If any conflict occurs in FSG who will override; Column Set or Row Set?
The override component is row set. However some times it depend on the column set also. 6. What is the difference between discounts and adjustments? Discount refers to the payment terms or on quantity (bulk order discount) ordered. In the invoice received from supplier, discounts term is specifically stated, e.g. “If paid with in 15 days discount @ 2%”, what you need to do is pay 2% less then the original invoice amount, however caution should be taken that the freight amount should not be considered while calculating the discount. Adjustment could be for various reasons- Over priced invoice, short delivery of quantity as per goods received note, poor quality etc. Agreed upon amount will be deducted from the invoice, while making the payments. In AR, discount is given to promote the business and cash flow. Adjustments are made to adjust the account balances, which is not possible in other means. 7. What are cycles of GL, AP, and AR? GL Accounting cycle can be further elaborated like th
