Integrative Systems Interview Questions and Answers

Q1. What is credit note and debit note?
Ans. 
Credit note is issued by a seller to a buyer for returning goods or services, while debit note is issued by a buyer to a seller for requesting a credit.
• Credit note is issued by a seller to a buyer when goods or services are returned, indicating a credit to the buyer's account.

• Debit note is issued by a buyer to a seller to request a credit for goods or services received, indicating a debit to the seller's account.

• Credit...read more
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Q2. What is reconciliation?
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Reconciliation is the process of comparing two sets of records to ensure they are in agreement.
• Reconciliation involves identifying and resolving discrepancies between the two sets of records.

• It is commonly used in accounting to ensure that financial statements match up with bank statements.

• Reconciliation can also be used in relationships to resolve conflicts and misunderstandings.
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Q3. Invoice aging?
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Q1. About your profile
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Q1. Technical based
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Q2. Discussing about expectations?
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Q1. Salary discussion
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Q2. Basic questions
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Not aptitude exactly but some sort of personality test from client end.

Q1. PO , NON PO
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Q2. Debit Note, Credit Note
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Q1. What is credit note and Debit note?
Ans. 
Credit notes and debit notes are documents used in accounting to adjust transactions between buyers and sellers.
• A credit note is issued by a seller to reduce the amount owed by a buyer, often due to returns or overbilling.

• Example: If a customer returns a defective product worth $100, the seller issues a credit note for that amount.

• A debit note is issued by a buyer to formally request a credit for returned goods or serv...read more
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Q2. What is expense incurred but not received with example?
Ans. 
Expense incurred but not received refers to costs that have been recognized but not yet paid or settled.
• Accrued expenses are a common example, such as salaries owed to employees for work done but not yet paid.

• Utilities used in a month that will be billed in the following month represent an expense incurred but not yet received.

• Interest on loans that has accumulated but not yet paid is another example of this type of ex...read more
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Q3. What is utility bill?
Ans. 
A utility bill is a statement detailing charges for essential services like electricity, water, and gas used by a household or business.
• Utility bills typically include charges for services such as electricity, water, gas, and sewage.

• They provide a breakdown of usage, showing how much of each service was consumed during a billing period.

• For example, an electricity bill may show kilowatt-hours used and the rate charged p...read more
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Q4. What is vendor reconciliation and invoice aging?
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Vendor reconciliation ensures accurate financial records with suppliers, while invoice aging tracks outstanding payments over time.
• Vendor reconciliation involves comparing internal records with vendor statements to ensure accuracy.

• Example: A company matches its accounts payable with a vendor's invoice to confirm amounts owed.

• Invoice aging categorizes unpaid invoices based on how long they have been outstanding.

• Example:...read more
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Q5. Three way match 2 way match
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Three-way match involves comparing purchase orders, receipts, and invoices, while two-way match compares purchase orders and invoices.
• Three-way match ensures accuracy by verifying purchase orders, receipts, and invoices.

• Example: A company orders 100 units of a product, receives 100 units, and is billed for 100 units.

• Two-way match only checks purchase orders against invoices, which may lead to discrepancies.

• Example: If ...read more
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Q6. Po Nd non po invoice
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Q7. What is difference between invoice and debit note
Ans. 
An invoice requests payment for goods/services, while a debit note adjusts or corrects a previous invoice.
• An invoice is issued by a seller to request payment from a buyer.

• A debit note is issued by a buyer to inform the seller of a reduction in the amount owed.

• Example of an invoice: A company sends an invoice for $1,000 for services rendered.

• Example of a debit note: A buyer issues a debit note for $200 due to returned g...read more
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Q1. What is credit memos
Ans. 
Credit memos are documents issued to reduce the amount owed by a customer, often due to returns or billing errors.
• Used to correct billing errors, such as overcharges.

• Issued when goods are returned, reflecting the return value.

• Can be applied to future purchases or refunds.

• Example: A customer returns a defective product worth $100; a credit memo for $100 is issued.
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Q2. How to process duplicate invoice
Ans. 
Processing duplicate invoices involves identifying, verifying, and resolving duplicates to maintain accurate financial records.
• Identification: Use invoice numbers, vendor names, and amounts to identify potential duplicates. For example, if two invoices have the same number and amount, they may be duplicates.

• Verification: Cross-check the identified invoices against purchase orders and receipts to confirm if they are ind...read more
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Q3. What is account payable
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Accounts payable refers to the money a company owes to its suppliers for goods and services received but not yet paid for.
• Accounts payable is a liability on the balance sheet.

• It includes invoices from suppliers for products or services.

• For example, if a company buys office supplies on credit, it records the amount owed as accounts payable.

• Timely payment of accounts payable is crucial for maintaining good supplier relat...read more
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