Fractal Analytics Senior Accounts Payable Manager Interview Questions, Process, and Tips

Accounts payable process involves receiving, verifying, and processing invoices for payment.

• Receive invoices from vendors

• Verify the accuracy of invoices against purchase orders and receipts

• Code and enter invoices into accounting system

• Obtain approval for payment

• Schedule payments and issue checks or electronic payments

• Reconcile vendor statements

• Maintain accurate records and files

Invoices are bills sent by a vendor to a customer for goods or services provided.

• Invoices include details such as the vendor's name and address, the customer's name and address, the date of the invoice, a description of the goods or services provided, and the amount due.

• The process of invoicing involves creating and sending the invoice to the customer, tracking the payment status, and following up on any overdue paymen...read more

Prepaid expenses are payments made in advance for goods or services that will be received in the future.

• Prepaid expenses are recorded as assets on the balance sheet

• They are gradually expensed over time as the goods or services are received

• Examples include prepaid rent, insurance premiums, and subscriptions

• Prepaid expenses are commonly used in accounting to ensure accurate financial reporting

Documents required for foreign remittance include invoices, purchase orders, and wire transfer instructions.

• Invoices for goods or services being paid for

• Purchase orders to verify the transaction

• Wire transfer instructions to ensure proper routing of funds

• Proof of identification for both parties involved

• Any necessary customs or tax documents

• Documentation of any applicable fees or charges

Cash flow statement is a financial report that shows the inflow and outflow of cash in a business over a period of time.

• It shows the sources of cash inflow and the uses of cash outflow.

• It is divided into three sections: operating activities, investing activities, and financing activities.

• Operating activities include cash transactions related to the day-to-day business operations.

• Investing activities include cash transa...read more