Accounts Payable Interview Questions And Answers

Supplier should follow the check list.

1 He should create confidence in the client mind

2 Services to be done (fulfilled in time)

3 Services to be done according the specification of the client

4 He should be placed the another order by doing the above three steps

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...

Supplier A/c Debit 25

Received Goods A/c Debit 25

Cash paid A/c Credit 50

1. We should verify that any advances have been made.

2. See that all the services/goods delivered according to bill

3. Any query is there to attend on that ultimately can be made payment

Liabilities are what all u owe from the bank on notes payable or in other words it is:

Liability=Asset-Owners equity

What company owes that is liability. Liability = Asset-capital

Credit what comes in

Debit what goes out

The tax payable on a non-salary benefit provided to an employee or an associate of the employee. The employer is liable to pay any FBT and may choose to recover the FBT amount from the employee.

A key functional area of SAP for Utilities that supports cross-company exchange of settlement data based on international standards such as EDI, XML, and Microsoft Excel.

Intercompany data exchange manages data transfer between retailers, distributors, and independent service operators with special regard to the requirements in deregulated markets.

Institute of finance & accounts

Winter compensation from contributions.

Open item management ensures that all items that have not yet been cleared are available in the system. Only after every open item in a document is cleared can a document be archived.

The open items of an account can only be cleared once you post an identical offsetting amount to the account. In other words, the balance of the items assigned to each other must equal zero. During clearing, the system enters a clearing document number and the clearing date in these items. In this way, invoices in a vendor account are indicated as paid, and items in a bank clearing account are indicated as cleared.

You generally use the payment program to clear invoices. Manual clearing of open items is therefore not usually necessary. However, you will sometimes have to clear items manually if, for example, you receive a refund from your vendor or you have set up a direct debit procedure.

A document or form used by a customer to issue an order for goods or services.

I want notes on
1.Procure to pay cycle with accounting entries
2.order to cash
3.record to report
4.Sox

SAP Memory: Global, user-related memory that extends beyond transaction limits. Access to the SAP memory is via SPA/GPA parameters.

ABAP Memory: Memory area within each main session, which can be accessed by programs using the EXPORT and IMPORT statements and which remains available using a series of program calls (call sequence).

Consignor is the person who is the owner of the goods and who deliver the goods to the consignee.

Consignee is the person who receives the goods and he just possesses the goods and not the owner.

Excess payment to supplier is treated as Advance paid to supplier. This will show as debit balance in supplier account.

Supplier can send the payment by way of cheque / demand draft without adjusting in his subsequent bills.

Invoice is a statement which contains the under mentioned details compulsorily.

1. Invoice Number

2. Invoice date

3. Name and address of the person

Name and address of the person to whom invoice is made. ( Buyer of goods and service)

5. Description of goods / services involved

6. Applicable rates and taxes with percentages

7. Rate of the goods / services

Quantity of the goods and services

9. Quality or any other specifications


10. Price / Value of the goods and services

11. Invoice must be signed by the person making it

12. Terms and conditions of making the payment

Following steps should be taken..

► Validate the invoice once it is matched for checking any holds..

► If workflow is implemented , initiate approval for the invoice. Once the invoice is approved/Approval not required(status in case WF is not implemented) you can go for payments.

► Create accounting after approval of invoice..

Finally for payments u need to format, build.

Billable expenses are the expenses incurred by you on behalf of your customer in performing duties / service and supply. These expenses are recoverable from your customer by way of billing.

Non-billable expenses are the expenses incurred by you for carry out your own business / duties and responsibilities.

When we deposited amount in bank that is credit as per bank books.

A hiring manager likely will ask questions about your experience with accounting software. Expect questions such as, "What type of accounting software have you used?" Or, "What is your experience with modern accounting software?" Bookkeepers and accounts payable clerks use advanced accounting software to organize vendors, print checks, keep up with invoices and maintain a running balance in each account. An employer might expect a job candidate to have experience with a particular software program, such as QuickBooks or Sage. However, most accounting programs have similar functions, so familiarity with any program might be sufficient.

Expect questions about your methods for approving and paying invoices. The hiring manager might ask, "Do you have experience creating, approving and paying invoices?" Or, "How do you handle conflicts with invoices?" A potential employer wants assurance that you are comfortable with the invoicing process and have ways to verify the authenticity and accuracy of each invoice. Detail the steps you take before approving an invoice, such as verifying vendor account numbers, double checking amounts owed and making sure funds are available to cover the expenses. If asked how you deal with incorrect invoices, provide an answer or a work-related example that demonstrates your ability to quickly and efficiently resolve conflicts.

Accounts payable clerks must have strong organizational skills. A pre-screening interviewer likely will ask, "What organizational skills do you possess?" Or, "How do you keep up with invoicing demands?" Focus on your organizational skills, attention to detail, ability to pay invoices in a timely manner and communication strengths. Employers want accounts payable clerks who diligently keep up with invoices and don't let payments slip through the cracks. Discuss previous work situations where you had to contact vendors personally, communicate with upper management about invoicing concerns, or make important financial decisions that required organizational or problem-solving skills.

The interviewer may ask, "How willing are you to learn and grow in a new work environment?" Or, "Are you willing to learn new accounts payable procedures?" Employers want workers who have necessary skills, but they also want employees who will fit in well with current staff and embrace company culture. By expressing your willingness to learn new financial procedures or new accounting software programs, you show the employer that you are flexible and teachable. You also come across as a team player.

Interviewers evaluate more than the content of your answers. They also note how you formulate responses to get a sense of your creativity and approach to problems. Remain calm, maintain eye contact and stay confident.

If you're stumped, it's OK to ask for clarification. Ask the interviewer to repeat or reword the question. Interviewers will respect your desire to give them what they are looking for in an answer.