accounts payable or receivable clerk Interview Questions and Answers

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100 Interview Questions and Answers for Accounts Payable/Receivable Clerk

  1. What is the difference between accounts payable and accounts receivable?

    • Answer: Accounts payable represents money a company owes to its suppliers or vendors for goods or services received. Accounts receivable represents money owed to a company by its customers for goods or services sold on credit.

  2. Explain the process of invoice processing in accounts payable.

    • Answer: The process typically involves receiving invoices, verifying accuracy against purchase orders and receiving reports, coding invoices to the correct general ledger accounts, entering invoices into the accounting system, approving invoices for payment, and finally, issuing payments to vendors.

  3. How do you handle discrepancies between purchase orders, invoices, and receiving reports?

    • Answer: I would investigate the discrepancy by contacting the vendor and/or the internal department responsible for the purchase. I would document the issue and the resolution steps taken. I would not process the invoice until the discrepancy is resolved.

  4. Describe your experience with different payment methods (e.g., checks, ACH, wire transfers).

    • Answer: [Candidate should detail their experience with each method, including any specific software or systems used. For example: "I have extensive experience processing payments via ACH and check disbursements. I'm familiar with the necessary documentation and procedures for each, and I understand the security protocols required for wire transfers."]

  5. How do you ensure the accuracy and timeliness of accounts payable/receivable records?

    • Answer: I ensure accuracy through careful data entry, verification of invoices against supporting documentation, and regular reconciliation of accounts. Timeliness is maintained by prioritizing invoices based on due dates and adhering to established processing timelines.

  6. What software or systems are you proficient in using for accounts payable/receivable?

    • Answer: [Candidate should list specific software, e.g., QuickBooks, SAP, Oracle, NetSuite. Mention proficiency level – beginner, intermediate, advanced.]

  7. How do you handle vendor inquiries regarding payments?

    • Answer: I would politely and professionally address their inquiry, providing them with the status of their payment and expected timeframe. If there's a problem, I would investigate and provide a timely update.

  8. Explain your experience with account reconciliation.

    • Answer: [Candidate should detail their experience reconciling accounts, including methods used, frequency, and resolution of discrepancies.]

  9. How do you prioritize tasks when you have multiple deadlines?

    • Answer: I prioritize tasks based on urgency and importance, focusing on deadlines first. I create to-do lists and use time management techniques to ensure efficient workflow.

  10. Describe a time you had to deal with a difficult vendor or customer.

    • Answer: [Candidate should describe a specific situation, highlighting their problem-solving skills and communication abilities. Focus on a positive outcome.]

  11. What are some common errors in accounts payable/receivable and how do you prevent them?

    • Answer: Common errors include incorrect coding, duplicate payments, and missed deadlines. Prevention involves double-checking entries, using automated systems, and implementing strong internal controls.

  12. How do you stay organized and manage your workload effectively?

    • Answer: [Candidate should describe their organizational methods, such as filing systems, software, and personal strategies for managing tasks and deadlines.]

  13. What is your understanding of internal controls related to accounts payable/receivable?

    • Answer: Internal controls are designed to prevent fraud and ensure accuracy. Examples include segregation of duties, authorization procedures, and regular audits. [Candidate should elaborate on their understanding based on their experience.]

  14. How familiar are you with Generally Accepted Accounting Principles (GAAP)?

    • Answer: [Candidate should explain their understanding of GAAP and how it applies to their work. Mention specific aspects of GAAP relevant to A/P and A/R.]

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