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What is ERP? Enterprise Resource Planning or ERP is an industry term for integrated, multi-module application software packages that are designed to serve and support multiple business functions. ERP provides the backbone for an enterprise-wide information system. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. At the core of this enterprise software is a central database which draws data from and feeds data into modular applications that operate on a common computing platform, thus standardizing business processes and data definitions into a unified environment. Brief History of ERP The focus of manufacturing systems in the 1960′s was on Inventory control. Most of the software packages then (usually customized) were designed to handle inventory based on traditional inventory concepts. In the 1970′s the focus shifted to MRP (Material Requirement Planning) systems that translated the Ma...

Journal Entries-Accounts Payable Process

FREQUENTLY ASKED QUESTIONS IN ACCOUNTS PAYABLES How many types of Invoices we can create in Oracle Payables? A. Standard B. Debit Memo C. Credit Memo D. Pre-Payment E. Expense Report F. Withholding Tax Invoice G. Miscellaneous Invoice Describe the 4-Way Matching? 2 – Way Matching: The Invoice Amount Should match with PO, (Invoice with PO) 3 – Way Matching: The Receipts Should match with Invoice, (Invoice, PO with Receipts) 4 – Way Match: The Goods Should match with Inspection/Accepted (Invoice, PO, Inspections & Receipts) 2-Way (Invoice to Purchase Order) Quantity billed vs. quantity ordered on shipment line Invoice unit price vs. purchase order line unit price 3-Way (Invoice to Purchase Order and Receipt) 2-Way match criteria AND Quantity billed vs. quantity received Item = Receipt Required 4-Way (Invoice to Purchase Order and Receipt and Inspection) 3-Way match criteria AND Quantity billed vs. quantity accepted Note: Quantity accepted = (Quantity received – quantity rejected) Ite...