Oracle Apps Blog - 10 Questions

1. How did you get involved with Oracle Applications?

My original profession was that of an Accountant and Auditor with Deloitte & Touche in Zimbabwe. I then got involved in developing Executive Information Systems (EIS) with the Microsoft Office Suite of Products with the Business Development Services (BDS) side of Deloittes. After Deloittes I moved toPricewaterhouseCoopers where I joined them as a BaaN consultant. With the collapse of BaaN, PwC decided to turn all BaaN consultants into Oracle consultants and I got sent on an Oracle Bootcamp at RPC Data in Botswana. I did pretty well on the Bootcamp and six months later ended up getting a job offer by the company that trained us. I’ve been implementing Oracle E-Business Suite ever since April 2001, 5 years now.

2. How are you involved with the applications now?

I’m implementing internally for Thales, a large defence company where I head up the Financials Team. We’re rolling out across the group and trying to come up with a standard implementation methodology as well configuration for all companies within the organisation.

3. What applications or functionality have you implemented recently?

All of the Financials modules really and I’m getting the chance to make use of some of the more advanced features which is pretty much why I came to the UK in the first place.

4. What is your favorite application or feature?

Probably Oracle Financial Analyzer which I haven’t touched in some time. It’s being replaced by Enterprise Planning and Budgeting (EPB) but I haven’t had the chance to implement EPB yet or play with it that much.

5. If you could change one thing about the applications, what would it be?

I think it would be standardisation between how the different modules work. When you use the different modules you get the feeling they were all developed by different people who weren’t talking to each other (which is probably the case anyway). For example, lets say your are running the interface to General Ledger in Accounts Payable and Accounts Receivable, or maintaining a Customer or Supplier in these modules, they are both done in completely different ways and the interface for performing these operations is different. I think there’s a lot more room to give various components of the application a consistent look and feel. I guess this will happen over time but considering all the acquisitions that Oracle is going through as well as what’s happening with Project Fusion it does make the whole exercise a little difficult.

6. What inspired you to start blogging about Oracle Applications?

Originally I started up RichardByrom.com to share tips and tricks about Oracle as well as just get more exposure as at that time I was working in Africa and considering a move to the United Kingdom or United States. I soon found that my site wasn’t getting as much traffic as expected and through trial and error discovered the secret to having a really good web site and getting more visitors was to have good content that changed on a frequent basis. I discovered Mark Rittman’s blog and realised that this would be a good way to build up some really good content and at the same time document solutions to problems encountered at work. The thing about having a blog is that the site administration side is a lot easier. With my first site I found that I spent more time administering all the pages and trying to optimise it for searches than actually getting around to building content. After investigating all the options of what I could use to blog and trying out a lot of different software and service providers I eventually decided to use ExpressionEngine, which I believe is the best blogging software about.

Blogging has enabled me to share what I am learning through implementation experience with a global audience as well as given me the ability to publicly document these learnings. I try as much as possible to use my blog as a knowledge management tool.

7. What are some of your favorite blogs (Oracle or otherwise)?

I read a couple of the main stream blogs and also have an Oracle Blogroll andPersonal Blogroll that I read using FeedDemon, another excellent software product. The main blogs I read, apart from yours are: 

• Deal Architect by Vinnie Mirchandani – my top ranked blog right now, followed by Steven Chans Blog.
• OraBlogs
• Oracle E-Business Suite Technology by Steven Chan
• Scobleizer – Microsoft Geek Blogger by Robert Scoble
• NevilleHobson.com
• Micropersuasion by Steve Rubel
• LifeHacker
•  

8. Are there any special topics or issues that you enjoy covering?

I like to blog about things I’m learning at work or how I solved a particular problem at work. I also like keeping track of any new products coming out so that I can understand the potential impact this will have on our customers and learn the new product as soon as possible.

9. How does blogging fit into your job or your business?

It’s helped me to connect with more people that I can obtain advice from or ask questions as well as provided an effective way of documenting everything I’m doing.

10. Where do see business blogging in three years from now? How will the Web 2.0 infiltrate the enterprise?

I think we’ll see more internal blogs by large software and IT companies such as Oracle, SAP and Microsoft as a means of documenting employee conversations as well as more blogs aimed at enhancing relationships with customers i.e. bringing in that element of a two way conversation with customers. Essentially organisations are going to have to be more open and engage with customers at earlier stages of product development.

From a consulting point of view they provide a very effective mechanism for sharing knowledge with customers as well as showing them that you have the knowledge in the first place. I’m sure we’re going to see more consultants using these as a medium for demonstrating, managing and sharing their knowledge.

Accounts Payable Senior Manager

Deloitte Services LP includes internal support areas such as Marketing and Communications, Human Resources/Talent, Information Technology, Facilities Management, and Financial Support Services.

Responsibilities:

·         Leads a team of approximately 55 Accounts Payable professionals, in both the US and India, and provides guidance to managers and staff to ensure invoices are processed and paid in an efficient and timely manner

·         Formulate and define the direction of enhancements to firm's systems that support Accounts Payable to maximize efficiency

·         Serves as primary liaison with the IT department to drive technology solutions

·         Develops and implements changes to processes, procedures, and tools to enhance efficiencies

·         Collaborates with clients to resolve customer service issues and seeks workable solutions to meet their needs

·         Monitors and reviews internal controls, segregation of duties, fraud risk assessments, SAP access reviews, and tracking and reporting of metrics

·         Ensures compliance with government regulations regarding vendors and payments

·         In conjunction with leadership, develops and drives strategy for long term vision of the team

·         Provides coaching, goal setting, and performance feedback to staff

Relevant Business & Technical Skills:

·         Prior working knowledge of SAP, Ariba and XiBuy is a plus

·         Strong communication skills are required. Candidate must be able to clearly communicate - both through written and verbal means - with all levels of Firm management

·         Expertise in leading teams in a highly virtual environment is a must (e.g., comfortable with WebEx, Centra, Live Meeting, Video Conferencing or other virtual management tools)

·         Ability to work in a cross-functional team

·         Knowledge of firm's systems is preferred

Qualifications:

·         Bachelor's degree in Accounting/Finance/Systems or other related area required

·         Minimum of 10 years accounts payable, finance, accounting, or technology experience required

·         Project management experience preferred

·         Process improvement experience a plus

·         Strong leadership experience in a complex working environment where performance standards and expectations to achieve results are high

Deloitte is one of the leading professional services organizations in the United States, specializing in audit, tax, consulting and financial advisory services with clients in more than 20 industries. We provide powerful business solutions to some of the world’s most well-known and respected companies, including more than 75 percent of the Fortune 100. 

At Deloitte, you can have a rewarding career on every level. In addition to challenging and meaningful work, you’ll have the chance to give back to your community, make a positive impact on the environment, participate in a range of diversity and inclusion initiatives, and find the support, coaching, and training it takes to advance your career. Our commitment to individual choice lets you customize aspects of your career path, your educational opportunities and your benefits. And our culture of innovation means your ideas on how to improve our business and your clients’ will be heard.

FI Accounts Receivable and Accounts Payable | SAP FI PDF manual

The following topics are an introduction to the Accounts Receivable and Accounts Payable application components.

The Accounts Payable application component records and manages accounting data for all vendors. It is also an integral part of the purchasing system: Deliveries and invoices are managed according to vendors. The system automatically triggers postings in response to the operative transactions. In the same way, the system supplies the Cash Management application component with figures from invoices in order to optimize liquidity planning.

Payables are paid with the payment program. The payment program supports all standard payment methods (such as checks and transfers) in printed form as well as in electronic form (data medium exchange on disk and electronic data interchange). This program also covers country-specific payment methods.

If necessary, dunning notices can be created for outstanding receivables (for example, to receive payment for a credit memo). The dunning program supports this function.

Postings made in Accounts Payable are simultaneously recorded in the General Ledger where different G/L accounts are updated based on the transaction involved (payables and down payments, for example). The system contains due date forecasts and other standard reports that you can use to help you monitor open items.

You can design balance confirmations, account statements, and other forms of reports to suit your requirements in business correspondence with vendors. There are balance lists, journals, balance audit trails, and other internal evaluations available for documenting transactions in Accounts Payable.

The Accounts Receivable application component records and manages accounting data of all customers. It is also an integral part of sales management.

All postings in Accounts Receivable are also recorded directly in the General Ledger. Different G/L accounts are updated depending on the transaction involved (for example, receivables, down payments, and bills of exchange). The system contains a range of tools that you can use to monitor open items, such as account analyses, alarm reports, due date lists, and a flexible dunning program. The correspondence linked to these tools can be individually formulated to suit your requirements. This is also the case for payment notices, balance confirmations, account statements, and interest calculations. Incoming payments can be assigned to due receivables using user-friendly screen functions or by electronic means, such as EDI.

The payment program can automatically carry out direct debiting and down payments.

There are a range of tools available for documenting the transactions that occur in Accounts Receivable, including balance lists, journals, balance audit trails, and other standard reports. When drawing up financial statements, the items in foreign currency are revalued, customers who are also vendors are listed, and the balances on the accounts are sorted by remaining life.

Accounts Receivable is not merely one of the branches of accounting that forms the basis of adequate and orderly accounting. It also provides the data required for effective credit management, (as a result of its close integration with the Sales and Distribution component), as well as important information for the optimization of liquidity planning, (through its link to Cash Management).

Sap Modules Interview Questions and Answers

What is the difference between updated project and end to end project. explainAnswer1: Some organisations select to implement SAP module by module, thus gets updated as per their convenience / schedule. This is called as updated project.  Some organisations simply plan all integrated functional modules and decide to go-live with all functional modules and take their entire operations on SAP. This is called as End to End SAP implementation project.  Answer2: Upgrade Project is a project where in SAP is already in place and it is the version upgrade from a lower end to a higher version.  End to End project is a project where SAP is implemented for the first time. What is Ranking order in automatic payment program ?  Its the priority assigned to each house bank which helps Automatic Payment program choose the house bank for payment in case there are more than one bank satisfying the payment program.  If a payment program ends up selecting more than one(say 4) bank for payment, the ranking of the banks helps it select one bank from the list of (say 4) selected banks.  What is SAP APO?  Answer1: SAP APO stands for Advanced Planner and Optimizer, which is one area of SCM and application component of MySAP product. Its is designed to provide solutions for companies in Demand planning, network design, supply network planning, production planning and global available to promise, transportation and scheduling.  Answer2: Prior to SCM4.0 (-APO3.1) APO was a system, now from SCM4.0 APO is a function of SCM not a system as SCM now includes ECH and CM What are the support tickets given in SAP fico module? please give some examples.  Support tickets are basically the problems that arise in day to day usage of SAP.  So any sap fico consultant who is resolving the day to day production issues is actually supporting the tickets. How is bank reconciliation handled in SAP?  The following are the steps for BRS: 1. Create Bank Master Data - This can be created through T.Code FI01 or you can also create the house bank through IMG/FA/Bank accounting/Bank account  2. Define House Bank  3. Set up Bank selection payment programe- IMG/FA/ARAP/BT/AUTOIP/PM/Bank selection for payment prg. a. setup all co codes for payment transaction - Customer and vendors b.setup paying co codes for payment transactions c.setup payment method per country d.setup payment method per co code for payment transaction e.setup bank determination for payment transaction Please go for Cheque mangement using T code FCHI (IMG/FA/ARAP/BT/OP/AutoOp/PaymentMedia/CheckManagement) and for void reasons FCHV. You can create Bank Reconcilliation statement by TC FF67 (SAP/AC/Treasury/CashManagement/Incomings/ManualBankStatement) . Don't forget to keep the opening Balance as zero. Use FBEA for post process.  All the steps together will lead to (FF67) Bank reconciliation statement. How do you configure electronic bank statement? Answer1: Following is the sequence of configuration to be done for Electronis Bank Statment(EBS): 1. create Tranaction types( which helps you group all the house baks with same External transaction code). 2. assign them to house banks. 3 create and define posting rule keys . 4 assign them to external transaction codes. external transaction codes are bank specific codes for buisness tranactions( which it issues in each EBS) each one for each type of payment. eg. transfer order, foreign transfer,bill of exchange etc. 5 define posting specification for G/L posting as well as subledger posting 6. define account symbols(which determines the G/L account to be posted to) and assign them to posting keys. Answer2: 1. Create account symbols 2. Create gl accounts ans assign t account symbols 3. Create posting keys: 4. Posting rules 5. Assing external transactions  How do you configure manual bank statement? configuration is required during electronic bank statment not in mannual bank stament.  In mannual bank statment you just have to enter the data on screen and save it. What is dunning?  Dunning is actually the process by which you “bill” or “invoice” a customer for past due items.  With regards bad Checks for example dunning procedure could follow these steps:  • Step 1: Phone call to customer on receipt of bad check – at this stage, perform the journal posting outlined in section on Returned Checks • Step 2: Letter to customer (+10 days) • Step 3: Letter to CO (+7 days) • Step 4: Legal letter to customer (? DD139) (+13 days) • Step 5: Issue DD139 (+10 days) • Step 6: Follow-up on DD139 (dispersing officer) (+45 days) • Step 7: Write-off (after 6 months) Steps 2-6 above will be handled by dunning levels in SAP.  Configuration before dunning can be carried out  1. Defining Dunning Area 2. Define Dunning Keys 3. Define Dunning Block Reasons 4. Dunning Procedure • Define Dunning Procedure (T. Code – FBMP), To set up a Dunning Procedure, the following must be specified: number of Dunning Levels (1-9) Dunning Texts, Standard Text can also be included in the Dunning Texts. Dunning Procedure major parameters: Dunning Interval, Number of Dunning Levels, Grace Period 5. Assign Dunning Procedure to Customer / Vendors Accounts (T. Code – XD02) 6. Define Correspondence Types (T. Code – OB77) 7. Assign Company Codes to Correspondence company Codes 8. Assign Programs for Correspondence Types (OB78) 9. Dunning Run: Transaction Code: F150 Menu Path: accounting > financial accounting > accounts receivable > periodic processing > dunning. Note: Whenever you schedule more than one dunning run a day, the "Identification" number must change. You may run several dunning runs on the same date but the "Identification" name must be different as well as certain parameters such as the “Dunning Date” and “Documents Posted up to” date. What is the difference between profit center accounting and Profitability analysis ?  profit center accounting is basicaly done for internal controlling purposes. It lets you determine the profit and loss using the cost of sale approach or period accounting approach. Here you can find the profit from an "area of reponsibility or pserson" point of view.this is accound based costing  Whereas in Profitability analysis, market segments based on product , cutomer,order aor any comobination of these are studied to find wots the profit. PA provides information to the marketing,sales and planning department so that they can make decisions. PA has two forms account based and CO based.  both these are tools for profit management, and both are alternative. They are not same. What are the manufacturing cost of a producting ?  Materail cost + Productions cost = Manufacturing cost What is the difference between stock transfer between two plants belongs to same company code and to that of different company code?  In 1st case it is called as intra company stock transfer and the 2nd case is inter company stock transfer  Stock Transfer between plants of same company code only includes inventory movement without any pricing and so called Stock Transfer Order where Stock Transfer between plants of different company code is same as a purchase order as along with the inventory there is also accounts transfer (pricing) involved.

10 Reasons Why HSBC is the world’s worst credit card

1. HSBC doesn’t respond to written correspondence sent to them by post.
2. HSBC will not provide a copy of the credit card agreement upon request, either on the website, or via post.
3. HSBC does not provide written information on their website about how to pay off a final balance and close the account for good.
4. HSBC is linked to Household International, a credit card issuer well-known for its predatory lending practices (It settled a $486 million lawsuit with 46 states in 2002). HSBC integrated with Household International in 2003, and some allege that the current HSBC uses many of HI’s unsavory business practices.
5. HSBC has a contact form which (in my experience) works rarely. Even when it does work, HSBC doesn’t allow you to have a record of emails you have sent to them (except by cutting-and-pasting onto a MS Word document).
6. HSBC disregards legal contracts. In my individual case, HSBC agreed to a written counteroffer I made to resolve our dispute, but then promptly disobeyed the terms of it.
7. When you dispute a charge in writing, instead of actually investigating the complaint, HSBC will send a generic reply which shows no evidence that it actually investigated the item being disputed.
8. HSBC will not investigate your account after you have complained to a credit-reporting agency. HSBC is legally obligated to take action and contact the customer. In my specific case, HSBC sent a generic reply refusing to take any action until I provided documentation (This was long after I had sent them lots of documentation already).
9. HSBC (like many other banks) gambled and lost billions of dollars on subprime mortgages.
10. Recent complaints have shown that HSBC has raised interest rates and lowered credit limits to a dollar amount dangerously close to a customer’s current balance. This practice may not be illegal (and other credit cards seem to be doing the same thing), but it increases the likelihood that HSBC will award itself over-the-limit fees which result from it.

U.S. report says HSBC handled Iran, drug money

While the big British bank's problems have been known for nearly a decade, the Senate probe detailed just how sweeping the problems have been, both at the bank and at the Office of the Comptroller of the Currency, a top U.S. bank regulator which the report said failed to properly monitor HSBC.

"The culture at HSBC was pervasively polluted for a long time," said Senator Carl Levin, chairman of the U.S. Senate Permanent Subcommittee on Investigations, a Congressional watchdog panel.

The report comes at a troubling time for a banking industry reeling from a multi-country probe into the manipulation of global benchmark rates. Last month, rival British bank Barclays Plc agreed to pay a $453 million fine to settle a U.S.-British probe into the rigging of the benchmark interest rate known as the London interbank offered rate, or Libor.

The Senate probe provides a rare look at how HSBC responded when confronted with numerous cases of suspect money flows.

The report caps a year-long inquiry that included a review of 1.4 million documents and interviews with 75 HSBC officials and bank regulators. It will be the focus of a hearing on Tuesday at which HSBC and OCC officials are scheduled to testify.

The bank and the regulator are expected to face tough questions at the hearing about how the abuses were allowed to continue, even after the OCC took regulatory action against HSBC in 2010. A Reuters investigation found persistent lapses in the bank's anti-money laundering compliance since 2010.

In an emailed statement, HSBC said the Senate report had provided "important lessons for the whole industry in seeking to prevent illicit actors entering the global financial system".

The bank said it is spending more money on compliance and has become more coordinated in policing high-risk transactions.

The report also contained strong criticism of the OCC, saying the regulator failed to crack down on the bank despite multiple red flags, allowing money laundering issues "to accumulate into a massive problem".

Thomas Curry, who took over as comptroller less than four months ago, said in a statement on Monday that anti-money laundering compliance "is crucial to our nation's efforts to combat criminal activity and terrorism, and the OCC expects national banks and federal thrifts to have programs in place to effectively comply with these laws".

Curry said the Senate report had made a number of "thoughtful" recommendations, "which we fully embrace".

LAX CONTROLS

The failings and lax controls inside HSBC included an inability to properly monitor $15 billion in bulk cash transactions between mid-2006 and mid-2009, inadequate staffing and high turnover in the bank's compliance units, the report said.

HSBC ignored risks in doing business in countries such as Mexico, a country rife with drug trafficking, it said.

Between 2007 and 2008, HSBC's Mexican operations moved $7 billion into the bank's U.S. operations. According to the report, both Mexican and U.S. authorities warned HSBC that the amount of money could only have reached such a level if it was tied to illegal narcotics proceeds.

The Senate probe also examined banking HSBC did in Saudi Arabia with Al Rajhi Bank, which the report said has links to financing terrorism. Evidence of those links emerged after the Sept 11, 2001 attacks on the United States, the Senate report said, citing U.S. government reports, criminal and civil legal proceedings and media reports.

In 2004, Al Rajhi sued the Wall Street Journal, which had published an article about U.S. and Saudi authorities monitoring accounts. The article referenced Al Rajhi.

Al Rajhi said in response to a WSJ story that it "unequivocally condemns terrorism". Al Rajhi and the paper settled in 2004. The paper did not pay damages and stated that it "did not intend to imply an allegation that (Al Rajhi) supported terrorist activity, or had engaged in the financing of terrorism", the Senate report said.

In 2005, HSBC told its affiliates to no longer do business with the bank, the report said. Four months later, HSBC officials reversed course, allowing affiliates to decide whether to continue to do business with Al Rajhi.

A Middle Eastern unit of HSBC continued doing business with the bank, the report said. HSBC ultimately stopped helping the bank handle certain types of transactions, and HSBC compliance officials rebuffed other HSBC bankers seeking to maintain ties to the bank.

Then in late 2006, Al Rajhi threatened to yank all of its business with HSBC unless it regained access to using HSBC's bulk-cash transaction business, the Senate report said. HSBC agreed to continue to provide the bank bulk shipments of U.S. dollars until 2010 when HSBC exited entirely the bulk-cash business.

U.S. OPERATIONS

The focus of the Senate probe was HSBC's U.S. operations, which has its main office in New York. HSBC used the U.S. unit as a selling point to clients outside the United States, touting its ability to handle U.S. dollar transactions.

Among HSBC's problems, the report described the bank's compliance division as unable to battle the suspect money. High turnover of top compliance officials made it difficult for reform to take hold, the report said. Employees were "overwhelmed" by a mounting number of suspect transactions that needed review.

"We're strapped and getting behind in investigations," one bank official wrote in June 2008. By that time, HSBC was cutting costs to offset losses tied to subprime home loans and the brewing financial crisis. In 2010, one disgusted top compliance official threw up his hands and quit after less than a year on the job, according to the report.

Typical of the problems inside the bank were transactions tied to Mexico, a country the report said is "under siege from drug crime, violence and money laundering".

HSBC, according to the report, helped move money for a Mexican foreign-exchange dealer called Casa de Cambio Puebla that served as a hub for laundered proceeds, according to the report.

Between 2005 and 2007, there was a "growing flood" of U.S. dollars moving between the exchange house and HSBC, setting off red flags inside HSBC. Some bankers said the transfers were legal. One said the money came from Mexican landscapers working in the United States and routing money back home to their families.

HSBC ultimately closed the account in November 2007 after it received a seizure warrant from the Mexican attorney general seeking money tied to the exchange dealer, the Senate report said.

DEALINGS WITH IRAN

Some of the money that moved through HSBC was tied to Iran, the report said, which would violate U.S. prohibitions on transactions linked to it and other sanctioned countries.

To conceal the transactions, HSBC affiliates used a method called "stripping", where references to Iran are deleted from records. HSBC affiliates also characterized the transactions as transfers between banks without disclosing the tie to Iran in what the Senate report called a "cover payment".

HSBC "failed to take decisive action to confront these affiliates and put an end to the conduct," the report said.

Between 2001 and 2007, more than 28,000 transactions were identified by an outside auditor for HSBC that potentially could have run afoul of laws that prohibit transactions with sanctioned countries. Of those, 25,000 involved Iran. A smaller number required additional analysis to determine if violations of U.S. regulations had occurred, the report said.

At the heart of HSBC's failings was the fact that it served as a hub for smaller financial firms needing access to the global banking system, the report said.

In one example detailed in the Senate investigation, HSBC continued to do business with one client that admitted to U.S. law enforcement that it had failed to maintain an effective anti-money laundering system.

The client, Sigue Corp, was a money processor in California, the report said. In 2008, the company agreed to a so-called deferred prosecution with the U.S. Justice Department and other U.S. agencies where it admitted to allowing millions of dollars of suspect transactions between 2003 and 2005. Undercover U.S. officers, in a sting, even moved money through the company, explicitly telling Sigue agents they were moving illegal drug proceeds, the report said.

A day after the agreement was announced, David Bagley, the head of HSBC compliance, sent a handwritten note to another bank official, asking, "Obvious question--I assume they are not our customer." Bagley is scheduled to testify on Tuesday at the Senate hearing.

In fact, Sigue was an HSBC customer, and bank officials internally discussed whether to close the account. One compliance official recommended it should be shut down. In the end, the bank kept doing business with Sigue.

In 2009, the Justice Department said Sigue had satisfied the requirements of the agreement and a criminal case was dismissed.

Accounts Payable Interview questions and Placement papers:

1.What is the meaning of invoice?
2.What is deffered revenue expenditure
3.What do you understand by Open Item Managed Account?
4.What is the difference between Consignor and Consignee?
5.What is the difference between billable and non-billable expenses?
6.What is the meaning of TDS? How it is charged?
7.Types of purchase order status and their relevance
8.Is temporary overdraft a current liability?
9.Is short term debt the same as current liabilities?

10.Will RBI asks COT code?
11.What is the first rule in accounting?
12.Does 30 days net mean 30 days from statement or invoice?

Interview Questions in Oracle 11i e-Business suite Accounts Payable

Questions in Accounts Payable

1. Q: How do you set up voucher number in AP?

A: Set up in the system administration.

 2. Q: Can I have two sets of voucher numbering for different periods for e.g. one from 1^st Apr to 31^st Mar’99 and another from 1^st Apr’00 to 31^st Mar’01.

A: Yes, define different sequences.

 3. Q: What is the profile option for voucher number?

A: Sequential Numbering.

 4. Q: Can I have Multiple currency Bank accounts? If so how do I set it up?

A: Yes, Payable option and define Bank screen.

 5. Q: Explain the procedure for dealing with cash transactions including advance made in cash and return of cash?

A: Create a dummy cash bank.

6. Q: If I do not have a foreign currency Bank account, tell me whether I can raise a foreign currency Purchase order and pay for it in Functional Currency.?

A: NO

7. Q: Can I define Invoice type? Is it a quick code

A: NO

8. Q: What is a 4-way match?

9. Q: How do I make payment for a demand draft?

A: Either define a dummy supplier or enable the flexfield in the payment screen and write a alternate check printing program

10. Q: Explain the procedure for transferring the asset from AP to FA.

A: Transfer the invoices to GL and run the Create Mass Additions Program

11. Q: Can I create recurring invoices for prior periods?

A: NO

12. Q: Can I set approval hierarchy for expense express amounts.

A: Yes

13. Q: What is a pooled account and what does it do?

A: A pooled bank account is one that is shared by multiple companies in the balancing segment

14. Q: Where do you define the accounting information for a supplier?

A: At site level

15. Q: What types of Distribution Sets can you use for a recurring invoice?

A: Only of the type “Full”

16. Q: What are the different types of holds?

A: System Holds, Manual Holds, Supplier Site Holds

17. Q: For what purposes is the special calendar defined?

A: Recurring Invoices, Key Indicators Report and With holding Taxes

18. Q: Difference between permanent prepayment and temporary prepayment ?

A: Permanent prepayment is for long term deposits like telephone deposit, electricity deposit etc.

19. Q: Can you change permanent prepayment to temporary and vice versa at a latter date /

A: Yes

20. Q: Maximum number of discounts that can be given to each payment line?

A: Three

21. Q: Can you use Automatic offsets and allow reconciliation?

A: NO

22. Q: Can you use withholding taxes along with automatic offsets?

A: NO

23. Q: Can you reuse skipped and spoiled checks ?

A: You can reuse skipped checks but not spoiled checks.

Accounting Technician Interview Questions

Accounting technicians are responsible for various aspects of finances; this includes but is not limited to: compiling and submitting tax returns, budgeting, accounts payable, accounts receivable, and proficiency in accounting software, such as QuickBooks. Accounting technicians often assist certified accountants by performing bookkeeping and administrative duties. The more experienced accounting technicians may be entrusted with greater responsibilities such as financial audits, budget analyses and managerial tasks. Compiling a list of conversational interview questions will create a relaxing atmosphere and help you to pinpoint their strengths and weakness. When interviewing technicians seek out accounting technicians with experience in the field of finance; this includes economics, accounting principles, business management and administration. Asking the right questions when interviewing for an accounting technician is essential to hiring the best candidate—this is most advantageous for the employer. Read the accounting technicians interview questions below to get an idea of what interview questions to ask.

Accounting Interview Questions Asked by an Employer

What Prompted You to Work in Accounting?

Accounting personnel need to have a meticulous eye for detail and the ability to perform repetitive tasks without error. Taking on a career in accounting is a significant responsibility, and asking why the candidate chose that path is a good way to start an interview. Try to find a determination and interest in accounting that will translate into a reliable accounting employee.

What Do You Know About the New Accounting Software Packages?

It helps to have accounting personnel who stay up to date on the latest accounting software because then they can make suggestions on how to improve your systems. With this question, you are trying to find out if the candidate has been keeping up on new software programs and if she has any experience in using them. Discuss the programs you currently use, see if she is familiar with them and discuss what improvements could be made to your current system to make accounting more efficient.

How Do You Gather Information for Accounting Reports?

Since you will know what specific accounting discipline you are interviewing for, you can adjust this question to be more focused on the available position. For example, you can ask this question about preparing outstanding customer invoicing reports for accounts receivable positions. You are trying to determine how comprehensive the candidate's information-gathering habits are and how much of an eye for detail he has. This information is important in determining which candidates will prepare accurate reports and which ones display tendencies to leave out important information.

What is the Largest Volume of Work You have Experience In?

For payroll positions, you will want to know the maximum number of employees and the pay period frequencies that the candidate has experienced. For an accounting professional to be efficient, she needs to have the proper skills for handling the workload. If the candidate is used to a staff of 30 people and your company has 200, she may be overwhelmed by your company and could be prone to errors. This question will indicate how much extra training you will have to do to get a new accounting employee up to speed and productive.

Job Offer Denied

This is Naga Purnima Varre. I have attended for interview for finance process in genpact Hyderabad. I cleared first 3 rounds then they put me for final round. They said me to attend the interview in the next day. As discussed previous day i attend for final round that is nothing but of operations round. Then Finance HR Mr. Sunny Raj told me that i was not cleared in final round, i can leave for the day. But the fact is, i didnt attend for final round. I questioned him, how they rejected me without interviewing me. Then he answered me to wait. Again he was back after half an hour and said that the line manager dont want to interview me. The reason behind that is I am staying in kukatpally, that is so far from Company. So they rejected me. Is this the right reason to reject me? I wasted 2 days due to this. 
But one thing i can say. Genpact has worst HR team. It loosing its goodwill due to HR people like Sunny Raj

Accounting/Tax/Company Secretary/Audit Jobs in

Genpact Limited (NYSE: G), a global leader in business process management and technology services, leverages the power of smarter processes, smarter analytics and smarter technology to help its clients drive intelligence across their enterprise. Genpact s Smart Enterprise Processes (SEPSM) framework combined with industry vertical expertise leads to superior business outcomes. Genpact s Smart Decision Services deliver valuable business insights through targeted analytics, reengineering expertise, and advanced risk management. Making technology more intelligent by embedding it with process and data insights, Genpact also offers a wide range of technology services. The company s 58,500+ global professionals deliver services from a network of 70 centers to its 600+ clients. For more information, visit www.genpact.com. Follow Genpact on Twitter, Facebook and LinkedIn

Top Interview Questions for Medical Billing and Coding Jobs

We’ve put together a list of the top interview questions asked for medical billing and coding jobs to help you with your job interview preparation.

Also included is the reason they are asking these questions and what the interviewer is likely looking for. These are questions we’ve either been asked or asked ourselves for when interviewing formedical billing jobs.

What’s your understanding of medical terminology?

Having a basic understanding of medical billing terms is important not only for medical coding but also for medical billing specialists. Make sure you can explain some of the more basic medical terms related to billing and coding as it relates to the billing process.

What type of certifications do you have?

I would expect this question to be asked more for medical coding jobs.Certification in medical billing is a definite plus, but I haven’t seen that requirement for strictly medical billing jobs. Certification does show you are committed to your profession and meet certain minimum standards.

Have you billed for Medicare and Medicaid?

This would be one of the top interview questions for providers who have a lot of Medicare or Medicaid patients Government payers can be difficult and challenging to bill for. CMS has more paperwork, usually takes longer to pay, and can be frustrating to deal with. Providers who have a lot of Medicare patients will want to know your knowledge and experience of Medicare and ability to get problems resolved quickly.

How do you deal with rejected or unpaid claims?

The longer claims go unpaid, the less likely it is they will be paid. Getting denied or rejected claims corrected and re-submitted can be a lot of revenue to a provider. A prospective biller or coders effectiveness and experience here is very important to a practice's accounts receivables and likely one of the top interview questions.

Are you familiar with Electronic Medical Records (EMR) systems? Which ones have you used. How did you use it?

The use of medical records software - also referred to to as EMR or EHR software - is increasingly important to providers. They may want the biller and/or coder to enter and maintain information in the EMR system. Employers value someone who is proficient in electronic medical records software and know how to use it. It can also be a valuable asset to the biller and coder in their job when verifying patient information and treatments for a claim. Many billing and practice management software programs are increasingly integrated or interface with the EMR system.

Are you comfortable working with computers? What types of software do you have experience with.

The ability to create and share documents, manage and upload files, and perform back-ups are skills that are helpful for medical billing and coding jobs. You would also want to mention any word processing (Microsoft Word) or spreadsheet (Excel) programs you have experience with.

What practice management or medical claims software do you have experience with?

Once you’ve learned on practice management or medical billing softwareprogram, it’s pretty easy to learn another. Most well written software is fairly intuitive to use. If you’ve only used on software, you might effectively make this point and emphasize your computer skills.

Do you know how to submit claims to a clearinghouse? Have you ever set up a provider with a clearinghouse or resolved claim submittal problems with them?

Sometimes there are format or compatibility problems when sending claims to a clearinghouse - especially when getting set up with them. There’s also a lot of paperwork and forms to fill out when you sign up a provider or practice. Most clearinghouses also provide valuable reporting features to help scrub and catch claim errors so they can be corrected before being sent to the insurance company. Being able to use these features and tools and being able

Do you know how to run reports? Can you customize reports?

Many practices need to run reports from their practice management software that show their financial status and performance, outstanding claims, patient balances, etc. The ability to create and customize these reports is a definite advantage. Many times when meeting with a provider, they will express a desire to see certain information in a certain format. Of course sometimes the reporting functions of the software can’t produce exactly what they want. Buy knowing how to extract information out of the practice management software - or database - is very important for a provider.

What specialties have you billed or coded for?

Certain specialties have unique coding and billing requirements. For example some mental health specialties have limitations on the number of visits and require pre-authorizations. These have to be monitored so there are no surprises for either the patient or the provider.

What procedure codes are you most familiar with?

This is pretty self explanatory and something more likely one of the top interview questions to be asked of coders.

Can you explain the difference between co-pays, deductibles, and co-insurance?

Medical billing specialists should have a good understanding of how deductibles and co-insurance are calculated, how to apply write-offs, and how to apply co-pays. Many times these are determined on the EOB by the insurance company but it’s important to understand how they are calculated. Some providers require the patient to pay their co-insurance and apply deductibles up front before claims are filed to make sure they get paid.

Are you familiar with HIPAA privacy rules? Security rules?

Questions on HIPAA laws are increasingly becoming one of the top interview questions. Because medical billers and coders have access to sensitive patient data, it’s important to have a good understanding ofHIPAA privacy requirements. You also may have responsibilities for the security of patient information and computer systems. Make sure you are up to date on HIPAA standards and can give a basic explanation of what they are and what the providers (and their staff) are responsible for.

Have you dealt much with insurance companies to resolve issues with unpaid or rejected (denied) claims?

Medical billing specialists have to deal regularly with insurance companies to get an explanation why a claim was rejected and what is necessary to get it paid. Being able to understand the insurance claim process and how to deal with payers are important to getting claims paid. That’s why this is one of the top interview questions an employer would likely ask and a weakness of many providers billing efforts.

Have you worked on insurance or patient accounts receivables?

Just about every practice has some outstanding unpaid claims (A/R or Accounts Receivable) or patient balances. May have a significant amount of money “stranded” and waiting for claim issues to be resolved. If you have experience resolving unpaid claims and reducing A/R this is a huge plus.

Have you ever appealed a denied claim? What’s your process in resolving a denied claim?

Knowing how to file an appeal with the insurance carrier is important in resolving denied claims. It takes patience as most all insurance companies have different processes, requirements, and timeframes for the appeal process. It’s not always straightforward for a reason.

What’s your experience in patient collections?

Medical billing and coding specialists don’t usually get involved with “hard” or intense collection efforts - this is usually left to the collection agency. But they usually are involved with “soft” type collections which may be a courtesy phone call or letter reminding the patient their insurance company has paid, they have a past due balance, and offer to make payment arrangements. For the more delinquent accounts it may be a notification that their account will be turned over to collections if arrangements are not made soon.

How do you deal with difficult or angry patients?

If you are a medical billing specialist, you will eventually deal with an angry patient. A lot of times they don’t understand their insurance coverage and they take their frustrations out on you - the bearer of the bad news. So when they receive a statement, that’s usually when they call the billing department and want to know why they owe something - or why it’s so much. That’s when it’s important for the biller to patiently explain their insurance coverage and if they desire more info to call their insurance company. Questions about dealing with patients are typically one of the top interview questions for billers.

How long does it take you to process a day’s charges?

Its good practice to process claims within 72 hours (3 days) of the date of service. Providers want to know that the medical biller and coder will promptly submit claims for payment.

If You Can’t Questions Top Interview Questions - Turn Negative Into a Positive
There will inevitably be interview questions you just can’t answer - or a situation you don’t have experience in. In those cases don’t answer in a negative way - such as “I can’t....” or “I don’t know...”. Answer the question in a way as to emphasize your strengths or knowledge or your ability to learn and adapt quickly. Potential employers prefer candidates who will not require a lot of hand holding or be a burden on the existing staff. They want someone who can get up to speed quickly.

So if you didn’t have any experience with EMR systems and they asked you about it, you could answer in a way that you do have good computer skills and experience on a variety of practice management systems - you can get up to speed on a new software within a day. You might also state that most of these programs are intuitive and your computer skills will apply to EMR software also.

Success Stories
In addition to preparing to answer these top interview questions, have some “success stories” or example you can give that demonstrate your ability to take action and solve problems. You can bring these up during the interview. Potential employers will be very impressed. Giving examples of what you can do can really impress the interviewer make you stand out from the other candidates.

Situation - a short overview of where and when.

Problem - state the problem or challenge.

Action Taken - describe the action(s) you took to solve the problem.

Results - give quantitative results of your actions - like “reduced accounts payable by 75%.” or “reduced unpaid claims by 50%.”

These kinds of short success examples or stories can really impress a potential employer and demonstrate how you can help them - even if you are weak in certain areas mentioned in the top interview questions above. Ideally having two or three of these examples you can go to when you need to. There’s no reason you can’t also put these examples on your resume.

Accounting manager interview questions — Presentation Transcript

• 1. Accounting manager interview questions In this slide, you can ref: 1. Common interview questions 2. Accounting interview questions 3. Management interview questions 4. Interview thank you letter sample
• 2. I. Common interview questions1.Tell me about yourself?2.Why did you leave your last job?3.Please tell me some career goals for Accounting manager?4.What is your greatest weakness?5.Please tell me your suggested salary for Accounting manager position?6.What have you learned from your past jobs that related to Accountingmanager?7.Where would you like to be in 3 years? 5 years?8.What made you choose to apply to Accounting manager?9.What are key responsibilities for Accounting manager?10.What are top 3 skills for Accounting manager?Useful source: 103 interview questions with answers:http://interviewquestionsandanswers.biz/interview-questions-list-and-answers/
• 3. II. Accounting skills interview questions1.What are the steps to take before you approve an invoice for payment?2.Tell me about an invoice discrepancy you discovered and how you resolvedit?3.What are the steps you go through to check your accounting work beforesubmitting it? Give an example of this?4.Have you ever been involved in an invoice dispute? How did you manage theproblem?5.Explain the accounts payable cycle?6.What accounts payable applications are you familiar with?7.Detail your responsibilities in accounts receivable?8.What are the most important goals of accounts receivable?9.What software applications have you used for accounts receivable?Useful source: 150 accounting interview questions with answers:http://interviewquestionsandanswers.biz/accounting-interview-questions-and-answers/
• 4. III. Management interview questions1. How do you motivate your subordinates?2. How would you describe your management philosophy?3. What makes you unique as a leader?4. What biggest management problem did you face in your previous occupation?5. What do you think are three key abilities of a good manager?6. How would your co-workers describe you?7. Do you feel that you are an organized person?Useful source: 101 management interview questions.
• 5. IV. Interview thank you letterI would like to thank you for the opportunity to work for your companywhich you addressed one the call yesterday.I am confident that I have enough experience and qualification forAccounting manager with which I believe I will be able to perform thisjob excellently and contribute much to your company. I would be veryappreciated if I have a second chance of discussing this matter withyou again in another interview.I am looking forward to hearing from you soon and I am very eager tobe able to be a part of your company and contribute my ability to itssuccess.