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Q:

Invoice is an example of

A) Accounts Receivable B) Accounts Payable
C) Both A & B D) None of the above
 
Answer & Explanation Answer: A) Accounts Receivable

Explanation:
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Filed Under: Accounts Receivable
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

Q:

when a purchase on account is made the invoice becomes

A) debt B) credit
C) both A & B D) None of the above
 
Answer & Explanation Answer: A) debt

Explanation:
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Filed Under: Accounts Receivable
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

Q:

What is PO invoice ?

Answer

For material/Goods Purchases, the Po is required. In the Po, QTY, Product Name, Where is delivery price, Terms and Conditions. In the po there is no matter of final amount. It is just the approximate amount.

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Subject: Accounts Payable Exam Prep: Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

Q:

What is the Auto Invoice? What are the setup Steps for Auto Invoice?

Answer

A powerful tool to import and validate transaction data from other financial systems and create invoices , debit memos , credit memos and on-account credits


Setup steps:


1. Define the line ordering rules


2. Define the grouping rules - attache the line ordering rules to the grouping rules

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Subject: Accounts Receivable

Q:

What items would you verify when processing an expense report /invoice for payment?

Answer

Employee Travel and Expense Report (ETER ) / Direct Pay / Unencumbered Goods and Services


- The ETER is examined for compliance with Travel policy by the accounting clerk prior to submission to Accounts payable


- Accounts Payable enters ETER Information into Banner as a Direct pay, generates a Banner invoice number, and records invoice information


- Reimbursement checks for ETERs will be processed within five business days after a completed and correct ETER is received by Accounts payable and scheduled for payment in the payment cycle following.


- ETERs should be submitted within  60 calendar days of incurring the expenses. TEARs submitted for expenses older than two months will not be processed nor reimbursed.

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Subject: Accounts Payable

Q:

What is the journal entry process from the time of generating an invoice to receiving payment?

Answer

When an invoice is generated and sent to the client/customer, the JE to be passed is debit customer account and credit revenue/accounts receivable account. When payment is received from customer, then debit bank account and credit the customer account concerned

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Subject: Accounts Receivable

Q:

What do you mean by invoice on hold?

Answer

Invoice holds are 2 types
1)Sytem Hold               2) User Defined Holds.

Sytem Holds: Sytem holds the invoice if the Invoice Amt total is not equal to Invoice Distribution Amt. To release the hold correct the amount and again validate the invoice.

User Defined Holds: These is defined by user. If we do want to make payments to the validated invoice. Go to particular invoice and apply hold going to Holds tab.

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Subject: Accounts Payable

Q:

What is a Non-PO Invoice?

Answer

A non-po is an invoice which does not have po(purchase order).However, these invoices requires approval for authorized person/persons to process for payment.


What_is_a_Non-PO_Invoice1558075538.jpg image

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Subject: Accounts Payable Exam Prep: Bank Exams
Job Role: Bank Clerk , Bank PO