Accounts Payable Process Developer Interview Questions and Answers

Accounts payable is the amount owed by a company to its suppliers, while accounts receivable is the amount owed to a company by its customers.

• Accounts payable represents the company's liabilities, while accounts receivable represents the company's assets.

• Accounts payable is recorded as a liability on the balance sheet, while accounts receivable is recorded as an asset.

• Accounts payable is related to the company's purchases and expenses, while accounts receivable is related to ...read more

Accounts payable and accounts receivable are both essential components of a company's financial management.

• Both involve tracking and managing financial transactions.

• Both are part of the company's balance sheet.

• Both require accurate record-keeping and reconciliation.

• Both impact cash flow and financial stability.

• Both involve communication and coordination with vendors or customers.

• Both play a role in financial analysis and decision-making.

• Both require attention to detail and ad...read more

The first step would be to verify the accuracy of the found price by cross-checking it with the original purchase order or invoice.

• Cross-check the found price with the original purchase order or invoice

• Ensure that the correct price is recorded in the system

• Investigate any discrepancies and resolve them accordingly

The most commonly used purchase order is PO-12345.

• PO-12345 is used for regular purchases.

• It is the default purchase order for most vendors.

• PO-12345 is used for recurring expenses like office supplies and utilities.

In Tally, payments are processed by creating a payment voucher and selecting the appropriate ledger accounts.

• Open Tally and go to the payment voucher entry screen.

• Enter the payment details such as the payment date, payment mode, and amount.

• Select the ledger accounts for the party to whom the payment is being made and the bank account from which the payment is being made.

• Verify the payment details and save the voucher.

• Tally will automatically update the accounts payable ledger...read more

P2P process refers to the end-to-end cycle of procurement and payment activities within an organization.

• P2P stands for Procure-to-Pay.

• It involves the entire process from requisitioning goods or services to making the final payment.

• Key steps include requisitioning, sourcing, purchasing, receiving, invoicing, and payment.

• It aims to streamline and automate the procurement and payment processes, ensuring efficiency and control.

• Examples of P2P software include SAP Ariba, Coupa, an...read more

The P2P cycle refers to the end-to-end process of purchasing goods or services, receiving them, and making payments for them.

• The cycle starts with the identification of a need for goods or services.

• A purchase requisition is created and approved.

• A purchase order is generated and sent to the supplier.

• The supplier delivers the goods or services.

• The goods or services are received and inspected.

• An invoice is received from the supplier.

• The invoice is matched with the purchase order...read more

A vendor is a person or company that supplies goods or services to another company.

• Vendors are external entities that provide products or services to a business.

• They can be individuals, companies, or organizations.

• Vendors can be classified as suppliers, contractors, or service providers.

• Examples of vendors include manufacturers, wholesalers, consultants, and utility companies.