Billable expenses are the expenses incurred by you on behalf of your customer in performing duties / service and supply. These expenses are recoverable from your customer by way of billing.
Non-billable expenses are the expenses incurred by you for carry out your own business / duties and responsibilities.
Following steps should be taken..
► Validate the invoice once it is matched for checking any holds..
► If workflow is implemented , initiate approval for the invoice. Once the invoice is approved/Approval not required(status in case WF is not implemented) you can go for payments.
► Create accounting after approval of invoice..
Finally for payments u need to format, build.
Invoice is a statement which contains the under mentioned details compulsorily.
1. Invoice Number
2. Invoice date
3. Name and address of the person
Name and address of the person to whom invoice is made. ( Buyer of goods and service)
5. Description of goods / services involved
6. Applicable rates and taxes with percentages
7. Rate of the goods / services
Quantity of the goods and services
9. Quality or any other specifications
10. Price / Value of the goods and services
11. Invoice must be signed by the person making it
12. Terms and conditions of making the payment
Excess payment to supplier is treated as Advance paid to supplier. This will show as debit balance in supplier account.
Supplier can send the payment by way of cheque / demand draft without adjusting in his subsequent bills.
Consignor is the person who is the owner of the goods and who deliver the goods to the consignee.
Consignee is the person who receives the goods and he just possesses the goods and not the owner.
Webmaster 23rd of February 2012
Tell us what you feel about Accounts Payable Interview Questions and Answers
All comments will be published after review. No login or registration is required to post a comment on Accounts Payable Interview Questions and Answers We offer and invite you to submit your valuable comment now; Please be respectful of others when commenting. Insulting others, self-promotional comments, website promotional comments, marketing stuff, SEO Techniques, SMS-style content and off-topic comments will not be approved at this information portal.
So start sharing your thoughts regarding Accounts Payable Interview Questions and Answers
Thank you.
arun (1 Comment) 12th of February 2011
ya its gud
Wiseman (1 Comment) 26th of January 2012
Thanks for helping me to see thngis in a different light.