Genpact Accounts Payable Executive Interview Questions and Answers

Q1. What is the accounts payable ?
Ans. 
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, representing short-term obligations.

• It includes invoices from suppliers for products or services received, such as office supplies or utilities.

• Timely payment of accounts payable can help maintain good supplier relationships and may lead to disco...read more
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Q2. Where can assign the vendor reconciliation account ?
Ans. 
Vendor reconciliation accounts are assigned in the accounting system to ensure accurate tracking of vendor transactions.
• Assign in the ERP system under vendor master data settings.

• Example: In SAP, use transaction code XK02 to edit vendor details.

• Link to specific general ledger accounts for accurate reporting.

• Example: Assign a reconciliation account for each vendor type, like 'Suppliers' or 'Contractors'.

• Ensure proper ma...read more
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Q3. What is the P2P cycle?
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The P2P cycle, or Procure-to-Pay cycle, encompasses the entire process of acquiring goods/services and making payments.
• 1. Requisition: Identifying the need for goods/services, e.g., a department requests office supplies.

• 2. Purchase Order: Creating a formal order to a supplier, e.g., sending a PO for 100 chairs to a vendor.

• 3. Receipt of Goods/Services: Receiving and inspecting the order, e.g., checking the delivery of c...read more
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Q4. How many types of the golden rules?
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There are three golden rules of accounting: Personal, Real, and Nominal accounts, guiding financial transactions.
• 1. Personal Account: Deals with individuals or entities. Example: Accounts receivable.

• 2. Real Account: Pertains to assets and liabilities. Example: Cash account.

• 3. Nominal Account: Relates to income and expenses. Example: Sales account.
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Q1. Why there was so much Career gap
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I took time off for personal development and family commitments, which enriched my skills and perspective.
• I pursued further education in finance, enhancing my knowledge and skills relevant to accounts payable.

• I volunteered with a non-profit organization, managing their financial records, which provided practical experience.

• I took care of a family member during a health crisis, which taught me valuable lessons in time m...read more
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Q2. 2 way 3 way match
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Q1. Payment process
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Q1. Notice period for u
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Q1. Describe yourself
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Q1. Can you explain briefly about your self?
Ans. 
Detail-oriented Accounts Payable Executive with 5 years of experience in managing invoices and vendor relationships efficiently.
• Over 5 years of experience in accounts payable, ensuring timely processing of invoices.

• Skilled in using accounting software like SAP and QuickBooks to streamline operations.

• Successfully reduced invoice processing time by 20% through process improvements.

• Strong communication skills, fostering p...read more
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Q2. What is your roles and responsibilities your precious company?
Ans. 
In my previous role, I managed vendor relationships, processed invoices, and ensured timely payments to maintain financial accuracy.
• Managed vendor relationships by negotiating payment terms and resolving discrepancies.

• Processed invoices accurately and efficiently, ensuring compliance with company policies.

• Conducted regular audits of accounts payable to identify and rectify errors.

• Collaborated with the finance team to p...read more
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Q3. Giving some examples about Accounts payable entries?
Ans. 
Accounts payable entries track money owed to suppliers for goods and services received.
• Invoice Entry: Recording an invoice from a supplier for office supplies.

• Payment Processing: Making a payment entry for a utility bill.

• Accruals: Recognizing expenses for services received but not yet invoiced, like consulting fees.

• Vendor Credits: Recording a credit note received from a vendor for returned goods.
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Q4. One assignment exam will be there,
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GOOD 15 min. Technical round

Q1. About your experience
Ans. 
I have over five years of experience in accounts payable, managing vendor relationships and ensuring timely payments.
• Managed a portfolio of over 100 vendors, ensuring accurate and timely payments.

• Implemented a new invoice processing system that reduced processing time by 30%.

• Conducted regular audits to ensure compliance with company policies and procedures.

• Collaborated with cross-functional teams to resolve discrepanci...read more
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Q1. About accounts payable
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Q1. Types of purchase order
Ans. 
Types of purchase orders include standard, blanket, contract, and planned.
• Standard purchase order is used for one-time purchases

• Blanket purchase order is used for recurring purchases over a period of time

• Contract purchase order is used for long-term agreements with suppliers

• Planned purchase order is used for future purchases based on forecasted requirements
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Q1. Accounts payable process
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Q1. Types of PO known to you
Ans. 
Types of PO include Standard PO, Blanket PO, Contract PO, Planned PO, and Service PO.
• Standard PO: Used for one-time purchases

• Blanket PO: Used for recurring purchases over a period of time

• Contract PO: Used for purchases based on a specific contract

• Planned PO: Used for long-term planning of purchases

• Service PO: Used for services rather than physical goods
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