CalTech IT Solution Interview Questions and Answers

GST reconciliation is done by comparing the GST returns filed by the company with the books of accounts to ensure accuracy.

• Compare the GST returns filed with the books of accounts to identify any discrepancies

• Adjust any errors or differences found during the reconciliation process

• Ensure that all input tax credits are correctly claimed and accounted for

• Reconcile the GST payable as per the returns with the GST liability ...read more

The APP process in SAP FICO stands for Automatic Payment Program, which automates the payment process for vendors.

• APP is used to make payments to vendors based on due dates and payment terms.

• It allows for the creation of payment proposals, selection of invoices to be paid, and generation of payment files.

• The program can be customized to include different payment methods, currencies, and bank accounts.

• Once the payment r...read more

P2P process refers to Procure-to-Pay process which involves all steps from requisition to payment for goods or services.

• Requisition: Request for goods or services is made by the user.

• Purchase Order: Formal document is created to order the goods or services.

• Goods Receipt: Goods are received and inspected.

• Invoice Verification: Invoice is matched with purchase order and goods receipt.

• Payment: Payment is made to the vendor...read more

Depreciation journal entry records the decrease in value of an asset over time.

• Debit the Depreciation Expense account to recognize the expense

• Credit the Accumulated Depreciation account to reduce the asset's carrying amount

• Depreciation expense increases the total expenses on the income statement

• Accumulated Depreciation reduces the asset's value on the balance sheet