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Which R3 module records transactions in the general ledger?

The R3 module that records transactions in the general ledger is the Financial Accounting (FI) module. In SAP R3, the FI module is responsible for managing financial transactions, including accounts payable, accounts receivable, asset accounting, and general ledger accounting. It ensures that all financial transactions are accurately recorded and reported in the general ledger for financial reporting and analysis purposes.


Chart of accounts is used by accounts receivable or accounts payable?

noneChart of accounts is used for compiling General Ledger and financial accounts by accountants.AR and AP use aged trial balance


What is the entire group of accounts maintained by a company called?

General ledger-a collection of all the accounts used by a business that could appear on the financial statements


What title would you say i would be if i am the only one working in the office doing the payroll taxes accounts payable accounts receivable general ledger and w2s?

Financial Controller


Where does bad debt expense show in financial statements?

Bad debt expense is typically reported on the income statement as an operating expense, reducing net income for the period. It reflects the estimated uncollectible accounts receivable and is often included in the selling, general, and administrative expenses section. Additionally, on the balance sheet, the allowance for doubtful accounts—a contra asset account—is used to offset accounts receivable, indicating the estimated amount that may not be collected.


Can financial statements be prepared directly from the adjusted trial balance?

Yes, adjusting entries have been recorded in the general journal and posted to the ledger accounts.


What does a subsidiary ledger show?

A subsidiary ledger provides detailed information about specific accounts that belong to a general ledger account. It breaks down the transactions and balances for individual components, such as accounts receivable, accounts payable, or inventory, allowing for better tracking and management of financial data. This detailed information supports the accuracy and transparency of the overall financial statements.


When does the AP requires a subsidiary ledger?

A control account is an account found in the general ledger such as accounts receivable,Accounts Payable,inventory etc. The accounts are a summation of entries made in the subsidiary ledgers and are.When using a General Ledger, accounts such as Accounts Payable or Accounts Receivable are much easier to work with in the General Ledger if they have a "single" sum of all accounts, in other words.


What is the End product of financial accounting?

Financial Accounting is concerned with preparation of Financial Statements that would serve the interests of Investors, Banks, Creditors, and general public at large. The aim of Financial Accounting is to facilitate Financial Decision Making based on Accurately Gathered Significant financial Information pertaining to the Performance of the Organization and also giving information about the Current position of the Organization's Assets and Liabilities.


What is the role of an accounting department in a corporation?

Role of accounts department in a corporation is: · Financial accounting: financial and fixed asset reporting; payroll; accounts payable · Accounting function: maintain the general and subsidiary ledgers; process and record all revenues and prepare general purpose financial statements in compliance with IFRSs · Accounting oversight and guidance to other internal departments to ensure the gaap, legal requirements, policies and procedures - all consistently applied to maintain the integrity of the financial records. · Management accounting - budgeting, performance evaluation, cost management, asset management


General ledger account?

There are several different accounts that are used in the general ledger. Some of these accounts include cash, accounts receivable, inventory, notes payable, accounts payable, and customer deposits.


How do you prevent overdue accounts in the accounting business?

A Chart of Accounts is more than a list of General Ledger Accounts. A functional Chart of Accounts is: (1) the center of the financial record keeping process (2) a 'posting map' for recording financial...What_do_you_do_if_you_have_an_overdue_accountWhere an overdue account showing on your file has been paid but not updated, call the credit provider and request they contact the credit agency to make the correction. Your file will be updated...Is_accounts_receivable_a_real_account_in_accounting_and_is_goodwill_a_real_account_in_accountingReal accounts, i.e. Balance Sheet accounts are ongoing perpetual records and represent "real" items; cash, receivables, inventories, accounts payable, invested capital, etc., etc. Accounts receivable...