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Home Interview Accounting and Finance Comments

  • Question
  • How does the payment mechanism work?


  • Correct Answer
  • 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 zeroDuring 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 


  • Accounting and Finance problems


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    • 1. What is meant by liabilities ?
    • Discuss
    • 2. What is the meaning of invoice?
    • Discuss
    • 3. what is the job description of a payroll officer?
    • Discuss
    • 4. Foreign Exchange Rates refer to the
    • Discuss
    • 5. Financial statements are prepared from which trial balance?

    • Options
    • A. Unadjusted trial balance
    • B. Adjusted trial balance
    • C. Post- closing trial balance
    • D. None of the above
    • Discuss
    • 6. What do you understand by Intercompany Settlement?
    • Discuss
    • 7. What is 3 Way Matching?
    • Discuss
    • 8. what is the difference between the terms 'credit' and 'debit' from the customer point of view?
    • Discuss
    • 9. What is reconciliation ?
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    • 10. What is the Debit Balance recovery? How we can recover if we won?t have any future transactions from supplier ?
    • Discuss


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