41⟩ Tell me about your strong points?
► Great communications skills.
► ability to adapt the changes in company culture.
► Hard-working.
► Ability to learn from failure.
► Group work spirit.
Accounts Payable
Home Accounting Accounts Payable
“Accounts Payable Interview Questions and Answers will guide us here that Accounts payable is a file or account that contains money that a person or company owes to suppliers, but has not paid yet and a form of debt. When we receive an invoice we add it to the file, and then we remove it when we pay. Learn Accounts Payable basic and advance concepts by out Accounts Payable Interview Questions and Answers Guide.”
86 Accounts Payable Questions And Answers
42⟩ What are your carreer goals?
► Study for an MBA certificate.
► Become specialist in the sector.
► Get the title of ABC something.
43⟩ Why do you want to work here?
I have heard about that currently the only your company is giving a chance to develop career with best training and development policy.
44⟩ What you think which is your greatest weakness?
I am a perfectionist.
45⟩ Are you applying for some other jobs?
Be honest do not spend a lot of time in this question area.
46⟩ How to speak with your vendors?
In the case of Advance Publications, many months went by between the time the fraudulent payments began and the time the two companies started talking to each other. Call your top five vendors regularly to ensure that everything is running smoothly. One phone call could prevent a multimillion dollar embarrassment.
47⟩ Do you know about separate responsibilities?
The employee responsible for making payments to vendors should never be the same person that reconciles your company's bank accounts.
48⟩ How to monitor duplicate payments?
They may or may not be fraudulent, but if duplicate payments slip through the cracks a less than scrupulous employee may see this as an opportunity. Estimates of duplicate payments made by the average company today are in the two percent range. That represents $200 thousand on $10 million in expenditures. If you make $500 thousand in pre-tax income, shaving your duplicate payments in half would increase profits by up to 20 percent.
49⟩ What is Benford's Law and how to use it?
This mathematical law states that in a list of numbers within a data set the leading digit is distributed in a specific, non-uniform way. What this means is that in a data set of numbers from one through nine the odds of the number one appearing are different than the odds of the number nine appearing. The odds of the number one appearing is around 30 percent, decreasing as the digits increase until reaching nine which appears less than five percent of the time. Running a frequency check on the digits in your Accounts Payable and comparing them to Benford's frequency will alert you to potential fraud if certain digits are appearing too often (which is a sign of manual manipulation through fraud).
50⟩ How to detect frauds from "Invoices that don't have cents"?
Many attempts at fraud are done using invoices with rounded values ($9,500.00 vs. $9,483.32). If a particular vendor requests payment for a larger number of rounded invoices this is worthy of further investigation.
While these checks are not exhaustive, they provide the basis for minimizing the risk that your company will accidentally make payments of $8 million!
51⟩ What form do I use?
► Goods and Supplies from an outside vendor send a requisition to Purchasing.
► Honorarium, Prize, Scholarship, Stipend, or Refund send a Check Voucher form to Accounts Payable.
► Pay non Tufts employees for a Consultant Service; a requisition to Purchasing.
52⟩ How do I know whether I should Purchasing with a question or call Accounts Payable?
► You can check the status of a purchase order or payment on an invoice by using PO Inquiry.
► Inquiring about the status of a purchase order, contact Purchasing.
► Having a difficult time with a vendor, contact Purchasing.
► Need to make a change to a purchase order, contact Purchasing.
53⟩ For an invoice/request for payment to be paid how long does it take?
Accounts Payable makes every attempt to pay invoices and requests for payment within three to five business days after the invoice/request has been received. If an invoice/request needs to be paid sooner, Accounts Payable needs to be informed of the date when the payment is needed to ensure the payment will be ready.
54⟩ Can it's possible that I approve my own reimbursement?
No. Someone other than the individual getting reimbursed must approve reimbursements. The electronic RFP system automatically checks for invoice approval.
55⟩ Do you know what is reimbursements for dinner/lunch meetings?
► The purpose of the meeting (i.e., content of discussion).
► A list of attendees (names or group association).
► Itemized receipts with requests for payments.
► The date and location of the meeting, if not self-evident.
56⟩ When payment request form required?
A Payment Request Form (PDF) is required when an invoice does not contain a valid invoice number. A valid invoice must include an Invoice Number, Invoice Date, Company Name and Address and Amount Due.
57⟩ When I have already sent in the invoice why is a Payment Request Form required?
A Payment Request Form (PDF) is required when an invoice does not contain a valid invoice number. A valid invoice must include an Invoice Number, Invoice Date, Company Name and Address and Amount Due.
58⟩ Do you know when purchase order required?
Most payments require a purchase order, including Honorariums paid to commercial vendors. However, the following do not require a purchase order: advertising, dues and memberships, G-World, insurance, legal fees, permits, postage, rent, settlement payments, subscriptions, taxes and utilities. In addition, the following commercial vendors do not require a purchase order: Catering Solutions, FedEx, Sodeho, DHL and UPS.
59⟩ What is purchase order?
A Purchase Order is issued by Procurement & Travel Services after a requisition is submitted to them.
60⟩ What is payment request?
A Payment Request Form is used to submit an invoice for payment to Accounts Payable Services.
