Behavioral Accounts Payable Interview Questions & Answers: Download Interview PDF Accounts Payable process starts with Purchasing and ends payments to Vendors. Workflow is: just the approximate amount. Download Interview PDF. Accounts Payable Interview Questions And Answers in ayofoto.info for more Accounts Payable Interview Questions And Answers to download in pdf format. + Accounts Payable (aus) Interview Questions and Answers, Question1: Explain about Accounts Payable? Question2: what is account? Question3: What is.
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Accounts Payable Interview Questions And Answers .. A Payment Request Form (PDF) is required when an invoice does not contain a valid invoice number. The Most Common 42 Accounts Payable Interview Questions: Please review these with Answers. If it helped you in anyway, please Like our. Accounts Payable Interview Questions and Answers - Free download as Word Doc .doc /.docx), PDF File .pdf), Text File .txt) or read online for free.
However, since there are not enough amounts to clear the entire open item, the system creates a new open item, which is the difference between the original invoice item and the payment applied. Digital Marketing Skills. The receivables reconciliation is usually constructed on an informal basis for individual customers, and compares their version of outstanding receivable balances to the company's version. How does the payment mechanism work? The alternate payee say, entered in the customer master record is the one selected by the system as the default. Trial Balance. What is debit and credit from the banks point of view?
And these fields are defined per Company Code and per Client. Question 6. You may create the bank directory in two ways: Manually IMG path: Automatically by importing the bank details using a special program. Question 7. A house bank in SAP is identified by a 5 character alphanumeric code. Question 8. The following are the various processes within SAP that complete a sales cycle: Typically, the following are the documents created during a sales cycle:.
Question 9. During goods issue in the sales cycle, the system is usually configured to update the relevant GL accounts automatically and to create the relevant accounting documents. This customization in IMG is also called material account assignment and is achieved through a number of steps as detailed below:.
Question You may define up to nine dunning levels. In this case, you can still go ahead and process the payment by resorting either to a Partial Payment or a Residual payment. As a result, no open item is cleared. However, since there are not enough amounts to clear the entire open item, the system creates a new open item, which is the difference between the original invoice item and the payment applied.
Here, the bank receives the checks from customers as incoming payments, creates payment advice for each of these customer check payments, and informs the payee of the payment, in BAI file format. This lock box file is sent to the payee who imports the details into the system using this electronic file. Once done, when there is a payment difference against a particular open item, the system looks for the reason code:. The system duns the open items from business partner accounts. The dunning program selects the overdue open items, determines the dunning level of the account in question, and creates dunning notices.
It then saves the dunning data determined for the items and accounts affected. You can use the dunning program to dun both customers and vendors. It may be necessary to dun a vendor in the case of a debit balance as a result of a credit memo.
Dunning is administered through a Dunning Program, which uses a dunning key to limit the dunning level per item , a dunning procedure, and a dunning area if dunning is not done at the Company Code level. The Dunning area can correspond to a sales division, sales organization, etc. All the data processing is carried out per Client.
Step 3 - Three Way Match Process: Logistics Invoice Verification.
All Tutorials. All Practice Tests. IT Skills. Management Skills. Communication Skills. Business Skills. Digital Marketing Skills. Human Resources Skills. Health Care Skills. What is debit and credit from the customer point of view? If If If If I take money of my bank account. I debited my account? They credited my account? I bought something on my credit card. The store debited my account? The store credited my account? Your confusion is understandable for someone who is not an accountant.
The bank has a Balance Sheets with Assets on the left and Liabilities things that it owes on the right. On the Asset side, when a bank gains an Asset, it receives a Credit and when it loses an Asset it receives a Debit. The reverse is true for Liabilities. When a bank gains a Liability, it receives a Debit, but it is Credited when loses a Liability. So 'Debit' and 'Credit' don't mean 'down and up', it just refers to what action s is being taken and on what side of the Balance Sheet the action is taking place.
What do you understand by Intercompany Settlement? A company may have various company codes across the different locations, there will be exchange of goods and services between these company codes. These goods and services which are shared or exchanged between these company codes are reconciled during the month end process.
The exchange difference has to be settled by a company code in the way of money transfer this process is known as intercompany settlement.
Electronic funds transfer EFT is the electronic exchange, transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.
Wire transfer is a type of EFT. EFT or electronic funds transfer are commonly used ways to transfer money from and to accounts. Due to industrialization and globalization, the need to send money to other cities and oversees grew. The need was further reinforced due to large influxes of immigration. People moving to different cities and to different countries needed a way to send money back to their families.
To counter this need the electronic funds transfer was developed. Wire transfer is a method of electronic funds transfer from one person to another that can be made from one bank account to another bank account or through a transfer of cash at a cash office, such as Western Union.
Wire transfer is also known as credit transfer or bank wire. What do you mean by Mischarge Correction?
An expense which is charged to a wrong account is known as Mischarge and correcting this mischarge is known as mischarge correction. A rectification entry needs to be passed to correct the mischarge. TEARs submitted for expenses older than two months will not be processed nor reimbursed.
What items of information do you need before you can approve an invoice for payment? Before make payment to the invoice, the following items should be taken into consideration: Tell us about an invoice discrepancy that you discovered and how you resolved the discrepancy?
Obtain the original order that was placed Check the order to ensure that there has been a discrepancy Identify the discrepancy - are there too many items or not enough? Check the work area to ensure the delivery has not been moved to a different location Ask a work colleague to check that you have correctly identified the discrepancy Accounts payable process is required in a company because this will help and guide the accountant to manage their payables with in the normal course of the business.
This includes verifying and checking the invoice details including the credit terms, due date, mode of payment, payee and the items received. Only the items received will be paid. MIS or Management Information System is a computer based system used by most organizations worldwide for transforming data into useful information for better decision making. It helps management make better plans and carefully organize business operations.
Management information system is used for generating reports including inventory status reports, financial statements, performance reports etc.
These reports are essential for analysing different aspects of business.
These reports also help to answer 'what-if' questions like what would be the effect on cash flows of a company if the credit term is changed for its customers etc. MIS reports also support decision making and it helps to integrate the decision maker and the quantitative model being used. The systems includes computer resources, people, and procedures used in the modern business enterprise.
Trial Balance. Day to day current asset and current liability. MIS is important to Management as they are not day to day involved in management and this information is Basic Raw material to Make Strategic decisions. What documents are required before verifying invoice? What is the process if the supplier passes an invoice for more amount?
The traditional three way match would apply here.
This means the accounts payable processor should compare the purchase order with the receiving document and the invoice. If all three match, the invoice can be paid - although many organizations still insist that the invoice be approved. This approval is in addition to the matching process. If the invoice is for a larger amount, it is considered discrepant and the discrepancy must be resolved - the sooner the better. What is difference between account payable and bills payable?
Accounts payable: A debtor's accounts of money he owes; normally arise from the purchase of products or services. Bills payable: Bill means An itemized statement of money owed for goods shipped or services rendered.
The outstanding bills like for instance utility bills etc. What is Reconciliation Statement? A reconciliation statement is a document that begins with a company's own record of an account balance, adds and subtracts reconciling items in a set of additional columns, and then uses these adjustments to arrive at the record of the same account held by a third party.
The intent of the reconciliation statement is to provide an independent verification of the veracity of the balance in the company account, as well as to clarify the differences between the two versions of the account.
Bank accounts: The bank reconciliation compares the balances between a company's version of its cash balance and the bank's version, typically with many reconciling items for such items as deposits in transit and uncashed checks. Debt accounts: The debt reconciliation compares the debt amounts outstanding according to the company and its lender. There can be differences requiring reconciliation when the company pays the lender, and the lender has not yet recorded the payment in its books.
Accounts receivable: The receivables reconciliation is usually constructed on an informal basis for individual customers, and compares their version of outstanding receivable balances to the company's version. The payables reconciliation is also usually constructed on an informal basis by individual supplier, and compares their version of outstanding payable balances to the company's version.
How does the payment mechanism work? As you receive an invoice in the mail, date stamp it with the date received. You can pay an invoice when and if you have a matching PO, and receiving ticket which has been signed by the employee receiving the item or witnessing the completion of the service. Once you are sure all three supporting papers match, you then enter the invoice in the program for payment utilizing the correct accounting line to ensure the correct account is being charged.
It would be entered as a Purchase Order, if one has been set up. If not, you can pay as a direct invoice DI. Once entered, a journal voucher will arrive, probably the next day. You would attach the supporting papers to the journal voucher and send them to the head office, keeping a copy for your files.
You need to keep track of the amount of money available before and after the payment has been made. Also, it is important to ensure the entire order has been received. If not, a partial payment may be necessary or you can request a credit.
What is the difference between Consigner and Consignee? Supplier should follow the check list. Is This Answer Correct? Know my question is that we want to close the transaction now. How it possible? First there shouldn't be assumptions in transactions. If you received 25 of worth in exchange of 50 advances you can close it for a temp. The transaction entry would be What steps would you take before making a payment? We should verify that any advances have been made.