Accounts Payable Clerk Questions And Answers

21⟩ Basic 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?

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22⟩ Tell me what unusual questions an interviewer can asked?

► What would I find in your refrigerator?

► What’s the last book you read?

► What animal are you most like?

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23⟩ Explain me 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).

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24⟩ Explain 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.

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25⟩ Explain what is end to end AP process explain briefly?

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, once the quotation is finalized and obtained all required approvals-PO copy would be sent to Vendor-Vendor will raise invoice and submit to accounts payable-Accounts Payable key invoice into ERP-Once the invoice fall on due invoice will get paid.

As this process start with Procurement (P) and ends with Payments (P), hence this process also named as to P2P.

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26⟩ Explain what is invoice?

An invoice is the official document from a supplier requesting payments for goods or services rendered.

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27⟩ Explain 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.

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28⟩ Explain 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.

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29⟩ Tell me 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.

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30⟩ Tell me how did you manage the problem if you been involved in an invoice dispute?

Accounting job interview questions like this explore your conflict management skills. Emphasize your interpersonal skills, your maturity and your ability to stay calm in the face of difficulty. Describe the techniques you use to diffuse disputes such as asking questions to determine the reason for the dispute, not conveying blame and not becoming too emotional. Demonstrate your ability to work together with others to reach an acceptable resolution.

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31⟩ Explain me how to ask for clarification?

If you’re stumped, it’s OK to ask for clarification. Ask the interviewer to repeat or reword the question. Interviewers will respect your desire to give them what they are looking for in an answer.

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32⟩ Tell me what is the difference between billable and non-billable expenses?

Billable expenses are the expenses incurred by you on behalf of your customer in performing duties / service and supply. These expenses are recoverable from your customer by way of billing.

Non-billable expenses are the expenses incurred by you for carry out your own business / duties and responsibilities.

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33⟩ Tell me how does the payment mechanism work?

The open items of an account can only be cleared once you post an identical offsetting amount to the account. In other words, the balance of the items assigned to each other must equal zero. During clearing, the system enters a clearing document number and the clearing date in these items. In this way, invoices in a vendor account are indicated as paid, and items in a bank clearing account are indicated as cleared.

You generally use the payment program to clear invoices. Manual clearing of open items is therefore not usually necessary. However, you will sometimes have to clear items manually if, for example, you receive a refund from your vendor or you have set up a direct debit procedure.

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34⟩ Explain what are steps to define supplier?

Supplier should follow the check list.

1 He should create confidence in the client mind

2 Services to be done (fulfilled in time)

3 Services to be done according the specification of the client

4 He should be placed the another order by doing the above three steps

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35⟩ Explain what is meant by liabilities?

Liabilities are what all u owe from the bank on notes payable or in other words it is:

Liability=Asset-Owners equity

What company owes that is liability. Liability = Asset-capital

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36⟩ Explain with a sample Process Flow for Procure to Pay Cycle?

Process flow for Procure to pay will go through two departments

(Commercial & Finance)

Procure - Commercial Department The following steps invovle to prcure any item

1. Received Requsition from concern Department

2. Request for Quotation from Suppliers at least three

3. Finalize the best Quotation by keeping in mind about our companies standard

4. Check the Budget for the same

5. Negociate with supplier for more economic pricing and finalize the payment terms

6. Process the PO and forward to the supplier to supply the goods and services

Pay Cycle - Finance Department

The following steps need to be fulfil

1. Invoice should be match with PO

2. Invoice should has all the supporting documents such as PO copy,Delivery note duly signed by reciever (our staff who authorized to received goods / store keeper)

3. If the invoice is for services then it should be forwarded to the concern department head or project manager for his confirmation of work done and his approval

4. Even if it not the services invoice, it should forwarded to the concern person's approval who request the PO for the same

5. Finance can reject the invoice if it is not budgeted and ask for the reasons.

6. After receiving all the confirmation and approvals from the concern department heads the invoice will be update in to the accounting system first in order to avoid any duplication of Invoice and PO (it shown on accounting package if the invoice is duplicate if not, altelast it tells you if the PO already used or cancel)

7. Finance approved the invoice and process the payment base on payment terms with the supplier.

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37⟩ How many types of invoices are there in Accounts Payable?

1. Standarad invoice

2. Debit Memo

3. Credit Memo

4. Mixed Invoice

5. Retain age Invoice

6. Transportation invoice

7. Prepayment invoice

8. Expenses Report Invoice

9. Payment Request Invoice

10. Po default

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38⟩ Tell us what is the difference between billable and non-billable expenses?

Billable expenses are the expenses incurred by you on behalf of your customer in performing duties / service and supply. These expenses are recoverable from your customer by way of billing.

Non-billable expenses are the expenses incurred by you for carry out your own business / duties and responsibilities.

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39⟩ Explain Planned PO?

A planned purchase order is a long-term agreement committing to buy it

items or services from a single source. You must specify tentative delivery schedules and all details for goods or services that you want to buy, including charge account, quantities and estimated cost.

EX: Buying goods for Christmas from a specific dealer.

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40⟩ Tell me what are your salary expectations?

You need to research about the average salary offered in the market for the qualifications and experience you possess. Do not just state the figure you desire. Do not just stick to a particular figure as well. You should be open to negotiate the salary, even if the last figure quoted by the interviewer does not suit you.

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Accounts Payable Clerk

Home Accounting Accounts Payable Clerk

129 Accounts Payable Clerk Questions And Answers

21⟩ Basic questions asked by Accounts Payable

22⟩ Tell me what unusual questions an interviewer can asked?

23⟩ Explain me what is accounts payable process and its impact to business?

24⟩ Explain for what purpose we are exactly using reversal journal entry?

25⟩ Explain what is end to end AP process explain briefly?

26⟩ Explain what is invoice?

27⟩ Explain how to monitor duplicate payments?

28⟩ Explain me about your strong points?

29⟩ Tell me for an invoice/request for payment to be paid how long does it take?

30⟩ Tell me how did you manage the problem if you been involved in an invoice dispute?

31⟩ Explain me how to ask for clarification?

32⟩ Tell me what is the difference between billable and non-billable expenses?

33⟩ Tell me how does the payment mechanism work?

34⟩ Explain what are steps to define supplier?

35⟩ Explain what is meant by liabilities?

36⟩ Explain with a sample Process Flow for Procure to Pay Cycle?

37⟩ How many types of invoices are there in Accounts Payable?

38⟩ Tell us what is the difference between billable and non-billable expenses?

39⟩ Explain Planned PO?

40⟩ Tell me what are your salary expectations?

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Accounts Payable Clerk

Home Accounting Accounts Payable Clerk

129 Accounts Payable Clerk Questions And Answers

21⟩ Basic questions asked by Accounts Payable

22⟩ Tell me what unusual questions an interviewer can asked?

23⟩ Explain me what is accounts payable process and its impact to business?

24⟩ Explain for what purpose we are exactly using reversal journal entry?

25⟩ Explain what is end to end AP process explain briefly?

26⟩ Explain what is invoice?

27⟩ Explain how to monitor duplicate payments?

28⟩ Explain me about your strong points?

29⟩ Tell me for an invoice/request for payment to be paid how long does it take?

30⟩ Tell me how did you manage the problem if you been involved in an invoice dispute?

31⟩ Explain me how to ask for clarification?

32⟩ Tell me what is the difference between billable and non-billable expenses?

33⟩ Tell me how does the payment mechanism work?

34⟩ Explain what are steps to define supplier?

35⟩ Explain what is meant by liabilities?

36⟩ Explain with a sample Process Flow for Procure to Pay Cycle?

37⟩ How many types of invoices are there in Accounts Payable?

38⟩ Tell us what is the difference between billable and non-billable expenses?

39⟩ Explain Planned PO?

40⟩ Tell me what are your salary expectations?

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