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FI&CO Interview questions
Home »FI&CO Interview questions Q. What is ERP?ans. ERP stands for “enterprise resource planning”. The definition of enterprise resource planning is an integrated software solution used to manage a company’s resources. ERP systems integrate all business management functions, including planning, inventory/materials management, engineering, order processing, manufacturing, purchasing, accounting and finance, human resources, and more. Q. Why implement an ERP system?ans. ERP software integrates all departments and functions across a company onto a single computer system that can serve all those different departments' particular needs. ERP combines finance, HR, manufacturing and distribution all together into a single, integrated software program that runs off a single database so that the various departments can more easily share information and communicate with each other. This integrated approach can have a tremendous payback provided the software is installed and used correctly. Q. What are the benefits of an ERP System?ans. The benefits derived from ERP can far outweigh the costs of the system, providing that the system is selected carefully and is appropriate for your company from a feature, cost, and technology standpoint. Some of the benefits realized are:
An ERP system provides the solid operational backbone manufacturers and distributors need to improve the volume of production and fulfillment of orders while reducing costs. By optimizing your manufacturing and distribution operations with ERP, you'll also be able to focus on new business opportunities. Q. Why should I choose Mosaic 21 Applications for my ERP solution?ans. The four main reasons to choose Mosaic 21 Applications are:
Mosaic Data Solutions offers the functionality, technology platform, industry knowledge and implementation expertise to help you realize the full benefits of an ERP solution. Q. How can be or in what way baseline date is important in Automatic Payment Program run? ans. The Baseline date is used to calculate the due date by taking into account the payment terms. On the APP, the baseline date helps to pick the relevant invoices for payment. During the APP run when invoices are pulled into the run, the system checks the ‘Next Payment Date’ before picking the invoices to be paid. Q. Please tell me the procurement cycle how it works?ans. Procurement cycle – a sales order is placed on a reQuirement made by a customer, after which it is passed on to create a purchase order (this could either happen based on the reQuirements on the SO, or a planned SO). the value flow gets passed on to FI at the time of goods movement. In the case of SD, the impact on FI happens only at the time of billing. Q. Difference between Depreciation ,Accumulated Depreciation and APC? What is APC?ans. Depreciation – a decrease in the value of
an asset due to wear and tear ans. The GR/IR – the goods receipt/Invoice Receipt account is used to post to whenever goods that are not yet invoiced have been received or when invoices arrive b4 the the delivery of goods.During the time between the invoice being created and delivery of goods, there can be a timing difference, in order to accommodate this timing difference, a GR/IR account is maintained temporarily to record the flow .
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