Validation of Deals
Question 2 Why is it advised to keep the number of Porfolios to minimum during treasury implementation?
Answer For every additional portfolio, Journal Entry Actions needs to be set-up for a combination of Deal, Deal Subtype and Product Types. And this adds to a great deal complexity. So creating that many number of as required by accounting practice make it easier to maintain in long run.
Question 3 In the multi-org structure where does treasury module operate?
Answer Treasury operates Legal Entity Level as a separate Company is created for each Legal Entity.
Question 4 How can FX deal be cancelled in Oracle Treasury?
Answer To cancell a deal the Deal Status of FX deal needs to be changed to Cancelled
Question 5 Can you set-up User Access in such a way that the user has access to FX deal for Company X and have TMM deal access for Company Y?
Answer No! User Access Levels, currently, doesnt support giving access of deals/deal subtypes/ products company wise; and hence the requirement cannot be met.
Question 6 How Treasury Users can be created against one Application User?
Answer The relationship between Application User and Treasury User is One-To-One. Hence, only one Treasury User can be created against a given Application User.
Question 7 What is Net Exposure?
Answer Maximum amount of the currency that you want to hold at any time.
Question 8 What is the difference between Base Currency and Spot Currency? Explain with example.
Answer Base currency is the first currency quoted in a currency pair on forex. For example, if you were looking at the CAD/USD currency pair, the Canadian dollar would be the base currency and the U.S. dollar would be the quote/contra currency. The price represents how much of the contra/quote currency is needed for you to get one unit of the base currency.
Question 9 What are the various types of Counter Parties allowed in Oracle Treasury?
Answer Treasuy supports creation of two type of Counter Parties Internal and External.
Question 10 How can a Counter Party be set-up as an Internal counter party?
Answer While defining the Counter Party, in the Cross Reference field the parent Company name should be given.
Question 11 What are the Open Interface/ API currently available in Treasury and what do they do?
Answer There are Open Interface/ API available for
- Foreign Exchange Transactions
- Exposure Transactions etc
Question 12 Can a user add new Amount Type for FX deal type?
Answer RTMM is the only Treasury deal type where users can create their own amount types, which show up in the Principal Type LOV under the Principal Adjustment tab on the RTMM deal form. For all other Treasury deal types, including FX deals, the user cannot create amount types.
Question 13 What the steps of Accounting Process in Oracle Treasury? What is the name of program run using which all the steps can be completed in one ?
Answer
- Perform revaluations (optional)
- Generate accruals and amortizations
- Generate daily journals
- Transfer journals to General Ledger
You can post journal entries for cash flow amounts (that is, non-revaluation and non-accrual journal entries) on a daily or weekly basis, and post journal entries for your revaluation/accrual deals on a separate timeline. The posting of cash flow amounts does not require performing revaluations or generating accruals prior to generating daily journals.
The concurrent program which can be used completing all the above 4 steps in one go is Program - Accounting Streamline Processing.
Question 14
While Generating Journals what are the two type of journals that can be created?
Answer When running the General Journals process you can choose to generate journals of two kinds:
- Non-Revaluation/Non-Accrual Related Journal Processing
- Revaluation/Accrual Related Journal Processing
Question 15 What are the two types of Accruals supported by Oracle Treasury?
Answer Two type of accruals supported by Treasury are:
- Straight Line Accruals
- Effective Interest Accruals
Question 16
What are the options available for rectifying a Accrual accounting batch after Daily Journals have been generated?
Answer
As long as Daily Journals are not transferred to GL, the daily journals can be deleted. Once daily journals are deleted, Accrual Batches can be unauthorized and thereafter changes can be done.
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