Genpact Accounts Payable Executive Interview Questions, Process, and Tips

I have 8 years of experience in accounts payable roles.

• I have worked in accounts payable for 8 years

• Managed vendor relationships and processed invoices

• Implemented process improvements to increase efficiency

• Led a team of AP specialists to ensure timely payments

Accounts Payable Executive

• Accounts Payable Executive

• Senior Accounts Payable Specialist

• Accounts Payable Manager

P2P stands for Procure to Pay, which is the process of obtaining and paying for goods and services.

• P2P Cycle involves the steps from requisitioning goods/services to making payment for them.

• A pivot table is a data summarization tool in Excel that allows for quick analysis and comparison of data.

• SAP T Codes are transaction codes used in SAP software to access specific functions or perform specific tasks.

• PO based invoice...read more

Bad debt refers to money owed by a debtor that is unlikely to be paid back, resulting in a loss for the creditor.

• Bad debt occurs when a customer fails to pay their outstanding balance within a reasonable timeframe.

• It is typically written off as a loss on the creditor's financial statements.

• Examples include unpaid invoices, defaulted loans, and unrecoverable credit card debt.

PO stands for Purchase Order.

• PO stands for Purchase Order, which is a document issued by a buyer to a seller, indicating the type, quantity, and agreed price for products or services.

• It serves as a contract between the buyer and seller, outlining the terms of the transaction.

• POs are used in business to streamline the purchasing process and ensure accurate record-keeping.

• Example: A company issues a PO to a supplier for ...read more

Miscellaneous account is a general ledger account used to record transactions that do not fit into any other specific category.

• Miscellaneous account is often used for one-time or infrequent transactions that do not have a designated account.

• It helps in keeping the main accounts organized by preventing clutter with unique transactions.

• Examples of transactions that may be recorded in a miscellaneous account include bank

Accounts where financial transactions are recorded and classified according to the nature of the transaction.

• Accounts are used to keep track of financial transactions

• They are classified based on the nature of the transaction

• Examples include accounts payable, accounts receivable, and cash accounts

Debit net refers to the total amount of debits in a financial transaction.

• Debit net is the sum of all debits in a financial transaction.

• It is used to calculate the total amount owed by a company or individual.

• For example, if a company has $100 in debits and $50 in credits, the debit net would be $50.

• Debit net is important in accounting and financial management.

A credit note is a document issued by a seller to a buyer, indicating that a certain amount has been credited to the buyer's account.

• It is a document issued by a seller to a buyer

• It indicates that a certain amount has been credited to the buyer's account

• It is usually issued when there is an overpayment or a return of goods

• It serves as a proof of the transaction and helps in reconciling accounts

The 3 way machine is a tool used in accounts payable to match purchase orders, invoices, and receiving reports.

• The machine compares the three documents to ensure accuracy and prevent fraud.

• It helps to identify discrepancies and resolve them before payment is made.

• For example, if the invoice amount is higher than the purchase order amount, the machine will flag the discrepancy for review.

• The 3 way machine is an importan...read more

A set of questions related to accounting and finance.

• Tax is a mandatory financial charge imposed by the government on income, goods, and services.

• GRN stands for Goods Receipt Note, which is a document that confirms the receipt of goods from a supplier.

• The process refers to the steps involved in completing a task or achieving a goal.

• Credit sales are transactions where the customer buys goods or services on credit and pa...read more

Sales returns are products that customers return to the company for various reasons.

• Sales returns refer to the products that customers return to the company.

• These returns can occur due to various reasons such as product defects, customer dissatisfaction, or incorrect shipments.

• Sales returns are recorded as a reduction in revenue and accounts receivable.

• They are typically accompanied by a credit memo or refund to the cu...read more

AP is Accounts Payable, P2P Cycle is Procure to Pay Cycle, Golden Rules of Accounting are basic principles of accounting.

• AP is the process of managing and paying invoices from vendors or suppliers.

• P2P Cycle is the process of procuring goods or services and paying for them.

• Golden Rules of Accounting are basic principles of accounting that govern the preparation of financial statements.

• The three golden rules of accountin...read more

I carefully review all documents to identify and resolve discrepancies.

• Compare the purchase order details with the invoice and receipts to identify any discrepancies

• Communicate with vendors or suppliers to clarify any discrepancies and request corrected invoices if necessary

• Work closely with the procurement team to ensure accurate documentation and resolve any issues promptly