Accounts Payable Questions and Answers
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1 :: What is VAT (Value Added Tax)?

Value-Added Tax (VAT) is a tax on consumer spending. It is collected by VAT-registered traders on their supplies of goods and services effected within the State, for consideration, to their customers
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2 :: What is end to end AP process explain briefly?

Accounts Payable process starts with Purchasing and ends payments to Vendors. Workflow is: Purchasing team recieve requests-Initiate for quotations from vendors-Purchasing team creates Purchase Order, once the quotation is finalized and obtained all required approvals-PO copy would be sent to Vendor-Vendor will raise invoice and submit to accounts payable-Accounts Payable key invoice into ERP-Once the invoice fall on due invoice will get paid.
As this process start with Procurement (P) and ends with Payments (P), hence this process also named as to P2P.
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3 :: Do you know how to debit the bank cash book upon withdrawn of cash from the bank?

Cash A/c- Real A/c- Debit what comes in & credit what goes out.
Cash withdrawn mean cash comes in so it will be debited
Bank A/C- personal A/C - Debit is receiver & Credit is giver
Bank is giver amount so it will be credited

Contra Entry
Dr.Cash A/C
Cr. Bank A/C
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4 :: What is debit from the banks point of view?

When we have received amount from bank that is debit to banker.
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5 :: What is three Way Matching Concept?

When we creating the invoice in 3-way matching invoice price and po price receipt price should be match.
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6 :: Accounts payable interview questions part 2:

► What is the tolerance limit with respect to invoice processing. ( how much currency)?
► What is "End to End" AP process?
► What is Down payment. How it is knocked off?
► What is payment order ? Why it is useful to business?
► What is duplicate posting? How will you identify whether it is duplicate in SAP?
► What is accrual concept? How month end gets closed smoother?
► Explain AP concept from Supplier providing invoice till payment? (Scanning till payment)?
► If an invoice is paid twice, what does AP team do?
► What is the advantage of using SAP?
► What is Dashboard in SAP?
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7 :: Accounts payable interview questions part 1:

► Explain Accounts payable process and its impact to business?
► What is PO invoice, Non-PO invoice, Intercompany invoice. Explain the difference & list some examples?
► What is invoice processing ? What are the mandatory fields to be entered while processing invoices?
► What is GSM and GPM ? Give its abbreviation and explain the concept ?
► Which version you used in SAP & BPopen. Explain its features?
► What is 3-way matching system in AP ?
► What is Subsequent debit, Subsequent credit & Credit memo?
► Why credit memo is used and under what circumstances it is applicable?
► What is SLA & KPI in BPO terms ? Explain its importance to AP?
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8 :: Tell me what mandatory fields to be entered while processing invoices?

To whom we will pay: Address, Bank Account Details, If tax effects or not(Service Tax, Vat & Reverse Service Tax) & TDS , Goods / service description etc.
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9 :: What is Non-PO invoice?

For Services, the Po is not required. It is based on Agreement. In the Non Po, Type of Services, Terms and Conditions.
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10 :: What is PO invoice?

For material/Goods Purchases, the Po is required. In the Po, QTY, Product Name, Where is delivery price, Terms and Conditions. In the po there is no matter of final amount. It is just the approximate amount.
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