BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Posting of a guarantee of payment
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Bank posting of a received down payment
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Down payment request
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Detailed explanation-1: -Certain G/L items are created automatically. This reduces the manual entries required. During clearing, items for cash discount, payment differences, revenues from charges, exchange rates differences, and any necessary tax adjustments are amended automatically.
Detailed explanation-2: -Transactions where the system always makes offsetting entries automatically to the same account are called statistical postings, since they are generally not displayed on the balance sheet or only in the appendix.
Detailed explanation-3: -Special G/L transactions defined as free offsetting entries create proper postings in the General Ledger. The Alternative reconciliation account is debited or credited automatically depending on the type of posting. The user must enter the G/L account while making the entry. Usually a part of financial statement.