SAL Automotive Accounts Payable Executive Interview Questions and Answers

Accounts Payable is the amount owed by a company to its vendors/suppliers for goods or services received.

• Accounts Payable is a liability account that tracks the money a company owes to its vendors/suppliers.

• It includes all the outstanding bills and invoices that are yet to be paid.

• 2way matching is a process of comparing the purchase order with the invoice to ensure that the goods or services received match the ones ord...read more

2 way matching compares invoice and purchase order, 3 way matching adds receipt of goods to the comparison. GRN t.code is MIGO. P2P cycle is Procure to Pay cycle.

• 2 way matching compares invoice and purchase order

• 3 way matching adds receipt of goods to the comparison

• GRN t.code is MIGO

• P2P cycle is Procure to Pay cycle

Accounts Payable is the process of managing and paying invoices. Invoices are bills for goods or services received.

• Accounts Payable is a department responsible for managing and processing invoices

• Invoices are bills received from vendors for goods or services purchased

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

• Non-PO invoices a...read more

P2P process stands for Procure-to-Pay process, which involves the steps from requisitioning goods/services to making payment.

• P2P process starts with the requisition of goods/services by the user department.

• The purchase order is then created and sent to the vendor.

• Goods/services are received and the invoice is matched with the purchase order.

• Payment is made to the vendor based on the invoice.

• P2P process helps in streaml...read more

Vendor reconciliation is the process of comparing a company's records with those of its vendors to ensure accuracy and resolve discrepancies.

• Matching invoices and payments to vendor statements

• Identifying and resolving discrepancies

• Ensuring all transactions are accurately recorded

• Communicating with vendors to clarify any discrepancies

• Reconciling accounts on a regular basis to maintain accurate financial records

Accounts Payable is the amount owed by a company to its vendors/suppliers for goods or services received.

• Accounts Payable is a liability account that tracks the money a company owes to its vendors/suppliers.

• It includes all the outstanding bills and invoices that are yet to be paid.

• 2way matching is a process of comparing the purchase order with the invoice to ensure that the goods or services received match the ones ord...read more

2 way matching compares invoice and purchase order, 3 way matching adds receipt of goods to the comparison. GRN t.code is MIGO. P2P cycle is Procure to Pay cycle.

• 2 way matching compares invoice and purchase order

• 3 way matching adds receipt of goods to the comparison

• GRN t.code is MIGO

• P2P cycle is Procure to Pay cycle

Accounts Payable is the process of managing and paying invoices. Invoices are bills for goods or services received.

• Accounts Payable is a department responsible for managing and processing invoices

• Invoices are bills received from vendors for goods or services purchased

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

• Non-PO invoices a...read more