Here are some sample interview questions on accounts receivable that you may face in your job interview. This is sometimes done in a small organization by writing an invoice and sending via mail, fax or email.
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Tell me a little about yourself. This is always a tough one because you may be asking yourself “what do they want to know?” Focus on your skills, abilities and your interests. The interviewer wants to know about you and what your plans are for the present and the future. Remember to keep the answer brief because it can set the tone for the rest of the interview.
Why do you want to work for us? Here’s your chance to tell the interviewer why you chose to apply for the job. Don’t say because of the pay. While it is good to be honest, that may be pushing it. This is your opportunity to talk about how this job will help you and mention your availability.
What extracurricular activities do you participate in? This is your chance to talk about you—especially to show your personality. Your extracurricular activities are a reflection of you and your interests.
Why should I hire you? Be honest. Let the interviewer know why you are the best for the job. This is your chance to “sell” yourself and set yourself apart from the other interviewees.
Related Articles
Tell me a little about yourself. This is always a tough one because you may be asking yourself “what do they want to know?” Focus on your skills, abilities and your interests. The interviewer wants to know about you and what your plans are for the present and the future. Remember to keep the answer brief because it can set the tone for the rest of the interview.
Why do you want to work for us? Here’s your chance to tell the interviewer why you chose to apply for the job. Don’t say because of the pay. While it is good to be honest, that may be pushing it. This is your opportunity to talk about how this job will help you and mention your availability.
What extracurricular activities do you participate in? This is your chance to talk about you—especially to show your personality. Your extracurricular activities are a reflection of you and your interests.
Why should I hire you? Be honest. Let the interviewer know why you are the best for the job. This is your chance to “sell” yourself and set yourself apart from the other interviewees.
What is Autolockbox?
Ans) Auto lockbox is a service that commercial banks offer corporate customers to enable them to out source their account receivable payment processing. Auto lockbox can also be used to transfer receivables from previous accounting systems into current receivables. It eliminates manual data entry by automatically processing receipts that are sent directly to banks. It involves three steps
- Import (Formats data from bank file and populates the Interface Table),
- Validation(Validates the data and then Populates data into Interim Tables),
- Post Quick Cash(Applies Receipts and updates Balances in BaseTables)
What are the different statuses for Receipts?
- Unidentified – Lack of Customer Information
- Unapplied – Lack of Transaction/Invoice specific information (Ex- Invoice Number)
- Applied – When all the required information is provided.
- On-Account, Non-Sufficient Funds, Stop Payment, and Reversed receipt.
What is Transmission Format?
Transmission Format specifies how data in the lockbox bank file should be organized such that it can be successfully imported into receivables interface tables. Example, Default, Convert, Cross Currency, Zengen are some of the standard formats provided by oracle.
Transmission Format specifies how data in the lockbox bank file should be organized such that it can be successfully imported into receivables interface tables. Example, Default, Convert, Cross Currency, Zengen are some of the standard formats provided by oracle.
What is Auto Invoice?
Autoinvoice is a tool used to import and validate transaction data from other financial systems and create invoices, debit-memos, credit memos, and on account credits in Oracle receivables. Using Custom Feeder programs transaction data is imported into the autoinvoice interface tables.
Autoinvoice interface program then selects data from interface tables and creates transactions in receivables (Populates receivable base tables) . Transactions with invalid information are rejected by receivables and are stored in RA_INTERFACE_ERRORS_ALL interface table.
Autoinvoice is a tool used to import and validate transaction data from other financial systems and create invoices, debit-memos, credit memos, and on account credits in Oracle receivables. Using Custom Feeder programs transaction data is imported into the autoinvoice interface tables.
Autoinvoice interface program then selects data from interface tables and creates transactions in receivables (Populates receivable base tables) . Transactions with invalid information are rejected by receivables and are stored in RA_INTERFACE_ERRORS_ALL interface table.
What is AutoAccounting?
By defining AutoAccounting we specify how the receivables should determine the general ledger accounts for transactions manually entered or imported using Autoinvoice. Receivables automatically creates default accounts(Accounting Flex field values) for revenue, tax, freight, financial charge, unbilled receivable, and unearned revenue accounts using the AutoAccounting information.
By defining AutoAccounting we specify how the receivables should determine the general ledger accounts for transactions manually entered or imported using Autoinvoice. Receivables automatically creates default accounts(Accounting Flex field values) for revenue, tax, freight, financial charge, unbilled receivable, and unearned revenue accounts using the AutoAccounting information.
Accounts receivable description
Let us have a look at these questions and their relevant answers so that you get an idea how to answer these questions in your job interview.
Accounts receivable is the first step in a series of collection attempts dealing with the billing of customers who owe money to a consumer, business or an organization for products and/or services that have been provided to the customer. This is sometimes done in a small organization by writing an invoice and sending via mail, fax or email.
On an organization's balance sheet, accounts receivable is the amount that customers owe to the business. Also known as AR, they are classified as current assets. To record a journal entry for a sale on account, you must debit a receivable and credit a revenue account. When the customer pays off the account, you debit cash and credit the receivable in the journal entry. The ending balance on the trial balance sheet for accounts receivable is always debit.
Accounts Receivable is handling payments from people who owe the company money. You have to record the invoices (billing) and deduct the payments received against the particular bills. Returns are treated as Credit Notes and deducted from the bills (money owed). The payments received are entered into Payments (ledger). Each day the payments received (from 1 or more customers) are lodged but must be recorded in the Lodgements Book and the total is the amount of the lodgement (deposit to bank). You have to make sure everything reconciles (payments equal amount due and lodgements (deposits) are equal to the payments received.
Good luck with the interview!
Associated accounting issues include recognizing accounts receivable, valuing accounts receivable, and disposing of accounts receivable.
Some additional types of accounting transactions include accounts payable, payroll and trial balance.
Since not all customer AR will be collected by the Accounts Receivable person, companies typically record an allowance for bad debts which is subtracted from total accounts receivable. Many debtors just won't pay the AR; in those cases, smart creditors turn to a collection agency.
How to define Inter company Transaction in Account Receivable?
Before answering the above question let us first understand the meaning of Intercompany transactions. 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.
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.
List of Accounts receivable interview questions
Don't be nervous, believe in yourself and your ability to be a good administrative assistant and you'll definitely get the job. Good luck!
If you need accounts receivable interview questions and answers or interview tips sample/example, please leave comments.
Accounts receivable is the first step in a series of collection attempts dealing with the billing of customers who owe money to a consumer, business or an organization for products and/or services that have been provided to the customer. This is sometimes done in a small organization by writing an invoice and sending via mail, fax or email.
On an organization's balance sheet, accounts receivable is the amount that customers owe to the business. Also known as AR, they are classified as current assets. To record a journal entry for a sale on account, you must debit a receivable and credit a revenue account. When the customer pays off the account, you debit cash and credit the receivable in the journal entry. The ending balance on the trial balance sheet for accounts receivable is always debit.
Accounts Receivable is handling payments from people who owe the company money. You have to record the invoices (billing) and deduct the payments received against the particular bills. Returns are treated as Credit Notes and deducted from the bills (money owed). The payments received are entered into Payments (ledger). Each day the payments received (from 1 or more customers) are lodged but must be recorded in the Lodgements Book and the total is the amount of the lodgement (deposit to bank). You have to make sure everything reconciles (payments equal amount due and lodgements (deposits) are equal to the payments received.
Good luck with the interview!
Associated accounting issues include recognizing accounts receivable, valuing accounts receivable, and disposing of accounts receivable.
Some additional types of accounting transactions include accounts payable, payroll and trial balance.
Since not all customer AR will be collected by the Accounts Receivable person, companies typically record an allowance for bad debts which is subtracted from total accounts receivable. Many debtors just won't pay the AR; in those cases, smart creditors turn to a collection agency.
How to define Inter company Transaction in Account Receivable?
Before answering the above question let us first understand the meaning of Intercompany transactions. 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.
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.
List of Accounts receivable interview questions
- Why do you want to work as an accountant?
- Why you chose your A Levels for Accounting?
- What are the qualities that make for a good accountant?
- Detail your responsibilities in accounts receivable?
- What are the most important goals of accounts receivable?
- How would you know you were successful on this job?
- Would you be willing to relocate if required?
- Are you willing to put the interests of the organization ahead of your own?
- Describe your management style?
- What have you learned from mistakes on the job?
- Do you have any blind spots?
- If you were hiring a person for this job, what would you look for?
- What is the table that is used for aging bucket report, what is the main purpose of this report?
- What is the Auto Invoice? What are the setup Steps for Auto Invoice?
- What is the difference between finance and accounts? most of the companies having a different section like finance and accounts. why they aren’t had only single section neither finance nor accounts?
- Who is responsible for maintaining the Accounts receivable in an organization?
- What is the advantage of maintaining Accounts receivable?
- What are the issues related with Accounts receivable?
- What are the components or materials used by Accounts receivable departments?
- What is the difference between debenture holders and creditors?
- Is there a report to search for invoices by Payment Term and Due Dates?
- What are derivatives?
- What is total flow of Account Receivables?
- After receiving Payment from Customer, What is next step till finalization?
- What is Reconciliation?
- Explain about Accounts Receivables in Accounting?
- Deferred Payments are usually only accepted on partial orders that are?
- What is reconciliation statement and investment banking?
- What are the goals of Accounts receivable?
- What are the powerful software that could be used for doing efficient Accounts receivable?
- What kind of person would you refuse to work with?
- What would your previous supervisor say your strongest point is?
- What software applications have you used for accounts receivable?
- Describe the advantages and disadvantages of the different accounting packages/systems you have used recently in your accountant jobs?
- Give me examples of the accounting reports you have prepared?
- Why is Capital amount put in Liabilities and not in Assets?
- What is the difference between back end collections and front end collections?
- What are examples of deferred revenue expenditure?
- What is effective collection?
- Tell me about a problem you had with a supervisor?
- Tell me about your ability to work under pressure?
- Explain what has disappointed you most about a previous job?
- What motivates you to do your best on the job?
- Do your skills match this job or another job more closely?
- Do you have any questions for me?
Don't be nervous, believe in yourself and your ability to be a good administrative assistant and you'll definitely get the job. Good luck!
If you need accounts receivable interview questions and answers or interview tips sample/example, please leave comments.
