61⟩ Tell me the process for creating a Purchase Order?
Procurement & Travel Services provide instructions for creating a Purchase Order.
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
62⟩ Why registration form need to be completed by supplier?
Before a vendor can receive payment, they must register as a GW-approved supplier. This process includes completing a Supplier Registration Package (PDF), supplying the appropriate tax-identification number, and subscribing to the University's Supplier Code of Conduct.
63⟩ For submitting multiple invoices for one supplier which is the correct form?
The Multiple Invoice Form (PDF) is used to submit more than one invoice to the same supplier. This form should be attached to the Payment Request Form (PDF).
64⟩ What is invoice?
An invoice is the official document from a supplier requesting payments for goods or services rendered.
65⟩ What is pro forma?
A pro forma invoice is a price quote and subject to change. Accounts Payable Services does not pay from pro forma invoices, statements, quotes or estimates.
66⟩ Tell me who is department approver and releaser?
Department Approvers and Releasers are assigned by the Finance Directors. Please contact your Finance Director if you are unsure of your Approver or Releaser.
67⟩ General questions asked by Accounts Payable
► When is a Payment Request Form required?
► Why is a Payment Request Form required when I have already sent in the invoice?
► When is a Purchase Order Required?
► What is the difference between a Purchase Order and a Payment Request?
► What is the process for creating a Purchase Order?
► Why does the Supplier Registration Form need to be completed?
► What is the correct form for submitting multiple invoices for one supplier?
► What is the difference between an invoice and a pro forma invoice?
► What is the status of my payment and where can I go to see payment information?
► How do I receive an item in EAS?
► How do I receive an item in iBuy?
► What is the status of my payment and where can I go to see payment information?
68⟩ Purchased equipment from ABC company, $9,000. Paid $1,500 down and the balance was placed on account. Payments will be $375.00 per month for twenty months. The first payment is due 4/1. How would you enter this into a journal entry?
1.Entry
Purchase Account Dr $9000
To Cash/Bank A/c Cr $1500
To Payable A/c Cr $7500
2. Entry
Recurring Entry setup for 20 months every month from 4/1
Payable A/c Dr $375
To Cash/Bank A/c Cr $375
69⟩ Tell me what are the journal entries that will be passing from the Goods received till the payment made to supplier?
Goods Received Ware House
1. Dr Inventory a/c
Cr GRNI a/c
2. Inv. Register in our system
Dr RI a/c
Cr Trade a/c
3. Receipts Matched/Approved
Dr GRNI a/c
Cr RI a/c
4. Inv. Paid
Dr Trade a/c
Cr Bank a/c
70⟩ For what purpose we are exactly using reversal journal entry?
We key this journal entry to include the expense for the month and it reversed when the actual expense comes.
71⟩ From which account the prepaid expences comes in personal, real or nominal?
Its an Personal account. When u add any prefix or suffix to nominal account it becomes personal account. No doubt expenses is the Nominal account but when u add prepaid or outstanding verbiage it becomes personal.
72⟩ Do you know what is TDS? How to charged it?
TDS stand for Tax Deduction at source . It charged on source of income ex.interest, comm. lottery etc.
73⟩ Do you know what is interest on capital?
Interest on capital is where the extra you receive on the total amount you invest in a business.
74⟩ Do you know purchase of car would be a debit or a credit to a bank?
Credit to bank.
75⟩ What is Gpm?
Gpm means General Purchase Manager.
76⟩ What is accounts payable process and its impact to business?
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).
77⟩ What is 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.
78⟩ What is 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.
79⟩ Tell me what 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.
80⟩ Accounts payable interview questions part 1
► Explain Accounts payable process and its impact to business?
► What is PO invoice, Non-PO invoice, Intercompany invoice. Explain the difference & list some examples?
► What is invoice processing ? What are the mandatory fields to be entered while processing invoices?
► What is GSM and GPM ? Give its abbreviation and explain the concept ?
► Which version you used in SAP & BPopen. Explain its features?
► What is 3-way matching system in AP ?
► What is Subsequent debit, Subsequent credit & Credit memo?
► Why credit memo is used and under what circumstances it is applicable?
► What is SLA & KPI in BPO terms ? Explain its importance to AP?
