List the applications you have used and expand on the value of the solutions they offered to your particular company. Look at aspects such as tracking transactions, assessing late payments, creating past due notices and printing out relevant reports.
Personal accounts --> Debit the benefit receiver, credit the benefit giver.
Real accounts --> Debit what comes in, credit what goes out.
Nominal Accounts --> Debit all expenses and losses, credit all incomes and gains.
I'm a team player and am always willing to help others out when needed as long as my job was finished completely.
I worked with a successful practice that required creative billing practices in order to receive the highest reimbursement.
Money owed by a business enterprise for merchandise bought on open account. It is also called "A/R" or just "Receivables". Accounts Receivable are the amounts owed to a company by its customers and/or employees.
Working capital is typically defined as current assets less current liabilities. In banking, working capital is normally defined more narrowly as current assets (excluding cash) less current liabilities (excluding interest bearing debt).
Selling the rights to the amounts owing by debtors to a finance company for an agreed amount (which is less than the figure at which they are recorded in the accounting books because the finance company needs to be paid for providing the service).
Again focus on the skills and abilities you bring to the collections function. Demonstrate how you have used your good interpersonal skills, perseverance, ability to managing conflict, negotiation skills and communication ability for successful collections.
There are essentially 4 areas to consider when accounting for PP&E on the balance sheet: initial purchase, depreciation, additions (capital expenditures), and dispositions. In addition to these four you may also have to consider revaluation. For many businesses PP&E is the main capital asset that generates revenue, profitability and cash flow.
It is an expenditure the benefit of which will be realised over a period and not during the current period.Ex-Heavy Advertisement expenditure incurred by the company for promoting the product.The benefits of this huge expenditure will be realised over the period and not in the same period when it is incurred.
I like to finish the work deadline on time. I am a morning person So I will try to be in office on time so that I can start the day soon and fresh. I strongly feel most of the work is done by the people in the morning time is more than the people who does in the afternoon. So I try do priortize my work and finish it off at time.
As sales occurs every customer is not able to pay the bills that's where A/R are occurs the goal of A/R is to maintain summarize & record all the transactions related to unpaid a/c or future collections or A/R.
Focus on your monitoring and checking skills. Demonstrate your understanding of the documentation required for verification before payment is made.
List the information, make sure you cover everything and highlight your attention to detail. Include a sample of a bill for service that you created in your interview portfolio.
One of the basic convention in accounting is separate legal entity.It means the business is different from those who manage it.When i contribute capital in to my business,it is liability to my business to repay it to me.
Negative working capital is common in some industries such as grocery retail and the restaurant business. For a grocery store, customers pay upfront, inventory moves relatively quickly but suppliers often give 30 days (or more) credit. This means that the company receives cash from customers before it needs the cash to pay suppliers. Negative working capital is a sign of efficiency in businesses with low inventory and accounts receivable. In other industries, negative working capital may signal a company is facing financial trouble.
Accounts Receivable department is very important department of the company. The responsbilities of the department is approval of credit limit to the customer study the past history of customer credit sending invoices to the customer updation of the customer credit data factoring contacts with the factoring agents follow up of customers motivating the customers to pay the dues intime and communicating the information to the management.
Credit sales data estimation of credit sales for the future period request for funds to finance department whenever they required follow up of customers receivables management.
Reconciliation statement is formerly known as a tool which is used to reconcile the bank passbook and our passbook.
Investment banking is a is a instrument which is used by the financial organization to take a better investment decision like issuing IPO stocks bond etc.
Discuss all your responsibilities. Focus on the skills and knowledge you used to perform these functions efficiently such as maintaining a high level of accuracy, good verbal and written communication skills, strong organizational skills, problem-solving skills, computer skills and a knowledge of accounting processes.
A Customer Master Record is a permanent record that contains key information about a business partner or a material. This information must be entered into the system before any transactions can take place involving the business partner [customer] or a material.
Entering all the information about a customer or a material into the system b efore making transactions insures that subsequent transactions or inquiries will have consistent data and reports and analyses can be done in an orderly way.
Master Records can be edited or changed when necessary. Changing master records is frequently called "Maintaining" in SAP
BRS - Bank Reconciliation Statement
A bank reconciliation statement is a statement prepared by organizations to reconcile the balance of cash at bank in a company's own records with the bank statement on a particular date.
The differences may arise because of the following reasons:
☛ Cheques deposited into bank but not yet collected by bank
☛ Cheques issued by the organization but not yet presented for payment
☛ Cheques directly deposited by customers into the bank
☛ Bank charges debited by bank
☛ Interest credited or some receipts directly collected by bank based on org. request.
☛ Some payments directly made by bank based on the organizations request.
☛ So, the statement shows the reasons as what are the reasons for difference in balance.
Every week on monday I check the emails I receive and other pending jobs if any, On tuesday I make sure that I put my effort on user guide preparation and works in excel and access. Wednesday I would do my day to day work and I attend meetings if any. Thursday I make sure all Invoices have been noted down for that week and friday I make sure that all works are done for that week and no important assignments that are pending.
On the balance sheet the asset account of Inventory is reduced by the amount of the write down, and so is shareholders' equity. The income statement is hit with an expense in either COGS or a separate line item for the amount of the write down, reducing net income. On the cash flow statement, the write down is added back to CFO as it's a non-cash expense but must not be double counted in the changes of non-cash working capital.
The work which needs most priority. I read emails even how busy I am. Because customer or manager anyone would have tried to reach me.
Every accounting procedure is not computerized. It is important to be technically savvy so that you can keep up with the times. And also because being technically savvy means that you can complete your work in half the time that it will take you to do it manually.
Debenture holder are those who provides long term loan at specific interest rate in term of cash and creditor provides only short term credit in term of cash for purchasing of goods.
The next step would be adjusting receipt from customer against the customer outstanding with sale and to clear the customer account.
We will make sure that we call the customer and let them know. Sometimes it might be a mistake. Send the letter including the payment request and fine for bad check.
When a company buys another business for more than the fair value of its tangible and intangible assets.
By organizational and planning achieving goals and objectives also to have ability in solving problems .
After 90 days of the due date.
Accounts Receivables help small businesses by providing short-term liquidity. Also continued sales on credit provide the much needed continuity for small businesses.
If relevant, discuss any corrective action taken to reduce this figure.
It usually goes into “Deferred Revenue” on the balance sheet.
I've had numerous of years in this field and I feel I would be a good fit for this position.
It is money receivable from sundry debtors for sales made or services rendered.
Flow of Accounts receivable should be in proportion to Accounts payable i.e. in terms of ration 2:1
If the purchase will be used in the business for more than one year, it is capitalized and depreciated.
No I didn't meet any thing like this before.
Its depends on the credit period of the company i.e. A company credit period 30 days 85 of the debtors collection should be recovered with in credit period. we can say the Effective collection.
Assets are things which is provide service for long duration it may 3 years 4 years or for long period of time.
These items capitalize in our account books and charge depreciation in every year according to these rate it may 20 10 100.
As the Accounts Receivable Supervisor, you will:
☛ Oversee and resolve all issues related to cash application to ensure accuracy.
☛ Reconcile daily cash receipts to payment register.
☛ Design and implement new Accounts Receivable processes and procedures.
☛ Process short payment and accounts receivable adjustment forms.
☛ Develop and maintain reports to assess team productivity.
☛ Invoice special customer accounts.
☛ Supervise five Accounts Receivable Associates.
☛ Other duties as may be assigned.
Be specific about the type of discrepancy. Discuss the steps you took to identify and sort it out such as obtaining and checking the original order. Focus on the skills required to resolve the discrepancy such as attention to detail, problem analysis and problem resolution.
☛ What interests you about working in accounts receivable at a company like ours?
☛ What training or experience has prepared you for the role of accounts receivable clerk?
☛ In your own words, explain the accounts receivable process.
☛ What are the most important goals of AR?
☛ What types of financial statements or reports do you routinely prepare?
☛ What are the steps you would take to close the AR period?
☛ Describe your familiarity with accounting software. Which ones have you used?
☛ Describe a time you found a billing discrepancy. How did you resolve it?
☛ In as much detail as possible, describe the journal entry process from the time of generating an invoice to receiving payment.
☛ What is your role, if any, in the collections process?
☛ What's the difference between back end collections and front end collections?
☛ What types of information do you include in a bill for services rendered?
☛ Recall a challenging problem you encountered as an accounts receivable clerk. How did you resolve it?
Communicating information for the non for profit in which I volunteer. I only had a few minutes to explain why they should donate to me as opposed to any other group.
☛ Service Provider's Details (i.e) Organations name and address.
☛ Service Receiver's Details (i.e) Organations name and address.
☛ Details of the service (i.e) for eg: Advertisement charges/Dying charges Tax (i.e) Service Tax on total chargable amount and cess or sur-charge on service tax.
☛ And if there is any Expenses or abatements incurred by the service receiver less all those things and calculate service Tax and the cess for the balance amount.
Show your understanding of the invoice verification process. Go through each step in detail such as checking that goods have been received in proper condition or services rendered in a satisfactory manner. Explain the importance of each step.
Step back and give a high level overview of the company's current financial position, or companies in that industry in general. Highlight something on each of the three statements. Income statement: growth, margins, profitability. Balance sheet: liquidity, capital assets, credit metrics, liquidity ratios. Cash flow statement: short term and long term cash flow profile, any need to raise money or return capital to shareholders.
Support company objectives - positively impacting on company cash cycle, increasing cash flow - reducing bad debt.
I make sure that I give follow up emails to my manage about the status of the job Which I am doing through regular e mails.
51. Explain The Difference Between Finance And Accounts? Most Of The Companies Having A Different Section Like Finance And Accounts. Why They Are Not Had Only Single Section Neither Finance Nor Accounts?
Finance:It is the branch of economics that studies the management of money and other assets.In simpler terms it can be defined as the commercial activity of providing funds and capital.It addresses questions like --what funds are required by the org? How they can be raised? How they have to be allocated etc
Accounts: It is the occupation of maintining and auditing records and preparing financial reports for a business. Accounts provides quantitative information about finances. It addresses issues like what amount of funds have been allocated to various activities how the book-keeping is being done etc
Both functions are distinct but complimentary to each other. Finance and accounts are highly specilized and distinct areas and hence most organizations have seperate sections of finance and accounts.
Strategies need to be created according to each individual situation. I handle most situations by following up diligently and sending reminders. If neither works, I begin paperwork for the authorities' intervention.
A client I did billing for sent me work orders and didn't let me know of changes in billing charges so I billed at usual rate. Invoice was not excepted by company so I had to contact by email the owner and get correct service charges and re issue invoice.
When posting residents payments to their account/scanning checks. I ensure that the name, account number, routing number, check number and $amount balances what the check is for.
Accountants... in big organization there will be a department to maintain AR department.
Time periods you define to age your debit items. Aging buckets are used in the Aging reports to see both current and outstanding debit items. For example you can define an aging bucket that includes all debit items that are 1 to 30 days past due.
Normal table used for this Report is < 30 days 30-60 days 60-90 days 90-180 days and >180 days
Review balances and reconcile the AR transactions i.e
☛ Reconcile receipts.
☛ Reconcile journals.
☛ Reconcile transactions.
☛ Reconcile customer balances.
☛ Reconcile transactions and receipts.
☛ Reconcile outstanding customer balances i.e.
☛ Opening balance + Transactions - Receipts Closing balance.
☛ Reconcile transaction and receipt accounting flexfield balances.
☛ Transfer to GL.
☛ Review transfers results and resolve transfer issues if any.
☛ Post the journal in GL.
☛ Close the GL period.
Accounting job interview questions like this explore your conflict management skills. Emphasize your interpersonal skills, your maturity and your ability to stay calm in the face of difficulty. Describe the techniques you use to diffuse disputes such as asking questions to determine the reason for the dispute, not conveying blame and not becoming too emotional. Demonstrate your ability to work together with others to reach an acceptable resolution.
I am a detail-oriented and exceptionally organized individual who has had 6 years of accounts receivable experience. Working with numbers comes naturally to me and I am quite eloquent when it comes to making complex calculations. Additionally, I am deeply familiar with bookkeeping procedures and payroll functions, which make me an excellent choice to work at this position.
With accounting job interview questions like this first list the applications you have used and then expand on the value of the solutions they offered to your particular business. Look at aspects such as managing vendor information, approval controls and providing payables reports.
These goals will depend on the needs of the organization. Show how you are aware of organizational needs and then identify the appropriate goals to meet them. Demonstrate a thorough understanding of what the goals express and how they support department and company objectives. Common aspects include positively impacting on company cash cycle, increasing cash flow, reducing DSO, reducing bad debt and write offs.
Intercompany transactions are those transactions that takes place between two or more entities of the same group of company. So the receivable of one entity would the payable of another entity. All intercompany transactions are eliminated befor preparing the final Balance sheet of the group company.
Collection involves calling the customers for past due and this kind of question has to logically answered
A powerful tool to import and validate transaction data from other financial systems and create invoices debit memos credit memos and on-account credits.
☛ Define the line ordering rules.
☛ Define the grouping rules - attache the line ordering rules to the grouping rules.
Debtors are the main role of the business. he is the entire back bone of the business. The goodwill of the concern is in the hands of debtors because he is the person who takes our product or raw material to the customer or manufacture. so he is takes the main role in the business in finance and business development.
Derivative instrument is an asset which derives ie, takes its origin from another asset.
The simplest form of derivative is a forward contract, "It is an agreement to buy or sell an asset at a certain future time for a certain price"Other forms of of derivatives include futures,options and swaps, etc.
ERS is a business process between trading partners that conduct commerce without invoices. In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice (ASN) and the purchaser upon receipt confirms the existence of a corresponding purchase order or contract verifies the identity and quantity of the goods and then pays the supplier.
Sorry we did not update in the first place. We were really busy and couldnt get to the task. We are working on it at this moment. We will deliver it as soon as possible.
I had to prepare a excel spreadsheet for all the products, vendors list, employee list and other calculations using formulas in a very small amount of time. I managed it in a good way that we changed it completely to a software based accounting.
Hardworker, Punctual, Workaholic.
Deferred revenue represents cash received customers for services or goods not yet provided. Accounts receivable represents cash owing from customers for goods/services already provided.
You should have recorded in your cash books all amounts you ve actually received and payments you ve actually made. However the cash books may be incomplete as your bank may have put extra transactions through your account such as:
☛ bank fees or interest charges.
☛ direct debits (payments) and direct credits (receipts).
☛ Doing a regular bank reconciliation will allow you to:
take into account any extra transactions your bank puts through your account and
check and record any errors or omissions.
By regularly doing a bank reconciliation (say monthly) you can be more confident that your records contain all the information you need to prepare your income tax return and activity statements.
Journal Entries are recorded on a double entry system ie debit and credit concept. In order to record a journal entry the following steps need to be followed.
☛ Enter the Journal entry number.
☛ Enter the Date of transaction.
☛ Enter the Debit item (as per the golden principles of accountancy).
☛ Enter the corresponding GL folio number.
☛ Enter the Debit amount.
☛ Enter the credit item(as per the golden principles of accountancy).
☛ Enter the amount in the credit column.
☛ Provide a brief description of the transaction.
☛ leave a single line before next transaction.
Demonstrate your knowledge of this cycle - the length of time it takes the company to pay its accounts payable - and what the implications of the length of this cycle are for the company, for example cash flow.
Verifying, classifying, computing, recording and posting accounts receivable data in pre-designated accounting software is considered day to day financial transactions.