Latest Accounts Receivable Clerk Interview Preparation Guide

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List the applications you have used and expand on the value of the solutions they offered to your particular company. Look at aspects such as tracking transactions, assessing late payments, creating past due notices and printing out relevant reports.

Personal accounts --> Debit the benefit receiver, credit the benefit giver.
Real accounts --> Debit what comes in, credit what goes out.
Nominal Accounts --> Debit all expenses and losses, credit all incomes and gains.

I'm a team player and am always willing to help others out when needed as long as my job was finished completely.

I worked with a successful practice that required creative billing practices in order to receive the highest reimbursement.

Money owed by a business enterprise for merchandise bought on open account. It is also called "A/R" or just "Receivables". Accounts Receivable are the amounts owed to a company by its customers and/or employees.

Working capital is typically defined as current assets less current liabilities. In banking, working capital is normally defined more narrowly as current assets (excluding cash) less current liabilities (excluding interest bearing debt).

Selling the rights to the amounts owing by debtors to a finance company for an agreed amount (which is less than the figure at which they are recorded in the accounting books because the finance company needs to be paid for providing the service).

Again focus on the skills and abilities you bring to the collections function. Demonstrate how you have used your good interpersonal skills, perseverance, ability to managing conflict, negotiation skills and communication ability for successful collections.

There are essentially 4 areas to consider when accounting for PP&E on the balance sheet: initial purchase, depreciation, additions (capital expenditures), and dispositions. In addition to these four you may also have to consider revaluation. For many businesses PP&E is the main capital asset that generates revenue, profitability and cash flow.

It is an expenditure the benefit of which will be realised over a period and not during the current period.Ex-Heavy Advertisement expenditure incurred by the company for promoting the product.The benefits of this huge expenditure will be realised over the period and not in the same period when it is incurred.

I like to finish the work deadline on time. I am a morning person So I will try to be in office on time so that I can start the day soon and fresh. I strongly feel most of the work is done by the people in the morning time is more than the people who does in the afternoon. So I try do priortize my work and finish it off at time.

As sales occurs every customer is not able to pay the bills that's where A/R are occurs the goal of A/R is to maintain summarize & record all the transactions related to unpaid a/c or future collections or A/R.

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.

One of the basic convention in accounting is separate legal entity.It means the business is different from those who manage it.When i contribute capital in to my business,it is liability to my business to repay it to me.

Negative working capital is common in some industries such as grocery retail and the restaurant business. For a grocery store, customers pay upfront, inventory moves relatively quickly but suppliers often give 30 days (or more) credit. This means that the company receives cash from customers before it needs the cash to pay suppliers. Negative working capital is a sign of efficiency in businesses with low inventory and accounts receivable. In other industries, negative working capital may signal a company is facing financial trouble.

Accounts Receivable department is very important department of the company. The responsbilities of the department is approval of credit limit to the customer study the past history of customer credit sending invoices to the customer updation of the customer credit data factoring contacts with the factoring agents follow up of customers motivating the customers to pay the dues intime and communicating the information to the management.

Credit sales data estimation of credit sales for the future period request for funds to finance department whenever they required follow up of customers receivables management.

Reconciliation statement is formerly known as a tool which is used to reconcile the bank passbook and our passbook.

Investment banking is a is a instrument which is used by the financial organization to take a better investment decision like issuing IPO stocks bond etc.

Discuss all your responsibilities. Focus on the skills and knowledge you used to perform these functions efficiently such as maintaining a high level of accuracy, good verbal and written communication skills, strong organizational skills, problem-solving skills, computer skills and a knowledge of accounting processes.

A Customer Master Record is a permanent record that contains key information about a business partner or a material. This information must be entered into the system before any transactions can take place involving the business partner [customer] or a material.

Entering all the information about a customer or a material into the system b efore making transactions insures that subsequent transactions or inquiries will have consistent data and reports and analyses can be done in an orderly way.

Master Records can be edited or changed when necessary. Changing master records is frequently called "Maintaining" in SAP

BRS - Bank Reconciliation Statement

A bank reconciliation statement is a statement prepared by organizations to reconcile the balance of cash at bank in a company's own records with the bank statement on a particular date.

The differences may arise because of the following reasons:

☛ Cheques deposited into bank but not yet collected by bank
☛ Cheques issued by the organization but not yet presented for payment
☛ Cheques directly deposited by customers into the bank
☛ Bank charges debited by bank
☛ Interest credited or some receipts directly collected by bank based on org. request.
☛ Some payments directly made by bank based on the organizations request.
☛ So, the statement shows the reasons as what are the reasons for difference in balance.

Every week on monday I check the emails I receive and other pending jobs if any, On tuesday I make sure that I put my effort on user guide preparation and works in excel and access. Wednesday I would do my day to day work and I attend meetings if any. Thursday I make sure all Invoices have been noted down for that week and friday I make sure that all works are done for that week and no important assignments that are pending.

On the balance sheet the asset account of Inventory is reduced by the amount of the write down, and so is shareholders’ equity. The income statement is hit with an expense in either COGS or a separate line item for the amount of the write down, reducing net income. On the cash flow statement, the write down is added back to CFO as it’s a non-cash expense but must not be double counted in the changes of non-cash working capital.

The work which needs most priority. I read emails even how busy I am. Because customer or manager anyone would have tried to reach me.

Every accounting procedure is not computerized. It is important to be technically savvy so that you can keep up with the times. And also because being technically savvy means that you can complete your work in half the time that it will take you to do it manually.