Accounts Receivable Clerk Interview Questions And Answers

Verifying, classifying, computing, recording and posting accounts receivable data in pre-designated accounting software is considered day to day financial transactions.

Demonstrate your knowledge of this cycle - the length of time it takes the company to pay its accounts payable - and what the implications of the length of this cycle are for the company, for example cash flow.

Journal Entries are recorded on a double entry system ie debit and credit concept. In order to record a journal entry the following steps need to be followed.

☛ Enter the Journal entry number.
☛ Enter the Date of transaction.
☛ Enter the Debit item (as per the golden principles of accountancy).
☛ Enter the corresponding GL folio number.
☛ Enter the Debit amount.
☛ Enter the credit item(as per the golden principles of accountancy).
☛ Enter the amount in the credit column.
☛ Provide a brief description of the transaction.
☛ leave a single line before next transaction.

You should have recorded in your cash books all amounts you ve actually received and payments you ve actually made. However the cash books may be incomplete as your bank may have put extra transactions through your account such as:

☛ bank fees or interest charges.
☛ direct debits (payments) and direct credits (receipts).
☛ Doing a regular bank reconciliation will allow you to:

take into account any extra transactions your bank puts through your account and
check and record any errors or omissions.
By regularly doing a bank reconciliation (say monthly) you can be more confident that your records contain all the information you need to prepare your income tax return and activity statements.

Deferred revenue represents cash received customers for services or goods not yet provided. Accounts receivable represents cash owing from customers for goods/services already provided.

Hardworker, Punctual, Workaholic.

I had to prepare a excel spreadsheet for all the products, vendors list, employee list and other calculations using formulas in a very small amount of time. I managed it in a good way that we changed it completely to a software based accounting.

Sorry we did not update in the first place. We were really busy and couldnt get to the task. We are working on it at this moment. We will deliver it as soon as possible.

ERS is a business process between trading partners that conduct commerce without invoices. In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice (ASN) and the purchaser upon receipt confirms the existence of a corresponding purchase order or contract verifies the identity and quantity of the goods and then pays the supplier.

Derivative instrument is an asset which derives ie, takes its origin from another asset.

The simplest form of derivative is a forward contract, "It is an agreement to buy or sell an asset at a certain future time for a certain price"Other forms of of derivatives include futures,options and swaps, etc.

Debtors are the main role of the business. he is the entire back bone of the business. The goodwill of the concern is in the hands of debtors because he is the person who takes our product or raw material to the customer or manufacture. so he is takes the main role in the business in finance and business development.

A powerful tool to import and validate transaction data from other financial systems and create invoices debit memos credit memos and on-account credits.

Setup steps:

☛ Define the line ordering rules.
☛ Define the grouping rules - attache the line ordering rules to the grouping rules.

Collection involves calling the customers for past due and this kind of question has to logically answered

Intercompany transactions are those transactions that takes place between two or more entities of the same group of company. So the receivable of one entity would the payable of another entity. All intercompany transactions are eliminated befor preparing the final Balance sheet of the group company.

These goals will depend on the needs of the organization. Show how you are aware of organizational needs and then identify the appropriate goals to meet them. Demonstrate a thorough understanding of what the goals express and how they support department and company objectives. Common aspects include positively impacting on company cash cycle, increasing cash flow, reducing DSO, reducing bad debt and write offs.

With accounting job interview questions like this first list the applications you have used and then expand on the value of the solutions they offered to your particular business. Look at aspects such as managing vendor information, approval controls and providing payables reports.

I am a detail-oriented and exceptionally organized individual who has had 6 years of accounts receivable experience. Working with numbers comes naturally to me and I am quite eloquent when it comes to making complex calculations. Additionally, I am deeply familiar with bookkeeping procedures and payroll functions, which make me an excellent choice to work at this position.

Accounting job interview questions like this explore your conflict management skills. Emphasize your interpersonal skills, your maturity and your ability to stay calm in the face of difficulty. Describe the techniques you use to diffuse disputes such as asking questions to determine the reason for the dispute, not conveying blame and not becoming too emotional. Demonstrate your ability to work together with others to reach an acceptable resolution.

Review balances and reconcile the AR transactions i.e

☛ Reconcile receipts.
☛ Reconcile journals.
☛ Reconcile transactions.
☛ Reconcile customer balances.
☛ Reconcile transactions and receipts.
☛ Reconcile outstanding customer balances i.e.
☛ Opening balance + Transactions - Receipts Closing balance.
☛ Reconcile transaction and receipt accounting flexfield balances.
☛ Transfer to GL.
☛ Review transfers results and resolve transfer issues if any.
☛ Post the journal in GL.
☛ Close the GL period.

Time periods you define to age your debit items. Aging buckets are used in the Aging reports to see both current and outstanding debit items. For example you can define an aging bucket that includes all debit items that are 1 to 30 days past due.

Normal table used for this Report is < 30 days 30-60 days 60-90 days 90-180 days and >180 days

Accountants... in big organization there will be a department to maintain AR department.

When posting residents payments to their account/scanning checks. I ensure that the name, account number, routing number, check number and $amount balances what the check is for.

A client I did billing for sent me work orders and didn't let me know of changes in billing charges so I billed at usual rate. Invoice was not excepted by company so I had to contact by email the owner and get correct service charges and re issue invoice.

Strategies need to be created according to each individual situation. I handle most situations by following up diligently and sending reminders. If neither works, I begin paperwork for the authorities’ intervention.

Finance:It is the branch of economics that studies the management of money and other assets.In simpler terms it can be defined as the commercial activity of providing funds and capital.It addresses questions like --what funds are required by the org? How they can be raised? How they have to be allocated etc

Accounts: It is the occupation of maintining and auditing records and preparing financial reports for a business. Accounts provides quantitative information about finances. It addresses issues like what amount of funds have been allocated to various activities how the book-keeping is being done etc

Both functions are distinct but complimentary to each other. Finance and accounts are highly specilized and distinct areas and hence most organizations have seperate sections of finance and accounts.