Senior Accounts Payable Manager Interview Questions and Answers

Extra GST or double TDS can occur due to various reasons such as incorrect tax calculation or duplicate invoices.

• It is important to review invoices and tax calculations thoroughly before making payments.

• Double checking the vendor details and invoice numbers can also prevent duplicate payments.

• Maintaining accurate records and reconciling accounts regularly can help identify any discrepancies.

• In case of any errors, it is important to communicate with the vendor and tax authorit...read more

Check points in Accounts Payable ensure accuracy and prevent fraud.

• Verify invoices against purchase orders and contracts

• Ensure proper approval and coding of invoices

• Match payments to invoices and reconcile accounts

• Monitor vendor statements and resolve discrepancies

• Perform regular audits and reviews to prevent fraud

Documents required for foreign remittance include invoices, purchase orders, and wire transfer instructions.

• Invoices for goods or services being paid for

• Purchase orders to verify the transaction

• Wire transfer instructions to ensure proper routing of funds

• Proof of identification for both parties involved

• Any necessary customs or tax documents

• Documentation of any applicable fees or charges

Yes, matching GRN with the invoice is a standard practice in accounts payable.

• Yes, matching GRN with the invoice helps ensure that the goods received are accurately reflected in the invoice.

• This process helps in verifying the quantity and quality of goods received before making payment.

• Matching GRN with the invoice also helps in detecting any discrepancies or errors in billing.

• For example, if the GRN shows that 100 units were received but the invoice charges for 120 units, it...read more

Cash flow statement is a financial report that shows the inflow and outflow of cash in a business over a period of time.

• It shows the sources of cash inflow and the uses of cash outflow.

• It is divided into three sections: operating activities, investing activities, and financing activities.

• Operating activities include cash transactions related to the day-to-day business operations.

• Investing activities include cash transactions related to the purchase or sale of long-term assets...read more

Invoices are bills sent by a vendor to a customer for goods or services provided.

• Invoices include details such as the vendor's name and address, the customer's name and address, the date of the invoice, a description of the goods or services provided, and the amount due.

• The process of invoicing involves creating and sending the invoice to the customer, tracking the payment status, and following up on any overdue payments.

• Accounts payable managers are responsible for ensuring ...read more

Prepaid expenses are payments made in advance for goods or services that will be received in the future.

• Prepaid expenses are recorded as assets on the balance sheet

• They are gradually expensed over time as the goods or services are received

• Examples include prepaid rent, insurance premiums, and subscriptions

• Prepaid expenses are commonly used in accounting to ensure accurate financial reporting