Clerk Accounts Payable Interview Questions And Answers

Value-Added Tax (VAT) is a tax on consumer spending. It is collected by VAT-registered traders on their supplies of goods and services effected within the State, for consideration, to their customers

For material/Goods Purchases, the Po is required. In the Po, QTY, Product Name, Where is delivery price, Terms and Conditions. In the po there is no matter of final amount. It is just the approximate amount.

A pro forma invoice is a price quote and subject to change. Accounts Payable Services does not pay from pro forma invoices, statements, quotes or estimates.

Procurement & Travel Services provide instructions for creating a Purchase Order.

No. Someone other than the individual getting reimbursed must approve reimbursements. The electronic RFP system automatically checks for invoice approval.

The employee responsible for making payments to vendors should never be the same person that reconciles your company’s bank accounts.

Try to make your strengths relevant to the job requirements. This list of strengths is a useful resource for answering interview questions about your strengths.
Identify your top transferable competencies from your previous work and life experience and provide the right answer to the frequently asked interview question.

► What would I find in your refrigerator?
► What’s the last book you read?
► What animal are you most like?

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.

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

❀ 1. Invoice Number
❀ 2. Invoice date
❀ 3. Name and address of the person
❀ 4. 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
❀ 8. 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

Institute of finance & accounts

Focus on your monitoring and checking skills. Demonstrate your understanding of the documentation required for verification before payment is made.

List the information, make sure you cover everything and highlight your attention to detail. Include a sample of a bill for service that you created in your interview portfolio.

EFT and WIRE are the most popular form of electronic payment method. EFT stands for electronic fund transfer and it is one of the fastest mode of electronic payment after WIRE. EFT is a batch oriented mechanism for transfering funds from one bank to another because of which clearing & settlement takes around 2 to 4 days. On the other hand, WIRE is a RTGS i.e. real time gross settlement system of making the fund transfer on real time and gross basis. Clearing and settlement happens on the same day. WIRE is more expensive and faster than EFT.

“Payables transfer to GL program” is used to transfer from AP to GL.

A funds disbursement payment method is a medium by which the first party payer, or deploying company, makes a payment to a third party payee, such as a supplier. You can use a payment method to pay one or more suppliers. Oracle Payments supports several payment methods for funds disbursement, including the following:

☛ Check
☛ Electronic
☛ wire
☛ Clearing

Wire Funds transfer initiated be contacting the bank and requesting wire payment to the bank of a suplier.A payment method where you pay invoices outside of Payables by notifying your bank that you want to debit your account and credit your supplier’s account with appropriate funds. You provide your bank with your supplier’s bank information, and your bank sends you confirmation of your transaction. Your supplier’s bank sends your supplier confirmation of the payment. You then record the transaction manually.

☛ 1. create batch
☛ 2. create invoice
☛ 3. create distribution
☛ 4. validate the invoice
☛ 5. actions -à approve
☛ 6. if individual create accounting click ok
☛ 7. If batch go to batch create accounting.
☛ 8. Create accounting hits Payable Accounting(Transfer) ??Program which will create accounting.
☛ 9. Run Transfer to GL Concurrent Program
☛ 10. Journal Import
☛ 11. Post journals
☛ 12. Hits balances.

You can use a Distribution Set to automatically enter distributions for an invoice when you are not matching it to a purchase order. For example, you can create for an advertising supplier a Distribution Set that allocates advertising expense on an invoice to four advertising departments.
You can assign a default Distribution Set to a supplier site so Payables will use it for every invoice you enter for that supplier site. If you do not assign a default Distribution Set to a supplier site, you can always assign a Distribution Set to an invoice when you enter it.

Use Full Distribution Sets to create distributions with set percentage amounts, or use Skeleton Distribution Sets to create distributions with no set distribution amounts. For example, a Full Distribution Set for a rent invoice assigns 70% of the invoice amount to the Sales facility expense account and 30% to the Administration facility expense account. A Skeleton Distribution Set for the same invoice would create one distribution for the Sales facility expense account and one distribution for the Administration facility expense account, leaving the amounts zero. You could then enter amounts during invoice entry depending on variables such as that month's headcount for each group.

If relevant, discuss any corrective action taken to reduce this figure.

☛ What interests you about working in accounts payable at a company like ours?
☛ What training or experience has prepared you for the role of accounts payable clerk?
☛ Describe your familiarity with accounting software. Which ones have you used?
☛ In as much detail as possible, describe the accounts payable process.
☛ What differentiates accounts payable from bills payable?
☛ How would you define a workflow?
☛ From the bank’s point of view, what is debit and credit? What is it from the customer’s point of view?
☛ This position requires a fair amount of data entry. How do you ensure accuracy in your work?
☛ Describe a time you found an invoice discrepancy. How did you resolve it?
☛ What types of documents do you need to verify an invoice?
☛ What steps would you take to make a payment?
☛ What does it mean when a vendor has a debit balance and what would you do in this case?
☛ Describe a time you negotiated vendor terms. How did you handle it?
☛ Describe a time you suggested a way to lower costs, increase revenue, or improve efficiency.

► When is a Payment Request Form required?
► Why is a Payment Request Form required when I have already sent in the invoice?
► When is a Purchase Order Required?
► What is the difference between a Purchase Order and a Payment Request?
► What is the process for creating a Purchase Order?
► Why does the Supplier Registration Form need to be completed?
► What is the correct form for submitting multiple invoices for one supplier?
► What is the difference between an invoice and a pro forma invoice?
► What is the status of my payment and where can I go to see payment information?
► How do I receive an item in EAS?
► How do I receive an item in iBuy?
► What is the status of my payment and where can I go to see payment information?

Took Requisition from The concerned Departments regarding to the Material Required, And call for the Quotations, Based on the received Quotations Choose the Best of Service Provider, After Goods Received, We have to verify the Goods(Goods Condition, Rates Comparison in between Purchase order and Invoices) if there is any Discrepancy, we have to return the goods, raise credit note(by Store keeper) & store keeper will follow-up for the debit note (issued by the seller/Supplier/vendor/Service Provider),and process to Accounts Department. Then Accountant Book the invoice. It means book the expenses and creates liability to the organization (Credit the Vendor/Seller/Supplier/Service Provider). After booking of the Expenditure based on the P.O terms and conditions, the payment will release.
If we pay the amount through the cash, we need the working Capital. if the payment made through Cheque, We working capital will decrease(Liquidity of Cash).

Accounts Payable process starts with Purchasing and ends payments to Vendors.
Workflow is: Purchasing team recieve requests-Initiate for quotations from vendors-Purchasing team creates Purchase Order, once the quotation is finalized and obtained all required approvals-PO copy would be sent to Vendor-Vendor will raise invoice and submit to accounts payable-Accounts Payable key invoice into ERP-Once the invoice fall on due invoice will get paid.
As this process start with Procurement (P) and ends with Payments (P), hence this process also named as to P2P.

We key this journal entry to include the expense for the month and it reversed when the actual expense comes.