Accounts Payable Process Developer
10+ Accounts Payable Process Developer Interview Questions and Answers
Q1. What is the difference between Accounts payable and Accounts receivable?
Accounts payable is the amount owed by a company to its suppliers, while accounts receivable is the amount owed to a company by its customers.
Accounts payable represents the company's liabilities, while accounts receivable represents the company's assets.
Accounts payable is recorded as a liability on the balance sheet, while accounts receivable is recorded as an asset.
Accounts payable is related to the company's purchases and expenses, while accounts receivable is related to ...read more
Q2. What are the similarities between accounts payable and accounts receivable?
Accounts payable and accounts receivable are both essential components of a company's financial management.
Both involve tracking and managing financial transactions.
Both are part of the company's balance sheet.
Both require accurate record-keeping and reconciliation.
Both impact cash flow and financial stability.
Both involve communication and coordination with vendors or customers.
Both play a role in financial analysis and decision-making.
Both require attention to detail and ad...read more
Accounts Payable Process Developer Interview Questions and Answers for Freshers
Q3. If you find a different price for a product in your GRN, what is the first thing you should do?
The first step would be to verify the accuracy of the found price by cross-checking it with the original purchase order or invoice.
Cross-check the found price with the original purchase order or invoice
Ensure that the correct price is recorded in the system
Investigate any discrepancies and resolve them accordingly
Q4. Which purchase order do we use most regularly?
The most commonly used purchase order is PO-12345.
PO-12345 is used for regular purchases.
It is the default purchase order for most vendors.
PO-12345 is used for recurring expenses like office supplies and utilities.
Q5. How many types of purchase orders are there?
There are three types of purchase orders: standard, blanket, and contract.
Standard purchase orders are used for one-time purchases of goods or services.
Blanket purchase orders are used for recurring purchases over a specific period of time.
Contract purchase orders are used for long-term agreements with suppliers.
Examples: A standard purchase order may be used to buy office supplies, a blanket purchase order may be used for monthly cleaning services, and a contract purchase or...read more
Q6. How do you process payments in Tally?
In Tally, payments are processed by creating a payment voucher and selecting the appropriate ledger accounts.
Open Tally and go to the payment voucher entry screen.
Enter the payment details such as the payment date, payment mode, and amount.
Select the ledger accounts for the party to whom the payment is being made and the bank account from which the payment is being made.
Verify the payment details and save the voucher.
Tally will automatically update the accounts payable ledger...read more
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Q7. What is Accounts Payable?
Accounts payable is a financial process that involves recording and managing a company's outstanding invoices and payments to suppliers.
Accounts payable refers to the money a company owes to its suppliers or vendors for goods or services received.
It involves recording and tracking invoices, verifying their accuracy, and making timely payments.
The process includes maintaining vendor records, reconciling statements, and resolving any discrepancies.
Accounts payable is crucial fo...read more
Q8. What is the P2P cycle?
The P2P cycle refers to the end-to-end process of purchasing goods or services, receiving them, and making payments for them.
The cycle starts with the identification of a need for goods or services.
A purchase requisition is created and approved.
A purchase order is generated and sent to the supplier.
The supplier delivers the goods or services.
The goods or services are received and inspected.
An invoice is received from the supplier.
The invoice is matched with the purchase order...read more
Accounts Payable Process Developer Jobs
Q9. What is the P2P process?
P2P process refers to the end-to-end cycle of procurement and payment activities within an organization.
P2P stands for Procure-to-Pay.
It involves the entire process from requisitioning goods or services to making the final payment.
Key steps include requisitioning, sourcing, purchasing, receiving, invoicing, and payment.
It aims to streamline and automate the procurement and payment processes, ensuring efficiency and control.
Examples of P2P software include SAP Ariba, Coupa, an...read more
Q10. What is a vendor?
A vendor is a person or company that supplies goods or services to another company.
Vendors are external entities that provide products or services to a business.
They can be individuals, companies, or organizations.
Vendors can be classified as suppliers, contractors, or service providers.
Examples of vendors include manufacturers, wholesalers, consultants, and utility companies.
Q11. P2P cycle,2 way match and how to process invoices
The P2P cycle involves procurement to payment processes, with a 2-way match ensuring invoice accuracy before processing.
P2P Cycle: The Procure-to-Pay (P2P) cycle includes steps from requisitioning goods/services to making payments, ensuring efficiency.
2-Way Match: This process compares the purchase order and the invoice to confirm that the quantities and prices match before payment.
Invoice Processing: Invoices are received, verified against purchase orders, and then approved ...read more
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