Accounts Payable Interview Questions

Question : Tell us about an invoice discrepancy that you discovered and how you resolved the discrepancy.
Answer : Discrpancies in invoices could be many. Like there might a incorrect amount entered, incorred date or account code combination entered etc. If the amount entered is not matching with the purchase order then the system will place the invoice on hold which will have to be released before going further. If there is no purchase order matching and if you have entered wrong amount and if it is approved then you can reverse the distribution line and create a fresh line for the correct amount.

Question : Tell us about your experience in accounts payable.
Answer : Accounts Payable is mainly concerned with effective management of creditors. Effective management of creditors calls for correct booking of invoice under right accounting heads and making timely payments so that maximum available credit limit and discount is taken. If the accounts are not booked properly it will result in improper final staments. In Oracle Payables you cannot make any payment unless the payment is supported by an valid invoice i.e u need to book the liability before making any payment.It supports 2 way, 3 way and 4 way matching.

Question : What items of information do you need before you can approve an invoice for payment?
Answer : 1. Have the goods been received in good order ?
2. Is the quantity/price correct ?
3. Were you expecting any discount ?
4. Is the delivery charge correct ?

Question : What is the meaning of invoice?
Answer :
Invoice is a statement which contains the under mentioned details compulsorily.
1. Invoice Numner
2. Invoice date
3. Name and address of the person making the invoice ( Seller of goods and service)
4. Name and address of the person to whom invoice is made. ( Buyer of goods and service)
5. Description of goods / services involved
6. Applicable rates and taxes with percentages
7. Rate of the goods / services
8. Quantity of the goods and services
9. Quality or any other specifications
10. Price / Value of the goods and services
11. Invoice must be signed by the person making it
12. Terms and conditions of making the payment