M.L.Srinivas

Sep 22nd, 2014

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).
Po Invoice: 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.
Non PO Invoice: For Services, the Po is not required. It is based on Agreement. In the Non Po, Type of Services, Terms and Conditions.
Mandatory Fields to be entered while Processing Invoices:
To whom we will pay: Address, Bank Account Details, If tax effects or not(Service Tax, Vat & Reverse Service Tax) & TDS , Goods / service description etc.
Gsm means General Store Manager
Gpm means General Purchase Manager

Accounts payable interview questions

1. Explain Accounts payable process and its impact to business.

2. What is PO invoice, Non-PO invoice, Intercompany invoice. Explain the difference & list some examples.

3. What is invoice processing ? What are the mandatory fields to be entered while processing invoices.

4. What is GSM and GPM ? Give its abbreviation and explain the concept ?

5. Which version you used in SAP & BPopen. Explain its features.

7. What is 3-way matching system in AP ?

8. What is Subsequent debit, Subsequent credit & Credit memo.

9. Why credit memo is used and under what circumstances it is applicable.

10. What is SLA & KPI in BPO terms ? Explain its importance to AP.

12.What is the tolerance limit with respect to invoice processing. ( how much currency) ?

13. What is “End to End” AP process ?

14. What is Down payment. How it is knocked off ?

15. What is payment order ? Why it is useful to business ?

16. What is duplicate posting? How will you identify whether it is duplicate in SAP ?

17. What is accrual concept ? How month end gets closed smoother ?

18. Explain AP concept from Supplier providing invoice till payment ? (Scanning till payment) ?

19. If an invoice is paid twice, what does AP team do ?

20. What is the advantage of using SAP ?

21. What is Dashboard in SAP ?