CoolInterview.com - World's Largest Collection of Interview Questions
Start Your Own website Now
Sponsored Links

Interview Questions
Our Services

Get 9,000 Interview Questions & Answers in an eBook.


  • 9500+ Pages
  • 9000 Question & Answers
  • All Tech. Categories
  • 14 MB Content

    Get it now !!



    Send your Resume to 6000 Companies


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


    Category Accounts Payable Interview Questions
    Rating (0.4) By 920 users
    Added on 7/21/2006
    Views 3634
    Rate it!
    Answers:

    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..




    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




    Posted by: maruthi    

    Contact maruthi Contact maruthi

    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



    Posted by: panchami    

    Contact panchami Contact panchami

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



    Posted by: Neeru    

    Contact Neeru Contact Neeru

    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



    Posted by: manas    

    Contact manas Contact manas

    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.



    Posted by: Mani Kumar    

    Contact Mani Kumar Contact Mani Kumar

    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



    Posted by: ATUL    

    Contact ATUL Contact ATUL

    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.



    Posted by: Avishek    

    Contact Avishek Contact Avishek

    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



    Posted by: G.Harish    

    Contact G.Harish Contact G.Harish

    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.













    Posted by: sudhakar    

    Contact sudhakar Contact sudhakar

    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.



    Posted by: pavan kumar    

    Contact pavan kumar Contact pavan kumar

    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



    Posted by: Anupama Sarat    

    Contact Anupama Sarat Contact Anupama Sarat

    Before making payment
    1.Bill to company
    2.shift to company
    3.Invoice date,Invoice numer,Supplier name, amount
    4.Invoice dupliccation or not
    5.Qty,Rate,Tax Levid
    6.Refer to terms & conditions for payment.
    7.if non-po related we need proper aproval from the requestor as well as his managers approvals(depending up on the amount)



    Posted by: ravindra reddy    

    Contact ravindra reddy Contact ravindra reddy

    Beofore making payment

    The Following steps should be taken
    1.Invoice Amt, dte, Qty,Sign
    2.Compare to our PO(Purchase Order)
    3.Invoice duplication or Not
    4.After Making Payment we have to take signature from the person to whoom we paid



    Posted by: M.S. BASAVARAJA SWAMY    

    Contact M.S. BASAVARAJA SWAMY Contact M.S. BASAVARAJA SWAMY

    The following steps should be considfered:

    1 bill to company name
    2 inv date& no
    3 inv amt
    4 inv qty as per our purchase order or not
    5 item rate as per p o or not
    6 duty & tax as per applicable.



    Posted by: puneet    

    Contact puneet Contact puneet

    1.We need to check the whom to they billed it.
    2.Purchase order or work order
    3.Valid date,quntity and cost
    4.Taxation
    5.signature from the respective people.
    6.PAN No.,TIN No.(or) Service Tax No.



    Posted by: Mahesh    

    Contact Mahesh Contact Mahesh

    Before alowing that invoice for payment we should check, we will receive any request from concern dept by way of written related that payment. Then we should check that dept HOD approved that invoice or not then get accounts dept HOD approval, after that we need to check invoice is billed for our company name or not then check date, qty and compare with previous payment. And check we will paid earlier for same bill. after checked above details then only we can make payment for that invoice.



    Posted by: Guru Prasath    

    Contact Guru Prasath Contact Guru Prasath

    The following step need to be fulfil before approving any invoice for payment
    1. Invoice should be match with PO
    2. Invoice should has all the supporting documents such as PO copy,Delivery note duly signed by reciever (our staff who authorized to received goods / store keeper)
    3. If the invoice is for services then it should be forwarded to the concern department head or project manager for his confirmation of work done and his approval
    4. Even if it not the services invoice, it should forwarded to the concern person's approval who request the PO for the same
    5. Finance can reject the invoice if it is not budgeted and ask for the reasons.
    6. After receiving all the confirmation and approvals from the concern department heads the invoice will be update in to the accounting system first in order to avoid any duplication of Invoice and PO (it shown on accounting package if the invoice is duplicate if not, altelast it tells you if the PO already used or cancel)
    7. Finance approved the invoice and process the payment base on payment terms with the supplier.



    Posted by: mohammed abdullah    

    Contact mohammed abdullah Contact mohammed abdullah

    Before approving an invoice for payment?

    1. Need to check whether the invoice is relevent to Co., business

    2. if, PO invoice: invoice is to be matches with PO and GRN

    3. If, Non-PO Invoice : check invoice details and get Approval from requestor

    4.if any hold (Qty variance and tax variance) prior approval from requestor to be received

    4.Terms & conditions for payment of invoice (due date etc.)



    Posted by: Murugesan    

    Contact Murugesan Contact Murugesan

    Befor approving an invoice check followings:

    1) Qty. is verified as per approved authority.
    2) Rate is verified by the authority.
    3) The person to whom payment is being made have the authority to collect payment.
    4) invoice has been made on the company letter head properly stamped and signed etc.
    5) Invoice date etc.



    Posted by: Aqeel    

    Contact Aqeel Contact Aqeel

    Before Approving the invoice we need to check the below credentials.

    1. Invoice billed to correct Co.
    2. Need Vendor details like Logo, remittance details.
    3. Invoice number, Invoice Date, Invoice amt.
    4. If the invoice has valid PO number (if required), If it is Non-PO valid requestor should be mentioned.
    5. Qty, Price.
    6.Tax code
    7. Net amount + freight + Tax should be equal to Gross amount mentioned on the invoice.



    Posted by: Shravani    

    Contact Shravani Contact Shravani

    BEFORE APPROVING INVOICE FOLLOWING STEPS TO BE TAKEN RIGHT FROM QUOTATION TO TILL INWARD AT WARE HOUSE AS MANDATORY.


    1)QUOTATION ( IF NECESSARY )
    2)PURCHASE ORDER
    3)PRICE,QTY,TOLERANCE,DELIVERY SCHEDULE,PROOF OF DELIVERY,INSURANCE,GOODS RECEIPT NOTE
    4)PRIMARY APPROVAL FROM RESPECTIVE PURCHASE DEPARTMENT/STORES/ACCOUNTS DEPARTMENT.
    5)ONCE WE SATISFY WITH THE DOCUMENTS THE BILL TO BE ACCOUNTED AND POST IT FOR PAYMENTS AS PER THE TERMS OF PAYMENT.



    Posted by: SHYAM PRASAD VENKATA MADIRAJU    

    Contact SHYAM  PRASAD VENKATA MADIRAJU Contact SHYAM PRASAD VENKATA MADIRAJU

    BEFORE APPROVING INVOICE FOLLOWING STEPS TO BE TAKEN RIGHT FROM QUOTATION TO TILL INWARD AT WARE HOUSE AS MANDATORY.


    1)QUOTATION ( IF NECESSARY )
    2)PURCHASE ORDER
    3)PRICE,QTY,TOLERANCE,DELIVERY SCHEDULE,PROOF OF DELIVERY,INSURANCE,GOODS RECEIPT NOTE
    4)PRIMARY APPROVAL FROM RESPECTIVE PURCHASE DEPARTMENT/STORES/ACCOUNTS DEPARTMENT.
    5)ONCE WE SATISFY WITH THE DOCUMENTS THE BILL TO BE ACCOUNTED AND POST IT FOR PAYMENTS AS PER THE TERMS OF PAYMENT.



    Posted by: SHYAM PRASAD VENKATA MADIRAJU    

    Contact SHYAM  PRASAD VENKATA MADIRAJU Contact SHYAM PRASAD VENKATA MADIRAJU

    Any invoice we have check following condition befor payment these are as follows:

    1. Invoice should be favour of Organisation Name, Address, have to Received by respective person or Authorised person for the same.
    2. Inv. amt, Qty, Qty Rate, Tax portion.
    3. Have to Tallied with Quotation Rate or Purchase Order Rate.
    4. If there is any Taxable Portion than have to Check whether mentioned Tax regn. no. or not.



    Posted by: Dipak Singh    

    Contact Dipak Singh Contact Dipak Singh

    If you have the better answer, then send it to us. We will display your answer after the approval.
    Rules to Post Answers in CoolInterview.com:-

  • There should not be any Spelling Mistakes.
  • There should not be any Gramatical Errors.
  • Answers must not contain any bad words.
  • Answers should not be the repeat of same answer, already approved.
  • Answer should be complete in itself.
  • Name :*
    Email Id :*
    Answer :*
    Verification Code Code Image - Please contact webmaster if you have problems seeing this image code Not readable? Load New Code
    Process Verification  Enter the above shown code:*
    Inform me about updated answers to this question

       
    Related Questions
    View Answer
    What is the meaning of invoice?

    View Answer
    What procedure for excess payment to supplier i would like know without adjusting invoice that means how supplier will send back excess amount how do in oracle apps

    View Answer
    What is the difference between Consiner and Consinee?

    View Answer
    What is the difference between SAP MEMORY and ABAP MEMORY?

    View Answer
    How is a PO (Purchase order created)?

    View Answer
    How does the payment mechanism work?

    View Answer
    What is a Parked Report?

    View Answer
    What do you understand by Open Item Managed Account?

    View Answer
    What do you mean by WCC?

    View Answer
    What is the difference between EFT & Wire?

    View Answer
    What is a IFA?

    View Answer
    What do you understand by Intercompany Settlement?

    View Answer
    What is FBT(Fringe Benefit Tax)??
    View Answer
    What is debit and credit from the banks point of view ?
    View Answer
    What is meant by liabilities ?
    View Answer
    What is debit and credit from the customer point of view ?
    View Answer
    What steps would you take before making a payment?
    View Answer
    1. If assume we paid 50/- as an advance for worth or 100/- goods, but our supplair sent only up to 25/- worth of goods. Know My question is that we want to close the transaction now. How it possible?
    2. what about VAT like Tax Setups in AP and AR?
    3. what about the SWEEP command in AP?
    View Answer
    What are seps to define supplier?
    View Answer


    Please Note: We keep on updating better answers to this site. In case you are looking for Jobs, Pls Click Here Vyoms.com - Best Freshers & Experienced Jobs Website.

    View ALL Accounts Payable Interview Questions

    User Options
    Sponsored Links


    Copyright ©2003-2014 CoolInterview.com, All Rights Reserved.
    Privacy Policy | Terms and Conditions

    Download Yahoo Messenger | Placement Papers| FREE SMS | ASP .Net Tutorial | Web Hosting | Dedicated Servers | C Interview Questions & Answers

    Testing Articles | Testing Books | Testing Certifications | Testing FAQs | Testing Downloads | Testing Interview Questions | Testing Jobs | Testing Training Institutes


    Cache = 0 Seconds