Accounts Payable Clerk Questions And Answers

41⟩ What is Contract PO?

You create contract purchase agreement with your supplier to agree on specific terms and conditions without indicating the goods and services that you will be purchasing i.e. for $ amount you must supply this much quantity. You can later issue standard PO referencing your contracts and you can encumber these purchase orders if you use encumbrance accounting.

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42⟩ Tell me what applications you have used for accounting? Which of them do you find to be the most and least useful?

You need to have hands-on experience of various accounting applications. You also need to look at these applications with a critical approach in order to learn about the strengths and weaknesses of the applications. This will help you to point out the different features of the applications and explain the employer as to what changes you think will help in making the applications more useful.

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43⟩ Tell me difference between interface tables and base tables?

The difference between the interface and base tables is as below

Interface table: is the table where the data gets validated before data get posted to the base tables. There are many interfaces which are seeded with Oracle. You can consider as the entry point of the data, and the interface checks the sanity of data.

Base tables: As told earlier once the data is validated will get updated in the base tables, and is considered as the data which is in the base table is accurate and used in many ways. (Reporting..etc..)

The base tables in AP are as follows:

1) ap_invoices_all

2) ap_invoice_payments_all

3) ap_invoice_distibutions_All

4) ap_payment_schdules

5) ap_payment_dustributions_all

6) ap_checks_all

7) ap_accounting_events_all

8) ap_bank_accounts_all

9) ap_bank_accounts_uses_all

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44⟩ Tell me 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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45⟩ Explain me what steps would you take before approving an invoice for payment?

Following steps should be taken..

► Validate the invoice once it is matched for checking any holds..

► If workflow is implemented , initiate approval for the invoice. Once the invoice is approved/Approval not required(status in case WF is not implemented) you can go for payments.

► Create accounting after approval of invoice..

Finally for payments u need to format, build.

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46⟩ What is Blanket PO?

You create blanket purchase agreements when you know the detail of goods or services you plan to buy from a specific supplier in a period , but you do not yet know the detail of your delivery schedules. You can use blanket purchase agreements to specify negotiated prices for your items before actually purchasing them.

A Blanket Purchase Agreement is a sort of contract between the you and ur supplier about the price at which you will purchase the items from the supplier in future. Here you enter the price of the item not the quantity of the items. When you create the release you enter the quantity of the items. The price is not updatable in the release. The quantity * price makes the Released Amount. Now suppose your contract with your supplier is such that you can only purchase the items worth a fixed amount against the contract.

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47⟩ Please 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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48⟩ Explain do you know how to debit the bank cash book upon withdrawn of cash from the bank?

Cash A/c- Real A/c- Debit what comes in & credit what goes out.

Cash withdrawn mean cash comes in so it will be debited

Bank A/C- personal A/C – Debit is receiver & Credit is giver

Bank is giver amount so it will be credited

Contra Entry

Dr.Cash A/C

Cr. Bank A/C

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49⟩ Tell me how would you enter this into a journal entry? 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.?

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

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50⟩ Explain me 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.

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51⟩ Explain 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.

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52⟩ Explain me about that software applications which have you used for accounts receivable?

List the applications you have used and expand on the value of the solutions they offered to your particular company. Look at aspects such as tracking transactions, assessing late payments, creating past due notices and printing out relevant reports.

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53⟩ Explain would you like to tell me about a recent invoice discrepancy you discovered and how you resolved it?

Be specific about the type of discrepancy. Discuss the steps you took to identify and sort it out such as obtaining and checking the original order. Focus on the skills required to resolve the discrepancy such as attention to detail, problem analysis and problem resolution.

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54⟩ Tell me what procedure for excess payment to supplier I would like know without adjusting invoice that means how supplier will send back excess amount how do in oracle apps?

Excess payment to supplier is treated as Advance paid to supplier. This will show as debit balance in supplier account.

Supplier can send the payment by way of cheque / demand draft without adjusting in his subsequent bills.

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55⟩ Explain me how many invoices on average do you handle on a daily/weekly/monthly basis? What are the steps you take before you approve an invoice for payment?

Show your understanding of the invoice verification process. Go through each step in detail such as checking that goods have been received in proper condition or services rendered in a satisfactory manner. Explain the importance of each step.

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56⟩ Suppose we paid 50/- as an advance for worth or 100/- goods, but our supplier sent only up to 25/- worth of goods. Know my question is that we want to close the transaction now. How it possible? What about VAT like Tax Setups in AP and AR? What about the SWEEP command in AP?

First there shouldn’t be assumptions in transactions. If you received 25 of worth in exchange of 50 advances you can close it for a temp. The transaction entry would be…

Supplier A/c Debit 25

Received Goods A/c Debit 25

Cash paid A/c Credit 50

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57⟩ Tell me what steps would you take before making a payment?

1. We should verify that any advances have been made.

2. See that all the services/goods delivered according to bill

3. Any query is there to attend on that ultimately can be made payment

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58⟩ Explain what id recurring invoices? What are AP setup steps?

ome times suppliers would not be sending any invoices. but still the payment have to made to home: rent, lease rentals. in this situation we have to create invoice every period wise. For that purpose we have to create one recurring invoice template. Template means with one master copy creating the multiple invoices is called template. Here we are creating the one invoice master copy is formally known as recurring invoice or recurring invoice template.

SET UP:

☛ 1) we have to create one special calendar

☛ 2) we have to create one full distribution set

☛ 3) we have to enter payment terms in the recurring invoice window

☛ 4) enter the template no, first invoice amount, special invoice amounts

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59⟩ Tell me what are your plans for the future? How do you plan to grow as a professional?

You need to have a serious plan in your mind if you wish to grow and succeed as a professional. Tell the employer about your ambitions and what approach you will adapt in order to achieve all your goals.

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60⟩ Explain how many types of purchase order types/agreements are there?

A) Standard Purchase Order: You generally create standard purchase orders for one-time purchase of various items. You create standard purchase orders when you know the details of the goods or services you require, estimated costs, quantities, delivery schedules, and accounting distributions. If you use encumbrance accounting, the purchase order may be encumbered since the required information is known

B) 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.

C) Contract PO : You create contract purchase agreement with your supplier to agree on specific terms and conditions without indicating the goods and services that you will be purchasing i.e. for $ amount you must supply this much quantity. You can later issue standard PO referencing your contracts and you can encumber these purchase orders if you use encumbrance accounting.

D) Blanket PO : You create blanket purchase agreements when you know the detail of goods or services you plan to buy from a specific supplier in a period , but you do not yet know the detail of your delivery schedules. You can use blanket purchase agreements to specify negotiated prices for your items before actually purchasing them.

A Blanket Purchase Agreement is a sort of contract between the you and ur supplier about the price at which you will purchase the items from the supplier in future. Here you enter the price of the item not the quantity of the items. When you create the release you enter the quantity of the items. The price is not updatable in the release. The quantity * price makes the Released Amount. Now suppose your contract with your supplier is such that you can only purchase the items worth a fixed amount against the contract.

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129 Accounts Payable Clerk Questions And Answers

41⟩ What is Contract PO?

42⟩ Tell me what applications you have used for accounting? Which of them do you find to be the most and least useful?

43⟩ Tell me difference between interface tables and base tables?

44⟩ Tell me what are steps to define supplier?

45⟩ Explain me what steps would you take before approving an invoice for payment?

46⟩ What is Blanket PO?

47⟩ Please explain what are steps to define supplier?

48⟩ Explain do you know how to debit the bank cash book upon withdrawn of cash from the bank?

49⟩ Tell me how would you enter this into a journal entry? 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.?

50⟩ Explain me how do I know whether I should Purchasing with a question or call Accounts Payable?

51⟩ Explain do you know what is interest on capital?

52⟩ Explain me about that software applications which have you used for accounts receivable?

53⟩ Explain would you like to tell me about a recent invoice discrepancy you discovered and how you resolved it?

54⟩ Tell me what procedure for excess payment to supplier I would like know without adjusting invoice that means how supplier will send back excess amount how do in oracle apps?

55⟩ Explain me how many invoices on average do you handle on a daily/weekly/monthly basis? What are the steps you take before you approve an invoice for payment?

56⟩ Suppose we paid 50/- as an advance for worth or 100/- goods, but our supplier sent only up to 25/- worth of goods. Know my question is that we want to close the transaction now. How it possible? What about VAT like Tax Setups in AP and AR? What about the SWEEP command in AP?

57⟩ Tell me what steps would you take before making a payment?

58⟩ Explain what id recurring invoices? What are AP setup steps?

59⟩ Tell me what are your plans for the future? How do you plan to grow as a professional?

60⟩ Explain how many types of purchase order types/agreements are there?

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Accounts Payable Clerk

Home Accounting Accounts Payable Clerk

129 Accounts Payable Clerk Questions And Answers

41⟩ What is Contract PO?

42⟩ Tell me what applications you have used for accounting? Which of them do you find to be the most and least useful?

43⟩ Tell me difference between interface tables and base tables?

44⟩ Tell me what are steps to define supplier?

45⟩ Explain me what steps would you take before approving an invoice for payment?

46⟩ What is Blanket PO?

47⟩ Please explain what are steps to define supplier?

48⟩ Explain do you know how to debit the bank cash book upon withdrawn of cash from the bank?

49⟩ Tell me how would you enter this into a journal entry? 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.?

50⟩ Explain me how do I know whether I should Purchasing with a question or call Accounts Payable?

51⟩ Explain do you know what is interest on capital?

52⟩ Explain me about that software applications which have you used for accounts receivable?

53⟩ Explain would you like to tell me about a recent invoice discrepancy you discovered and how you resolved it?

54⟩ Tell me what procedure for excess payment to supplier I would like know without adjusting invoice that means how supplier will send back excess amount how do in oracle apps?

55⟩ Explain me how many invoices on average do you handle on a daily/weekly/monthly basis? What are the steps you take before you approve an invoice for payment?

56⟩ Suppose we paid 50/- as an advance for worth or 100/- goods, but our supplier sent only up to 25/- worth of goods. Know my question is that we want to close the transaction now. How it possible? What about VAT like Tax Setups in AP and AR? What about the SWEEP command in AP?

57⟩ Tell me what steps would you take before making a payment?

58⟩ Explain what id recurring invoices? What are AP setup steps?

59⟩ Tell me what are your plans for the future? How do you plan to grow as a professional?

60⟩ Explain how many types of purchase order types/agreements are there?

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