IFLS Financial Services Interview Questions and Answers

Item sales tax group is a grouping of items that have the same tax treatment. It is set up in the tax module to apply specific tax rates to items.

• Item sales tax group is used to apply specific tax rates to items that belong to the same group.

• It helps in managing tax calculations for different items efficiently.

• To set up item sales tax group, go to the tax module in the ERP system and create a new tax group.

• Assign the relevant tax rates and rules to the tax group, and then ass...read more

Number sequences are unique identifiers used to generate and assign numbers to records in Dynamics 365 Finance and Operations.

• Number sequences are created in the Number sequences form in the System administration module.

• They are used to automatically generate unique identifiers for various records such as customers, vendors, and transactions.

• Number sequences can be customized to include prefixes, suffixes, and specific number formats.

• For example, a number sequence for sales o...read more

Chart of accounts is a list of all the accounts used by an organization, while main accounts are the individual accounts within the chart of accounts.

• Chart of accounts is a structured list of all the general ledger accounts used by an organization.

• Main accounts are the individual accounts within the chart of accounts, representing specific financial transactions.

• Chart of accounts provides a framework for organizing financial transactions, while main accounts hold the actual f...read more

Oracle EBS is an on-premise ERP system, while Oracle Fusion is a cloud-based ERP system.

• Oracle EBS is an on-premise system, while Oracle Fusion is a cloud-based system

• Oracle EBS has a monolithic architecture, while Oracle Fusion has a modular architecture

• Oracle EBS requires more maintenance and upgrades compared to Oracle Fusion

• Oracle EBS has a more traditional user interface, while Oracle Fusion has a more modern and intuitive user interface

Types of purchase orders include standard, blanket, contract, planned, and internal orders.

• Standard Purchase Order: Used for one-time purchases of goods or services.

• Blanket Purchase Order: Used for multiple purchases of the same items over a period of time.

• Contract Purchase Order: Used for long-term agreements with suppliers.

• Planned Purchase Order: Used for recurring purchases based on predefined criteria.

• Internal Purchase Order: Used for purchases within the organization.

A sales tax group is a grouping of tax codes that are applied to a specific set of products or services.

• Sales tax groups help streamline the tax calculation process for specific items

• They allow for easier management of tax rates for different products or services

• For example, a company may have different tax rates for clothing, electronics, and food items

Procure-to-Pay process cycle involves requisitioning, purchasing, receiving, invoicing, and payment.

• Requisitioning: Identifying the need for goods or services and creating a purchase requisition.

• Purchasing: Selecting a supplier, creating a purchase order, and sending it to the supplier.

• Receiving: Receiving the goods or services and confirming receipt.

• Invoicing: Supplier sends an invoice for the goods or services provided.

• Payment: Processing the invoice and making the payment ...read more