20+ Arte-Alter Interview Questions and Answers

P2P cycle is the process of procuring goods and services from vendors. 3 way match is a process of matching invoice, purchase order and receipt.

• P2P cycle involves steps like requisition, purchase order, receipt, invoice and payment

• 3 way match ensures that the invoice matches the purchase order and receipt

• If approvals are missing for non-PO invoices, the invoice can be sent to the department head for approval or the vendor can be contacted for clarification

• Automated workflows ...read more

The journal entry when receiving invoices

• Debit the expense account for the amount of the invoice

• Credit accounts payable for the same amount

• If there is a discount offered, credit the discount account

• If there is tax included, credit the tax payable account

Before approving an invoice for payment, several steps should be taken to ensure accuracy and validity.

• Verify the accuracy of the invoice details, such as the amount, date, and vendor information.

• Check if the goods or services mentioned in the invoice were actually received or provided.

• Confirm that the invoice complies with company policies and procedures.

• Ensure that all necessary approvals and supporting documentation are attached to the invoice.

• Review the payment terms and ...read more

The steps for processing invoices include receiving the invoice, verifying the details, recording the invoice, obtaining approvals, and making the payment.

• Receive the invoice from the supplier.

• Verify the details on the invoice, such as the vendor name, invoice number, date, and amount.

• Record the invoice in the accounting system or software.

• Obtain necessary approvals, such as from the department head or manager.

• Match the invoice with the purchase order or receipt of goods/serv...read more

Debit Note is a document issued by a buyer to a seller to request a credit for overcharged or returned goods. Credit Note is a document issued by a seller to a buyer to reduce the amount owed due to overpayment or returned goods.

• Debit Note is issued by the buyer to request a credit from the seller.

• It is used when there is an overcharge or return of goods.

• Debit Note reduces the amount payable by the buyer to the seller.

• Example: A buyer receives an invoice with an incorrect amo...read more

Bank Reconciliation Statement is a document that compares the bank statement with the company's records to identify any discrepancies.

• Bank Reconciliation Statement is prepared to ensure that the company's records match with the bank's records.

• It helps in identifying any errors or omissions in the company's accounting records.

• It includes comparing the bank statement balance with the company's cash book balance.

• Reconciling items may include outstanding checks, deposits in trans...read more

The journal entry when goods are received is a debit to the inventory account and a credit to the accounts payable account.

• Debit inventory account

• Credit accounts payable account

• Example: Debit Inventory $10,000, Credit Accounts Payable $10,000

• The entry is made to reflect the increase in inventory and the liability owed to the supplier

Shortcut keys for MS Excel & MS-Word

• MS Excel: Ctrl+C (copy), Ctrl+V (paste), Ctrl+Z (undo), Ctrl+S (save), Ctrl+P (print)

• MS Word: Ctrl+B (bold), Ctrl+I (italic), Ctrl+U (underline), Ctrl+C (copy), Ctrl+V (paste)

Here are 5 currencies with their respective countries:

• US Dollar - United States

• Euro - European Union

• Japanese Yen - Japan

• British Pound - United Kingdom

• Canadian Dollar - Canada

Exceptions are abnormal conditions or errors that occur during the execution of a program.

• Exceptions are used to handle errors and exceptional situations in programming.

• They allow the program to gracefully handle unexpected situations and prevent crashes.

• Examples of exceptions include divide by zero, file not found, and out of memory errors.

The steps for new vendor creation involve gathering information, verifying details, setting up payment terms, and creating a vendor account.

• Gather necessary information such as vendor name, address, tax ID, and contact information

• Verify vendor details through background checks and credit checks

• Set up payment terms and negotiate pricing

• Create a vendor account in the accounting system and input all relevant information

• Ensure all necessary documentation is obtained and filed app...read more

Accounts Payable refers to the amount of money a company owes to its vendors or suppliers for goods or services received.

• Accounts Payable is a liability account in the company's balance sheet.

• It represents the amount of money that the company owes to its vendors or suppliers.

• It includes invoices received but not yet paid, as well as any other outstanding bills.

• Accounts Payable is an important part of a company's cash flow management.

• Examples of Accounts Payable include rent, ...read more

VMD creation requires knowledge of accounting principles, software proficiency, and attention to detail.

• Understanding of accounting principles and practices

• Proficiency in accounting software such as QuickBooks or Xero

• Attention to detail to ensure accuracy of financial data

• Ability to analyze financial data and create reports

• Knowledge of tax laws and regulations

• Communication skills to work with clients and team members

Vendor maintenance refers to the process of managing and updating vendor information in a company's database.

• It involves creating and updating vendor profiles

• Verifying vendor information such as contact details, payment terms, and tax identification numbers

• Ensuring compliance with company policies and regulations

• Maintaining accurate records of vendor transactions

• Regularly reviewing vendor performance and addressing any issues

• Examples include adding a new vendor to the databas...read more

Procurement refers to the process of acquiring goods or services from external sources.

• Procurement involves identifying the need for a product or service

• Finding potential suppliers or vendors

• Negotiating terms and conditions

• Placing orders and receiving goods or services

• Ensuring timely delivery and quality control

• Examples include purchasing office supplies, raw materials for manufacturing, or outsourcing IT services

IRS stands for Internal Revenue Service.

• IRS is a government agency responsible for collecting taxes and enforcing tax laws.

• It is a part of the US Department of the Treasury.

• IRS also provides assistance to taxpayers in understanding and complying with tax laws.

• Examples of IRS forms include W-2, 1099, and 1040.

• IRS audits individuals and businesses to ensure compliance with tax laws.

PO invoices are generated against a purchase order while non-PO invoices are not associated with a purchase order.

• PO invoices are generated when a purchase order is created for goods or services.

• Non-PO invoices are not associated with a purchase order.

• PO invoices require a matching process to ensure that the goods or services have been received and are in accordance with the purchase order.

• Non-PO invoices do not require a matching process.

• PO invoices are typically used for la...read more

Modes of payment include cash, credit/debit cards, online transfers, and checks.

• Cash: physical currency

• Credit/debit cards: electronic payment using plastic cards

• Online transfers: electronic payment using internet banking

• Checks: written orders to pay a specific amount to a person or organization

V-lookup & H-Lookup are Excel functions used to search for a specific value in a table and return a corresponding value.

• V-lookup searches for a value in the leftmost column of a table and returns a value in the same row from a specified column.

• H-Lookup searches for a value in the top row of a table and returns a value in the same column from a specified row.

• Both functions are commonly used in data analysis and can save time when working with large datasets.