- Explain about Accounts Payable.
- What is the meaning of an invoice?
- What is the difference between EFT & Wire?
- What is 2-way, 3-way, 4-way matching?
- What is an approval hierarchy?
- Explain the Receipt Routing?
- How will you enter the Supplier Acceptance of a PO?
Q.3 _________ includes a list of possible sources of supply for a material over a given framework of time.
Q.6 State True or False: In Procure to Pay process, a special business partner grouping is available for one time supplier.
Q.7 State True or False: Invoice acts as a proof of fulfillment of contractual obligations by the vendor.
Q.11 State True or False : Master data is the core data of business objects which needs to be captured to run different operations in SAP.
Q.12 State True or False: A company code is the smallest organizational unit of financial accounting.
Q.15 State True or False: Supply management is the process of identifying, sourcing, negotiating and managing the resources and suppliers.
Q.17 ________ is the process of notifying the purchase department about the materials needed to fulfill organization’s goal.
Q.18 To safeguard the interest of the organization and to prevent fraud, _________ matching concept is applied during procure to pay process.
Q.25 ________represents a team who is responsible for procurement of materials and services for a specific category assigned to them.
Q.26 State True or False:Pricing procedure determines the prices of the items in the purchasing documents.
Q.27 State True or False: Procurement analytics is a process of using quantitative methods to derive actionable insights from the data.
Q.33 _____________ refers to the physical or logical movement of material that causes change in material stock.
Procure To Pay Interview Questions And Answers
Top Oracle Procure To Pay Interview Questions
Well, it is an approach that is commonly called P2P. Basically, it is the process of fulfilling the need for raw material which is required to accomplish manufacturing and other important tasks within an organization simply. The payment making of the raw material is also included in this. One of the best things about this cycle is it easily enables them to manage their cash flow without facing major issues.
What are the important tasks in Procure to pay which you are familiar with?
The very first thing that enables the users to keep up the pace simply is nothing but planning. Planning is actually mandatory to manage things at their level best. This clearly states the type of material required and exactly when. It also reflects the price at which a company is liable to pay them. Next is to prepare a list that gives information about the vendors who are in a position to supply the requirement reliably. Organizations can ask for the quotation and other useful information from them so that final decisions could be taken.
The open matter of an account can only be empty once you post an equal offsetting quantity to the account. During clearing, the scheme enters a payment document number and the clearing date in these items. In this way, invoices in a seller account are indicated as salaried, and items in a bank clearing account are indicated as cleared.
Verifying invoices is a significant part of making sure the company is only paying accurate bills. To confirm an invoice, I would use a obtain order, receiving report and vendor invoice. I would then evaluate those three documents to make sure the entire contest. If the three documents have similar information, it is a good suggestion that the bill is suitable and should be paid.
Are you searching for account payable interview questions & answers? Here in this article, we have aligned some of the top 25 account payable interview questions that can help fresher’s and experienced candidates to follow up and prepare well for their job interview.
I am thrilled about the opportunities obtainable at this company and in the position of accounts payable clerk. Right now, I am operational on my Certified Public Accountant designation, which I plan to use should an accountant position open up within the business. Otherwise, I will carry on gaining experience and information that will help me get an accountant position in the future.
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34. How will you ensure that Receipt Routing mentioned in a Requisition or PO is not override at the time of Receiving?
Ans:
Set the profile option ‘RCV: Routing Override’ to No. (But in our instance I am getting the profile option named as ‘RCV: Allow Routing Override’ and the Default value and user value field are grayed out, I am not able to fill anything at user value also. why?.
35. How will you ensure that the Buyer name is enforced in a PO?
Ans:
Set the Purchasing Option ‘Enforce Buyer Name’ to Yes.
36. Is it possible to receive and invoice items supplied by a supplier on Hold?
Ans:
Yes. A supplier Hold doesn’t prevent from receiving and invoicing Pos placed earlier to the Hold.
37. How will you find out the number of documents assigned to a particular Buyer?
Ans:
38. How will you reassign the Buyer to even out the workload of Buyers?
Ans:
Navigation: Management > Manage Buyer Workload Select in the field ‘Action’ ‘Assign’ Enter the required search criteria and FIND In the popup window, enter the New Buyer name, select the required lines & save. Upon saving, the lines will be reassigned to the new Buyer.
39. How will you identify the status of a Purchasing document?
Ans:
If the status is to be seen for a specific document, go to the respective document-defining window and see the current status at the Status region. If the status of any document is to be found out, go either to the ‘Notification window or the Action history window (Navigation: Special > View Action History..
40. What is the use of Sourcing Rule?
Ans:
The planning process to create Purchase Requisition for Buy items & Internal Requisitions for Make Items uses a Sourcing Rule.
41. Is it possible to use a Sourcing Rule which will be available in all the organizations?
Ans:
Provided that the Sourcing Rule is defined as Global, it will be available in all organizations.
42. Is it possible to access a Purchase Document currently under approval process using the entry window by anybody as per the access level nor security level?
Ans:
No. Nobody can access it through the Entry window.
43. What are the reasons that an Express processor may reject lines due to validation failures?
Ans:
44. If the Search Supplier Item Catalog window is not appearing while invoking from the Requisition or PO entry window, the System will use which criteria to search?
Ans:
The values that are defaulted from the Requisition or PO will be used by the system to query the default source options.
45. Is it possible to change the supplier after approving the PO?
Ans:
No. The supplier can’t be changed after approving the PO. If such situations arise, cancel the PO & create a new PO with the new supplier.
46. Where will you define the Line Type that has to have defaulted while creating a purchase document?
Ans:
Enter the required line type in the field, ‘Line type’ in the Purchasing option.
47. When will you use Requisition preferences?
Ans:
Requisition Preferences are used to enter information that are to be defaulted in a Requisition. When multiple requisitions are to be created with many data the same, all those data can be entered as a Requisition Preference. The preferences defined will be defaulted in all new Requisition Lines as long as the user is exiting the Application. The defined preferences are not saved to the database.
48. Where do I get a Change Order Request Form?
Ans:
The Change Order Request form can be found on the RIAS Forms page and downloaded onto your desktop.
49. What is the Oracle Exchange?
Ans:
The Oracle Exchange is an electronic catalog of goods and services offered by a wide range of suppliers. The Oracle Exchange catalog does not reflect pre-negotiated prices with the University
50.How Many Types of Purchase Requisition in Oracle Fusion?
Ans:
Purchase Requisition is a kind of material request to purchase/buy or some time from internal stores. In purchase Requisition , we do specify which items we need to procure , what’s the quantity we need and which org or department need this material.There are types of Purchase Requisition in Oracle Fusion
Internal Requisition: Internal Requisition, is a kind of request of material within the organization. In Internal Requisition we don’t procure or buy material from outside org but in this we have material inside our org in inventory store in different location and we request to transfer this material or item from store to that location. External Requisition: In External Requisition, We do procure or buy material from outside organization. In this we mentioned our material request to procure and based on that purchase team purchase this material from external vendors.
51. What is ERS(Pay on receipt Program. in Procurement?
Ans:
ERS is the Payment on receipt program. This program helps to create the Payables Invoices automatically from Purchase order receipts. ERS or Pay on Receipt program is also one of the standard methods which helps to create the Payables invoices automatically from the Purchase Order Receipts. So, it means whenever we will do the Receiving against the Purchase Order then after that Pay on Receipt program will automatically create the Payable Invoices for that Purchase Receipt. Pay on receipt program will create the Invoices amount on the basis of Quantity received and price of the Item mentioned in the Purchase Order.The lines of the Ap Invoice will depend upon the number of Items received in the Purchase Receipt. The amount on the invoice is determined by multiplying the Quantity received by the Purchase Order Item Unit Price. The Payment Terms on the invoice default from the purchase order payment terms. The Payment Currency defaults from the supplier site. Sales Tax is calculated based on the Tax Codes on each Purchase Order Line. If the Alternate Pay Site is populated for the Supplier Site used on the Purchase Order, the invoice created is for the Alternate Pay Site, otherwise the Supplier Site on the Purchase Order is used. The Supplier Site used for the invoice must be defined as a Pay Site.
52. What is Mixed Type Invoice in Oracle Apps ?
Ans:
Mixed Invoice is one of the invoice type in the Oracle Payables. You can enter both the Negative and the Positive Amount for this Mixed Type Invoice. This Payment type is not rigid like Standard, Prepayment, Credit & Debit Memo Invoices to enter the amount in the specific signs (Positive or Negative. .
53. What is Pay Alone in AP Invoice. What is the use of Pay Alone in p2p cycle?
Ans:
Pay alone is something related to Invoice Payment. This is the Flag we set for AP Invoice, It Means this invoice will be paid alone. For example, Supplier A has 3 Invoices, but for 1 Invoice we have enabled the Pay Alone Flag Then When we will run the Payment Batch then System will create one Check for two invoices and Separate one Check for Pay Alone Invoice. This Is the Working of Pay Alone.
54. How many types of approval hierarchy we have in Oracle Procurement?
Ans:
We can create three types of approval hierarchy for Purchase Order and Purchase Requisitions.
55. What is the action step to stop receiving the specific purchase order line?
Ans:
If we want that, the specific po line should not be approve, we can cancel that PO line. Cancelled line never shows for receiving.
56. What is Primary and Secondary Ledger in Oracle Payables ?
Ans:
Primary Ledger is the Main Ledger and Secondary Ledger is the Replica of the Primary Ledger. We Do transactions in the Primary Ledger. The main reason of using Primary and Secondary Ledger is the difference in the Organization Requirment and the Statuary Requirment. For example, One US based company office is in India and as per US Company, their Calendar works from Oct to Sep but the in India their calendar works from Apr to Mar SO in this Kind of Requirment, Primary and Secondary Ledger concept comes. Where we can design the Primary calendar as per the US based but can design the Secondary calendar as per India Statuary Requirment.
57. Is it possible to receive and invoice items supplied by a supplier on Hold?
Ans:
Yes. A supplier Hold doesn’t prevent from receiving and invoicing placed earlier to the Hold.
58. Explain the functioning of Payables Trial Balance report ?
Ans:
Payables Trial Balance Report shows the Total Liability or the Supplier Outstanding in the System. This Report shows the Liability in the System supplier and Site Level. This Provide the Summary Information’s for all the Unpaid amount for the Supplier Invoices which are validated.
59. Types of Supplier Holds in Oracle Fusion?
Ans:
In Oracle Fusion, we have two types of supplier holds in oracle fusion.
60. What is receipt routing in Oracle p2p? Explain the functioning of receipt routing in p2p cycle.
Ans:
Receipt routing method helps to receive the purchase order items into our organization. Based on the receipt routing, these purchase order items deliver to our inventory in organization.
61. How AP Invoice Payment Due Date Calculates in Oracle p2p cycles?
Ans:
Invoice Payment Due date depends on the Two Factors.
if Payment Terms is 30 Days and the Invoice Date is 12-Dec-2018 Then Payment Due Date Will be : 12-Jan-2019
61. What is ASL in Oracle p2p cycle?
Ans:
ASL means the approved supplier list in oracle fusion. Approved supplier list helps to create the automatic PO creating in oracle apps r12. Oracle system automatically select the supplier list from approved supplier list based on the purchased item for creating purchase orders.
62. How many types of Calendar In Oracle Payables p2p ?
Ans:
Accounting Calendar: – Accounting Calendar is related to the Ledger which we attach the GL Ledger during creation. Accounting calendar is the system calendar, If we need to enter any transaction in the System for Specific period then that period in the Accounting Calendar should be open. If the Period is Closed we cannot do any transaction for that period. This Totally controls the system.Special Calendar: Special Calendar does not have any link with the Accounting. We define this Calendar to be used by Recurring Invoices, Payables Tax Setups and in the Payments Terms too.For Example, With the help of Special Calendar we determine the Tax Authority Invoices Dates.
63. How many types of receipt routing method in oracle fusion p2p cycle?
Ans:
There are three types of Receipt routing method in oracle fusion. Direct: – In direct Routing method, Purchase order material will be directly delivered to Store/SubInventory. There is only one action step ‘Deliver’ Standard: – In Standard Routing method, Purchase order material will be receive first and then delivered to Store/SubInventory so there two action steps Receive & Deliver.Inspection: – In Inspection Routing method, Purchase order material will be receive first and then inspect and after inspection, it will be delivered to store. There are three action steps, Receive, Inspect & Deliver.
64. Which are the Special Calendar Types in oracle p2p ?
Ans:
65. Can we Do Cross Currency Payment in Oracle Payables ?
Ans:
Cross currency is If I have received the Supplier Invoice in USD but I will pay this Invoice with my Base Currency INR. So this Is Called Cross currency in Oracle Payables. In Oracle apps r12 we have no option to use Cross currency.
FAQ
What are the steps in the procure-to-pay process?
- Need identification. Identifying the need for specific goods and services and setting out what budget is available for the proposed purchase.
- Sourcing goods. …
- Requisition. …
- Issuing purchase orders. …
- Receiving orders. …
- Receiving supplier invoices. …
- Accounts payable. …
- Reporting.
What is P2P process in procurement?
What is P2P cycle in SAP interview?
