Accounts Payable Interview Questions

There are two spearate entries that one must make to reconcille the bank statement to the company's books.  The first is the increases to the cash account that the company has not recorded.&n...

When payment is made to the wrong vendor or payment made in excess, in that case overpayment has gone to the vendor, so for us it is vendor debit balance.For debit balance recovery, we can either foll...

The Debit balance recovery is usually made by raising a credit memo for the regular vendors. However if there are no future transactions from the supplier, we ask the vendor to send the check / make an EFT for the amount due from him.

The WIRE payment there is no specific expansion.

Incase WIRE payment means the payment will reach vendor within a days.

Incase of EFT the payment will reached by the vendor it will take 3 days.(required SWIFT code, Account number, ABA number etc)

The processed payments will be credited into the client/vendor's bank account.

Real account includes assets so it is a permanent account and nominal account is temporory account becoz it includes all loss and gain (salary, Rent, insurance etc.,)

Their are 2 other names for real account that is property account and asset account

real account : furniture, building, Plant & machinery

Personal account : o/s wages, bank account, bankoverdraft account

nominal account : Depreciation account, BadDebts account, rent

Expense reports are normally submitted by the employees of the company for re-imbursement of the expenses incurred by them on be-half of the company... These reports are audited according to the compa...

I have come across this term in ERP's like Oracle Financials and SAP where in an invoice is processed by the system automatically using the OCR software and the audit will be performed by the syst...

Process is the sequence of steps that needs to be followed for completing a task.

Report is the outcome of any analysis made

The configuration steps depends on the kind of ERP package you are using. How ever these are the common steps which have to configured.->Setup house-bank account->Create sequential check lot->...

After finalizing the list of accounts by the management all the accounts which are listed has to be uploaded into SAP system

Accounts payable has got noting to do with purchase of goods and services, it's work is to pay the eligable invoices.End to End Process of AP -> Process the vendor invoices into system-> Wor...

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,...

A company code is the legal entity for which we can prepare profit and loss account and Balance sheet...Sundry Creditors account is a reconciliation account and it is always adviced to maintain this ...

 A company code represent an independent balancing/ legal accounting entity.
 No, i think so no necessary to create sundry creditors.

It is generic question asked in interview... give a logical answer to satisfy the client...

A wire payment is a kind of EFT(Electronic Fund Transfer) which can be made with in the state/country or Out of country.

I never heard about outside wire... However,I think the wire which is processed for out of country may be reffered as outside wire (may be)

Limit up to which small differences in an invoice are accepted by the invoice recipient without any further verification being necessary.

Naresh NG

Consigner is who send the goods. Consignee is who receive(s) goods.

Regards
Naresh NG

consigner is a owner of goods. he represents a agent for his goods selling for the commission basics (called to consignee)

The profit and loss account is only one account where in we transfer all the expenses/losses on the Dr side and incomes/gains on the Cr side and if the difference between CR and DR is positive then we say we made profit else loss.

Here are some common qustions on purchase order

what is a purchase order means?
what are the contants of purchase order?
who will create a purchase order?
How purchase order is related to accounts payable?
etc

The accounts helpdesk may consist of help through emails / calls. Most of the calls will be on inovice payments and year end we may all receive calls/emails about 1099 misc...

P-Card means purchase card.. employees of the company will be given P-Cards for purchasing goods and services and they can pay through P-Cards... P-Cards will have a specific limit associated with it ...

The invoices can be received in the following ways.

1. Mail box (through mails)
2. Fax
3. Through emails