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Expense / Invoice Verification
What items would you verify when processing an expense report / invoice for payment?
balajinanduri
- Jun 27th, 2009
First thing to be verified whether it is a tax invoice or not.Secondly we have to check the party's name on the invoice.it should be approved by the person who is having limit.The other things like cost center IE Type should be checked.
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Invoice discrepancy
Tell us about an invoice discrepancy that you discovered and how you resolved the discrepancy
gulred21
- Dec 24th, 2008
Invoice can be discrepant with Purchase order in the following ways. 1. Currency of Purchase order does not match with Invoice. 2.? Post dated Invoice 3. Invoice details does not match with the database maintained. 4. Quantity and Price Variance 5. Total Mismatch 6. Incorrect VAT calculation.
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Billable and non-billable expenses
What is the difference between billable and non-billable expenses?
amrit257
- Aug 25th, 2009
Billable expenses are the expenses incurred by you on behalf of your customer in performing duties / service and supply. This expenses are recoverable from your customer by way of billing. Non-billab...
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Invoice for payment
What steps would you take before approving an invoice for payment?
Devaraju.R
- Nov 17th, 2008
STEP 1 ; Verification of purchase order, qty, rate
STEP 2 : Verification of purchase invoice with purchase order
STEP 3 : Verification of goods received note
STEP 4 : Number of credit days
STEP 5 : Bank Name and CH favouring -
Accounts Payable STPT
In accounts payable - What do you mean by STPT?
ncthudimilla
- Apr 18th, 2009
Software Technology Parks of India (STPI), is a society set up by the Department of Communication & Information Technology, Government of India in 1991, with the objective of encourag...
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Sub Ledger Posting
In accounts payable we use to pass sub ledger entries and what is it for?
chinnaguntupalli
- Sep 13th, 2009
Accounts Payable itself is a subledger, hence there is no concept of further subledger in Accounts Payable
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Accrual Entry
What is an Accrual entry?
chinnaguntupalli
- Sep 8th, 2009
Accrual entry is the entry to record an unaccounted expense in current month books of accounts to ensure creating a provision for accounting in subsequent month, this is an auto reversal entry, which need to be revesed on first day of subsequent month
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MALA
What is MALA? How it is useful in accounts payable?
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Accounts Payables Process
Why does a company/business require an Accounts payables process?
Baltoo
- Oct 7th, 2009
Accounts Payables is nothing but a Liability which has to be paid by the company for the goods that they have purchased or services that they have availed from a Vendor. The Firm is Accountable or re...
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Evaluated Receipt Settlement
Evaluated receipt settlement is used for __________ backed suppliesa. Paymentb. Purchase orderc. Advanced. All of these.
nkamuni_mca
- Dec 30th, 2009
The answer is b.purchase order suppliesERS is used for only for PO based vendors
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Debtors Reconciliation
What are the tools used in Debtors Reconciliation?
chinnaguntupalli
- Nov 6th, 2009
Liability account total from General LedgerBalance as per Trial balance.Ideally these two should match, however in the below instances it will not get match.Conversion rate not updated for foreign cur...
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Billable and Non-billable Expenses
What is the difference between billable and non-billable expenses?
MohammaMahmood
- Nov 1st, 2009
Billable Expenses are those which are charged to the Contractor and are paid and Non-billable are those which are not charged.
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Accounts Payable Rules for Liquidation
How does one handle outstanding account payable when the business is closing and on an accural basis, but owner has no way to pay the debt, can these expenses be deducted on the final tax return?
bwstui
- Jul 19th, 2010
No, the expenses are dissallowed. If you have already expensed payables that will never get paid, you must reverse them when you liquidate....this means you must recognize INCOME.
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Account Payable Rules
What is account payable rules for liquidation?
Basamaekul
- Jun 29th, 2010
The short and quick answer would be to pay them back in the order that they are due with whatever money that you can get from the liquidation. The creditors, however, are to be paid before any partners/stockholders are paid anything from the company.
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Functions of Account Payable Department
What are the different functions of account payable department?
nkamuni_mca
- Dec 30th, 2009
The following are the functions of Accounts payable->Processing vendor invoice->Clearing the invoices which may have some issues->Processint the vendor payments->Handling any issues partai...
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Net Working Capital
How do you calculate the Net Working Capital?
nkamuni_mca
- Dec 30th, 2009
Net working capital(NWC) = Current Assets - Current Liabilities(excluding deferred tax assets/liabilities, excess cash, surplus assets and/or deposit balances)
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Modes of Receiving Invoices
What are the different modes of receiving invoices?
nkamuni_mca
- Dec 30th, 2009
The invoices can be received in the following ways.1. Mail box (through mails)2. Fax3. Through emails
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EFT
What is EFT? What are the 2 common categories of EFT?
nkamuni_mca
- Dec 30th, 2009
EFT - Electronic fund transfer... the funds can be trasferred electronically in two ways.Through ACH (automatted clearing house)Through Wire transfers
Accounts Payable Interview Questions
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