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Accounts Payable Clerk

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“Clerk Accounts Payable related Frequently Asked Questions by expert members with job experience as Accounts Payable Clerk. These questions and answers will help you strengthen your technical skills, prepare for the new job interview and quickly revise your concepts”

129 Accounts Payable Clerk Questions And Answers

61⟩ Explain 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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62⟩ Explain with what accounts payable applications are your familiar?

With accounting job interview questions like this first list the applications you have used and then expand on the value of the solutions they offered to your particular business. Look at aspects such as managing vendor information, approval controls and providing payable reports.

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63⟩ Tell me 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.

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64⟩ Tell me 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).

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65⟩ Tell me what is debit and credit from the banks point of view?

Credit what comes in

Debit what goes out

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66⟩ Explain 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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67⟩ Tell me what is the meaning of invoice?

An invoice or bill is a commercial document issued by a seller to the buyer, indicating the products, quantities, and agreed prices for products or services the seller has provided the buyer. An invoice indicates the buyer must pay the seller, according to the payment terms.

In the rental industry, an invoice must include a specific reference to the duration of the time being billed, so rather than quantity, price and discount the invoicing amount is based on quantity, price, discount and duration. Generally speaking each line of a rental invoice will refer to the actual hours, days, weeks, months etc being billed.

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68⟩ Tell me what you think which is your greatest weakness?

I am a perfectionist.

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69⟩ Explain what is purchase order?

A Purchase Order is issued by Procurement & Travel Services after a requisition is submitted to them.

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70⟩ Explain what is debit from the banks point of view?

When we have received amount from bank that is debit to banker.

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71⟩ Tell me are you applying for some other jobs?

Be honest do not spend a lot of time in this question area.

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72⟩ Tell me have you ever been involved in an invoice dispute? How did you manage the problem?

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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73⟩ Tell me 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.

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74⟩ Do you know what is Gpm?

Gpm means General Purchase Manager.

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75⟩ Explain 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.

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76⟩ Tell us do you know purchase of car would be a debit or a credit to a bank?

Credit to bank.

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77⟩ Explain about check Payment Method?

You can pay with a manual payment, a Quick payment, or in a payment batch.

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78⟩ Explain me what was your average accounts receivable days outstanding?

If relevant, discuss any corrective action taken to reduce this figure.

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79⟩ Tell us 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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80⟩ Please explain what are the journal entries that will be passing from the Goods received till the payment made to supplier?

Goods Received Ware House

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

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Accounts Payable Clerk

Home Accounting Accounts Payable Clerk

129 Accounts Payable Clerk Questions And Answers

61⟩ Explain me how does the payment mechanism work?

62⟩ Explain with what accounts payable applications are your familiar?

63⟩ Tell me when I have already sent in the invoice why is a Payment Request Form required?

64⟩ Tell me what is Benford’s Law and how to use it?

65⟩ Tell me what is debit and credit from the banks point of view?

66⟩ Explain me about a recent invoice discrepancy you discovered and how you resolved it?

67⟩ Tell me what is the meaning of invoice?

68⟩ Tell me what you think which is your greatest weakness?

69⟩ Explain what is purchase order?

70⟩ Explain what is debit from the banks point of view?

71⟩ Tell me are you applying for some other jobs?

72⟩ Tell me have you ever been involved in an invoice dispute? How did you manage the problem?

73⟩ Tell me do you know what is TDS? How to charged it?

74⟩ Do you know what is Gpm?

75⟩ Explain what mandatory fields to be entered while processing invoices?

76⟩ Tell us do you know purchase of car would be a debit or a credit to a bank?

77⟩ Explain about check Payment Method?

78⟩ Explain me what was your average accounts receivable days outstanding?

79⟩ Tell us what steps would you take before approving an invoice for payment?

80⟩ Please explain what are the journal entries that will be passing from the Goods received till the payment made to supplier?

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