accounting+process+++---CPH

Accounts Receivable Process __BAS Sales Process__

__Petty Cash procedure @About Petty Cash Procedure__

__AP process__

a) Receipt of invoice b) Scanning the invoice and updating it in workflow c) Processing the invoice in the system(ERP) d) The posting going through QCquality check e) Resolving a packed invoice f) Payment proposal report of invoices failing due on the correct date g) Payment run ---here the invoice ultimately gets paid.

Purchase order---receive inventory---enter bill---pay bill or write check(create bill may avoid double payment because it has bill no.)

sales ordersales order fulfillmentinvoiceReceive payment

Enter bill. With terms

__What items of information do you need before you can approve an invoice for payment?__


 * Whether the good received are as mentioned as the purchase order
 * verify the invoice with purchase order
 * whether cash discount lost deducted or/not (if any)
 * whether any advanced payment is there or/not
 * whether any damage is there for goods
 * take authorized signature on the invoice

__What steps would you take before approving an invoice for payment?__


 * 1) Refer the purchase order issued
 * 2) refer to the goods received note (GRN) for having received goods/services as mentioned in the P.O
 * 3) Refer the terms and conditions for making the payment (any credit period)
 * 4) Check the bank balance before approve the notice for payment

__Three-way matching:__
 * 1) Vender's invoice
 * 2) purchase order
 * 3) receiving report

__Record $75 worth of suppliers are purchased__

__AP.__

Purchase A/C DR. $75.00. (Accounts payable) To - Supplier A/C. $75.00. (Inventory or expense)

__Cash__

purchase. A/C. DR. XX to Cash A/C. XX. (Money paid from bank directly)


 * Remittance advice ** is a letter sent by a customer to a [|supplier] , to inform the supplier that their [|invoice]  has been paid. If the customer is paying by [|cheque] , the remittance advice often accompanies the cheque.

AR Accounts Receivable process

Accounts Receivable process edu Issue Customers Statement Monthly

Send Remender letter to the customer for the overdue payment. send first and second reminder letters. Letters of Demand Legal process

MYOB deposit customer payment to accounts

Assistant Accountant interview question (AR/AP /Reporting):

1. What is your management style? Have you managed people? 2. How many invoices have you processed? 3. Have you done reporting?

4.Have you done __//**internal control?**//__ __//**CPA Internal Control**//__ Internal controls are methods or procedures adopted in a business to:

• safeguard its assets;

• ensure financial information is accurate and reliable;

• ensure compliance with all financial and operational requirements; and

• generally assist in achieving the business’s objectives.

Generally it means if the people want to spend the money you need to know if it is approve before you process the invoices.

For example: paying holiday leave in advance against the company policy at Enersus.

Is there a policy for credit approval? for example, some manager only can approve a certain amount of employee expense with Netsuite.

example2: create a search report to monitor the status of manager approval and accountant approval status. Accountant approve the employee expense report after their manager. Once it, the request, has been approved the request becomes order, and after the accountant approved it, the order turns to bill.

Internal control examples

__**Bill**__ You have a Purchase Order which has been received and now need to create a Vendor Bill for a Payable.

Vendor return: Once a vendor return has been approved and the items are shipped back to the vendor, enter a vendor credit for the amount of the returned items. This enables you to track credit owed to you by a vendor so you can apply the credit to vendor bills. There are three ways to enter a vendor credit: • Create a credit directly from a vendor bill. • Create a credit directly from a vendor return. • Enter a vendor credit manually that is not associated with an existing bill.

Locate the vendor record/bill who is receiving the credit through Global Search. 2 Click to view the bill for which you are issuing the credit. 3 Click. 4 Enter the Reference No. for the credit. 5 Verify the Exchange rate for this credit, modify if necessary. 6 Confirm the Date and Posting Period fields are correct. 7 Enter a Memo explanation for the credit. 8 Navigate to the Expense & Items > Expenses subtab. 9 Select the Account that was originally used for the purchase. 10 Enter the Amount and any other notations about this credit. 11 Click or after each credit. 12 Navigate to the Apply subtab to apply the credit toward a specific vendor bill. 13 Clear or check the Apply checkbox next to bills to determine which bills the credit is applied to. 14 Click.

Are sales orders approved for:

– price?

– terms and conditions?

– credit?

– account balance limits?

5. Salary expectation? Around $65K for the Assistant Accountant.

6,how do you deal with priority(urgency situation)?

7. Netsuite One World, OpenAir Project Management(setup project, tasks, assign human resources), Multiple-currency transactions, Employee expense reports, bank file for money transfering: ABA file; BAS ATO register and lodgement ; prepayment and superannuation payment; reporting by region by department; cover the other position when somebody has holiday;GL reconciliation, bank statement reconciliation; workflow;approving payment;deal with queries, deal with return, petty cash;setup items with sales income, GOGS, and purchase accounts; deals with vendors and customers profiles with the payment accounts; upload archived invoices;reconcile credit card accounts; inventory fulfillment(receive inventory and send it to warehouse); assign regions and price calss for the sales people (CRM)

8. How do you make decision for working in an office at different location? answer: I am flexible with it.

** I ** nterview question:

How do you think of your manager?

** I am adaptable and flexible with the micro management and independent working methodology with less supervises. **

Zendesk Zendesk APAC @https://www.zendesk.com/company/press/zendesk-appoints-new-directors-support-growing-apac-team-aus/

Netsuite. Case Study

Accrual

** Accrual ** (// accumulation //) of something is, in [|finance], the adding together of [|interest] or different [|investments] over a period of time. It holds specific meanings in [|accounting], where it can refer to accounts on a [|balance sheet] that represent liabilities and non-cash-based assets used in accrual-based accounting. These types of accounts include, among others, [|accounts payable], [|accounts receivable] , [|goodwill] , [|deferred tax] [|liability] and future interest expense. [|[1]]

For example, a company delivers a product to a customer who will pay for it 30 days later in the next [|fiscal year], which starts a week after the delivery. The company recognizes the proceeds as a [|revenue] in its current [|income statement] still for the fiscal year of the delivery, even though it will get paid in cash during the following [|accounting period]. [|[2]] The proceeds are also an [|accrued income] (asset) on the [|balance sheet] for the delivery fiscal year, but not for the next fiscal year when cash is received.

Accruals & Deferrals adjusting entry Accruals & Deferrals

@asset or expense

Selection creteria example