Invoice Processing Payment Quaries Interview Questions and Answers

Vendor code can be generated based on various criteria such as vendor name, location, and type of goods/services provided.

• Vendor code can be a combination of letters and numbers

• It should be unique for each vendor

• It can be generated manually or through an automated system

• Vendor code can be based on the vendor's name, location, or type of goods/services provided

• For example, a vendor named ABC Corp located in New York providing IT services can have a vendor code of ABCNYITS

GST invoices should be considered for payment processing and tax compliance.

• Verify that the invoice contains the GSTIN of the supplier and recipient

• Check that the invoice amount is inclusive of GST

• Ensure that the tax rate and amount are correctly calculated

• Match the invoice details with the purchase order and goods receipt

• Record the GST paid and claimed for input tax credit

• Maintain proper documentation for audit and compliance purposes

TDS can be deducted by calculating the percentage of the payment amount and deducting it from the total payment.

• Identify the applicable TDS rate for the payment

• Calculate the TDS amount by multiplying the payment amount with the TDS rate

• Deduct the TDS amount from the total payment amount

• Deposit the deducted TDS amount with the government within the specified time frame