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INTERVIEW QUESTIONS ACCOUNTS ACCOUNTS PAYABLE DETAILS
Question :
What steps would you take before approving an invoice for payment?


Category Accounts Payable Interview Questions
Rating (4.1) By 63 users
Added on 7/21/2011
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Answers:

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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/Approrval 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..



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Source: CoolInterview.com

Before making payment

the following steps should be taken
1. invoice amt, date, qty, quy,
2. invoice duplication or not
3. rectification of any Errors
in invoice



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Posted by: maruthi

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Source: CoolInterview.com

Before hand over the invoice or dispatch the materials
1.we have to receive perchase order from the customer
2.Then PDC cheque, cash or current dated chq for dispatch the materials
3.have to take signature from the customer for the proof of goods recieve

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Posted by: panchami

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We must check the invoice thoroughly.
(1) Date of Invoice
(2)Qty,Rate,Tax Levid

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Posted by: Neeru

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Source: CoolInterview.com

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/Approrval not required(status in case WF is not implemented) you can go for payments.

>Create accounting after approval of invoice..

Finally for payments you need to format, build

--------------------------------------------------------------------------------

Before making payment

the following steps should be taken
1. invoice amt, date, qty, quy,
2. invoice duplication or not
3. rectification of any Errors
in invoice
--------------------------------------------------------------------------------

Before hand over the invoice or dispatch the materials
1.we have to receive perchase order from the customer
2.Then PDC cheque, cash or current dated chq for dispatch the materials
3.have to take signature from the customer for the proof of goods recieve
--------------------------------------------------------------------------------

We must check the invoice thoroughly.
(1) Date of Invoice
(2)Qty,Rate,Tax Levid

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Posted by: manas

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The following steps to be considered before making an payment.

1)Refer the purchase order issued.
2)Refer the goods recieved note (GRN)
3)Refer the terms and conditions for making an payment. (any credit period)
4)Refer the ship address.

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Posted by: Mani Kumar

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The Following Steps to be consider before making an payment.
1)Checking who given order
2)whic matarial we received could we given of order same
3)REfer the term and condition for making payment.
4)Invoice dupliccation or not

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Posted by: ATUL

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The following steps should be considfered:
1. Refer to purchase order
2. Refer to proper received & stock entry cerificate from stores.
3. Refer to qty,rate,value and advance , if any.
4. Refer to terms & conditions for payment.
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Posted by: Avishek

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Measures to be taken befor making payment for an invoice

1 see whether security stamp is ther in the invoice or not
2 see whether respective department indent form with head signe is there and also, who has varifyed the quality and qty
3
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Posted by: G.Harish

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1.you can check the security stamp for receiving goods identification
2.you can check with stores incharge sign for identification of goods receipt.
3.you can check goods required purchase order or indent concern hod requirment signs
4.you can check if any advance payment paid for this invioce and pay remaining balance only
5.you can with invoice date,amount,tax lived.
these steps are mostly used.












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Posted by: sudhakar

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for this when we receive the invoice following should be checked.

bill to address ,
invoice date,
purchase order number with GR note.
vat reg number if applicable,
amount.
contact person namne if applicable,

supplyers bank details with our bank vendor data base.

terms of payment in purchase order.


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Posted by: pavan kumar

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Procedure before approving an invoice for payment:
Validate the invoice. Check and confirm if we have all the details like inv number, inv date, amount, supplier name and number etc process it.Enter all the specail instruction as given in the invoice. Verify if all the feilds entered and check all the parameters then approve it for payment
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Posted by: Anupama Sarat

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First Check the ABCD
A stands for Approval & Agreement
B stands for Budget & Bank Balance
C stands for Contract & Compliance
D stands for Date & Details
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Posted by: Pawan Kumar Vats

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