Lavyuk Consultancy Services Interview Questions and Answers

RTR involves recording and reconciling financial transactions while AP involves managing vendor invoices and payments.

• RTR process steps include journal entry creation, ledger maintenance, account reconciliation, and financial statement preparation.

• AP process steps include invoice receipt and verification, invoice approval, payment processing, and vendor management.

• Both processes involve data entry, document management,...read more

Journal entries in AP process

• Journal entries are used to record financial transactions in the AP process

• They are used to document the accounts payable transactions

• Journal entries are typically recorded in the general ledger

• Examples of AP journal entries include recording invoices, payments, and adjustments

• Journal entries should be accurate and complete to ensure proper financial reporting

3 way match is a process in accounts payable where the purchase order, receiving report, and invoice are matched to ensure accuracy.

• The purchase order, receiving report, and invoice are compared to ensure that the goods or services were received, the price is correct, and the quantity is accurate.

• This process helps to prevent errors and fraud in the accounts payable process.

• For example, if a company orders 100 units of...read more