Accounts Payable Officer

Accounts Payable Officer Interview Questions and Answers

Updated 19 Jul 2024

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Q1. Do you have Knowledge of accounts payable process

Ans.

Yes, I have knowledge of accounts payable process.

I am familiar with the entire accounts payable process from invoice receipt to payment
I have experience in verifying invoices, reconciling statements, and resolving discrepancies
I am proficient in using accounting software such as QuickBooks and SAP
I am aware of the importance of timely payments to maintain good vendor relationships

Ans.

Yes, I have knowledge about GRN in SAP.

GRN stands for Goods Receipt Note
It is a document that confirms the receipt of goods from a vendor
In SAP, GRN is created when goods are received and entered into the system
It is used to update inventory and accounts payable
GRN can be created manually or automatically through SAP's Materials Management module

Ans.

T codes required for Accounts Payable Officer

T codes are transaction codes used in SAP for various functions
For Accounts Payable Officer, T codes like FB60, F-43, F-47, F-53, F-58, F-59, and F110 are commonly used
FB60 is used for entering vendor invoices, F-43 is used for entering vendor invoice with reference to purchase order, F-47 is used for entering vendor invoice with reference to goods receipt, F-53 is used for creating a credit memo, F-58 is used for posting a payment...read more

Ans.

System development lifecycle in P2P involves planning, analysis, design, implementation, testing, and maintenance.

Planning: Define requirements and objectives for the P2P system.
Analysis: Gather and analyze data to understand current processes and identify areas for improvement.
Design: Create a detailed plan for the P2P system, including workflows and user interfaces.
Implementation: Develop and deploy the P2P system according to the design specifications.
Testing: Conduct thor...read more

Are these interview questions helpful?

Ans.

My daily deliverables included processing invoices, reconciling accounts, and responding to vendor inquiries.

Processing invoices and ensuring timely payments
Reconciling accounts and resolving discrepancies
Responding to vendor inquiries and resolving issues
Maintaining accurate records and ensuring compliance with policies and procedures

Ans.

Invoice processing is the workflow of receiving, reviewing, verifying, and paying invoices from vendors.

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Ans.

Procurement to pay is the process of acquiring goods or services from external vendors and paying for them.

Procurement involves selecting vendors, negotiating contracts, and placing orders for goods or services.
Accounts Payable is responsible for processing invoices, verifying receipt of goods or services, and making payments to vendors.
The procurement to pay process helps ensure that goods or services are acquired in a timely manner and that vendors are paid accurately and o...read more

Ans.

The golden rule of accounting is to maintain accurate and complete records of all financial transactions.

Maintain accurate and complete records of all financial transactions
Ensure that all transactions are properly classified and recorded in the appropriate accounts
Reconcile accounts regularly to ensure accuracy
Follow generally accepted accounting principles (GAAP)
Ensure that financial statements are prepared in a timely and accurate manner