Phazys Engineering Interview Questions and Answers

Reconciliation is the process of comparing two sets of records to ensure their accuracy and consistency.

• Reconciliation is a financial term used to verify and match transactions between two accounts or statements.

• It helps identify discrepancies, errors, or missing entries in the records.

• Types of reconciliation include bank reconciliation, account reconciliation, and intercompany reconciliation.

• Bank reconciliation involves comparing bank statements with the company's records to...read more

Accounts refer to financial records that track the flow of money in and out of a business. They are important for financial management.

• Accounts are used to track financial transactions such as sales, expenses, and payments.

• They help businesses keep track of their financial health and make informed decisions.

• Accounts are important for tax purposes and for meeting legal requirements.

• Examples of accounts include cash, accounts receivable, accounts payable, and inventory.

• Proper a...read more

Reconciliation involves identifying and resolving differences between two parties.

• Identify the differences between the parties involved

• Communicate with the other party to understand their perspective

• Find common ground and negotiate a solution

• Agree on a plan of action to move forward

• Follow up to ensure the plan is being implemented and effective

Error transactions can be rectified by identifying the cause and taking appropriate corrective actions.

• Identify the cause of the error transaction

• Determine the appropriate corrective action

• Implement the corrective action

• Ensure the error transaction is properly documented for future reference

Bank reconciliation is the process of comparing a company's financial records with those of its bank to ensure accuracy.

• Bank reconciliation involves matching transactions in a company's accounting records with those in its bank statement.

• Any discrepancies are identified and investigated, such as outstanding checks or deposits in transit.

• The goal is to ensure that the company's cash balance in its accounting records matches the balance in its bank account.

• Bank reconciliation i...read more

ATM reconciliation is the process of ensuring that the amount of cash in an ATM matches the amount recorded in the bank's books.

• ATM reconciliation involves comparing the cash dispensed by the ATM with the transactions recorded in the bank's system.

• Any discrepancies are investigated and resolved to ensure that the ATM balance matches the bank's balance.

• ATM reconciliation is typically done on a daily basis to ensure accuracy and prevent fraud.

• Automated tools can be used to stre...read more

Bank reconciliation is the process of comparing a company's bank statement with its own financial records.

• It helps to identify any discrepancies between the two records.

• It ensures that all transactions are accurately recorded in the company's books.

• It involves matching the transactions on the bank statement with the transactions in the company's accounting system.

• Any differences between the two records are investigated and resolved.

• Bank reconciliations are typically done on a...read more

Error transaction refers to a failed or incorrect transaction that did not complete successfully.

• It can occur due to various reasons such as insufficient funds, incorrect account details, technical issues, etc.

• Error transactions can result in loss of money or delay in processing.

• Examples include failed ATM withdrawals, declined credit card payments, and unsuccessful online transfers.