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Home » Job Tips » Interview Guide » Genpact Accounts Payable Interview Questions & Answers

Interview Guide

Top 45 Genpact Interview Questions for Accounts Payable Jobs

 February 27, 2024  Shobha Saini

Genpact is one of the leading global professional services companies and they are known to have a rigorous and competitive selection
process. If you are preparing for an interview with Genpact, for accounts payable jobs it is important to familiarize yourself with commonly
asked questions. In this guide, we will cover some commonly asked Genpact accounts payable interview questions for jobs that can help you
prepare and increase your chances of success in securing an accounts payable role at Genpact. In the sections below, you will discover the
top commonly asked questions that will provide insight into what the recruiters are looking for in potential candidates. These questions cover
various areas such as technical proficiency, problem-solving skills, and business communication skills related to accounts payable processes.

Table of Contents

Genpact Accounts Payable Interview Questions For Freshers

As a fresher in this position, you’ll require an expertise in Finance and Accounting to be able to process invoice exceptions. Here are the top
Genpact accounts payable interview questions and answers for entry-level candidates and freshers to equip you for your interview.

Q1. What do you understand by the term accounts payables?

Answer: Accounts payables represent the outstanding balances a company owes to its suppliers or vendors for goods or services received on
credit. It’s a liability on the balance sheet, reflecting the company’s short-term obligations to pay off invoices and bills within an agreed-upon
timeframe.

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Q2. What is a PO invoice?
Answer: A PO (purchase order) invoice is an invoice that is issued by a supplier or vendor for goods or services that were ordered through a
formal purchase order issued by the buyer’s organization. PO invoices are typically matched against the corresponding purchase order and
receiving documents during the accounts payable process.

Q3. What does WCC stand for?

Answer: WCC stands for “Working Capital Cycle,” which refers to the time it takes for a company to convert its investments in inventory and
other resources into cash through sales and collection of accounts receivable.

Q4. What is an invoice, and why is an invoice number important?

Answer: An invoice is a commercial document issued by a seller to a buyer, listing the goods or services provided, their quantities, prices, and
the total amount owed. The invoice number is a unique identifier assigned to each invoice, which is crucial for tracking, record-keeping, and
reconciliation purposes.

Q5. What tasks are involved in the accounts payable process?

Answer: The accounts payable process typically involves

Receiving and verifying invoices.

Matching invoices with purchase orders.
Receiving documents and obtaining necessary approvals.
Scheduling payments according to due dates and payment terms.
Processing payments (via checks, wire transfers, or electronic payment systems).
Maintaining accurate records of transactions.

Q6. What are the responsibilities of an account receivable specialist?

Answer: Accounts receivable specialists are responsible for invoicing customers for:

Providing goods or services on credit.

Tracking and collecting payments from customers.
Maintaining accurate records of customer accounts.
Following up on overdue payments.
Resolving any billing disputes or discrepancies.

Q7. Who is the consignor, and what is their relationship with the consignee?

Answer: The consignor is the party (typically a manufacturer or supplier) who delivers goods to another party (the consignee) to be sold on
their behalf. The consignee acts as an agent or representative for the consignor and is responsible for selling the goods and remitting the
proceeds, minus commission or fees, to the consignor.

Q8. Who is an accounts payable processor? What is their job?

Answer: An accounts payable processor, also known as an accounts payable clerk or specialist, is responsible for processing and managing a
company’s accounts payable. Their duties include

Receiving and verifying invoices

Matching invoices with purchase orders
Receiving documents Looking for a job?
Obtaining approvals
 Scheduling and processing payments
Maintaining accurate records of transactions

Q9. What are the main types of accounting?

Answer: The main types of accounting include financial accounting, managerial accounting, cost accounting, tax accounting, and
administrative accounting.

Also Read: Genpact Interview Questions and Answers

Q10. How do payable and receivable differ?

Answer: Accounts payable represents the money a company owes to its suppliers or vendors for goods or services received on credit. On the
other hand, accounts receivable represents the money owed to the company by its customers for goods or services provided on credit.

Q11. What does a Non-PO invoice mean?

Answer: A Non-PO invoice, also known as a non-purchase order invoice, is an invoice issued by a supplier or vendor for goods or services that
were not ordered through a formal purchase order process. Non-PO invoices may be used for one-time purchases, recurring expenses (such
as utilities or subscriptions), or in situations where a purchase order is not required or was not issued.

Q12. What does the P2P cycle refer to?

Answer: The P2P cycle, or Procure-to-Pay cycle, refers to the entire process of obtaining goods or services, from requisitioning and purchasing
to receiving and paying for them. It encompasses procurement, receiving, accounts payable, and payment processes.

Q13. What tasks do an accounts payable specialist typically perform?

Answer: An accounts payable specialist’s tasks include:

Reconciling statements and maintaining vendor records.

Addressing payment discrepancies and ensuring timely payments.
Communicating with vendors regarding billing inquiries or discrepancies.
Assisting in generating financial reports related to accounts payable activities.

Q14. What does GRN stand for?

Answer: GRN stands for Goods Received Note, which is a document acknowledging the receipt of goods ordered from a supplier or vendor.

Q15. What are the accounting terms for receivable and payable?

Answer: The accounting term for receivable is “accounts receivable,” which represents the money owed to a company by its customers for
goods or services provided on credit. The accounting term for payable is “accounts payable,” which represents the money owed by a company
to its suppliers or vendors for goods or services received on credit.

Q16. Define debit and credit in accounting.

Answer: Debit and credit are fundamental concepts used to record transactions and maintain the balance of accounts. A debit entry
represents an increase in an asset account or an expense account, or a decrease in a liability or equity account. Debits are recorded on the
left-hand side of an account.

Whereas, a credit entry represents a decrease in an asset account or an expense account, or an increase in a liability or equity account. Credits
are recorded on the right-hand side of an account.

Genpact Accounts Payable Interview Questions For Mid-level

Here are the top interview questions asked in Genpact for accounts payable jobs with relevant answers.

Q17. How do accounting principles help an accounts payable specialist?

Answer: Accounting principles and practices are indispensable for accounts payable specialists. They ensure adherence to standardized
procedures for recording, tracking, and managing financial transactions accurately.

Mastery of these principles enables accounts payable specialists to maintain accurate records, reconcile accounts, and ensure compliance
with regulatory requirements, fostering efficient financial management within organizations.

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Q18. Can you outline the full cycles of accounts payable? The full cycles of accounts payable typically
include:

Answer:

Obtaining the purchase order (PO) from the procurement department.

Receiving the invoice from the vendor.
Cross-checking it with the PO.
Approving payment to be made to the supplier.

Q19. Why aren’t accounts payable considered expenses?

Answer: Accounts payable are not considered expenses because they represent a liability or debt owed by the company to its suppliers or
vendors. Expenses are recognized when goods or services are consumed or used, while accounts payable represent the obligation to pay for
those goods or services at a later date.

Q20. What is 3-way matching in accounts payable?

Answer: 3-way matching in accounts payable is a process where an invoice is matched against the corresponding purchase order and the
receiving document (such as goods received a note or packing slip) to ensure that the quantities, prices, and other details match before the
invoice is approved for payment. This helps to identify and resolve any discrepancies.

Q21. What is the meaning of accounts receivable collection?

Answer: Account receivable collections involve gathering payments from clients who have bought products or services on credit, constituting
a vital aspect of the credit-to-cash procedure.

Q22. What does GL code payable mean?

Answer: GL code payable, or General Ledger code payable, refers to the account code or category in the general ledger where accounts
payable transactions are recorded. It helps to classify and track the company’s outstanding payables or liabilities to suppliers and vendors.

Q23. Why is verification important in the role of an accounts payable specialist?

Answer: Verification is a critical aspect of an accounts payable specialist’s role. This verification process helps to identify and resolve any
discrepancies or errors before payments are processed.

Q24. What is the full form of SOX in accounts?

Answer: SOX stands for the Sarbanes-Oxley Act, which is a federal law enacted in the United States in 2002 to improve corporate governance,
financial reporting, and accountability. It has various implications for accounting and financial practices, including requirements for internal
controls and auditing procedures. In India, the law was introduced as ‘Clause 49’ by the Securities and Exchange Board of India.

Q25. What are the different types of assets?

Answer: The different types of assets include:

Current assets (cash, accounts receivable, inventory, etc.)

Fixed assets or non-current assets (property, plant, equipment, etc.)
Tangible assets (physical assets like machinery, buildings, etc.)
Intangible assets (non-physical assets like patents, copyrights, goodwill, etc.)
Operating assets (assets used in the daily operations of the business)
Non-operating assets (assets not directly used in operations, like investments)

Q26. How do you conduct audits of accounts payable?

Answer: To conduct audits of accounts payable, I follow a systematic process that includes

Reviewing a sample of transactions.

Verifying invoice details against supporting documentation (purchase orders, receiving reports, contracts).
Checking for proper approvals.
Ensuring accurate coding and account distribution.
Confirming payment amounts and dates.
Examining outstanding balances.
Identifying any deficiencies or areas for improvement.
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Q27. What measures do you take to ensure the company benefits from early payment discounts?
Answer: To ensure the company benefits from early payment discounts:

I closely monitor invoice due dates and payment terms.

I prioritize invoices with early payment discount offers and process them promptly to meet the discount deadlines.
Also, I negotiate favorable payment terms with vendors whenever possible and communicate the importance of taking discounts to
relevant stakeholders.

Q28. How do you initiate purchase orders and monitor vendor invoices?

Answer: I initiate purchase orders by working closely with the procurement team and reviewing purchase requisitions in three steps:

1. Once approved, I create and issue purchase orders to vendors.

2. To monitor vendor invoices, I maintain a tracking system that matches invoices to their corresponding purchase orders and receiving
documents.
3. I follow up on any missing or delayed invoices and resolve discrepancies promptly.

Q29. What tactics do you employ to manage costs within the accounts payable process?

Answer: To manage costs within the accounts payable process:

I negotiate favorable payment terms with vendors.

I utilize the advantage of early payment discounts.
Closely monitor invoices for accuracy and compliance with contracts or purchase orders.
Implement robust approval workflows and segregation of duties to prevent errors or fraud.
I periodically review and renegotiate vendor contracts to ensure competitive pricing.

Q30. Can you explain the concept of “aging” in Accounts Payable and its impact on cash flow
management?

Answer: In accounts payable, “aging” refers to the process of categorizing outstanding invoices or payables based on their due dates or the
number of days they have been outstanding. Aging reports provide visibility into the distribution of payables by age buckets (e.g., 0-30 days,
31-60 days, 61-90 days, etc.).

This information is crucial for cash flow management as it helps prioritize payments, identify potential late payment penalties, and negotiate
extended payment terms with vendors when necessary.

Q31. What procedures do you follow to maintain vendor master data accuracy and integrity?

Answer: To maintain vendor master data accuracy and integrity, I implement strict controls and procedures for adding, modifying, or
deactivating vendor records. This includes

Verifying vendor information (name, address, tax IDs, banking details) through reliable sources.
Obtaining proper approvals for changes.
Regularly reviewing and updating the vendor master file.
Conducting periodic audits to identify and resolve any discrepancies or duplications.

Advance Genpact Interview Questions for Accounts Payable Jobs

Here are the top accounts payable job interview questions and answers asked in Genpact for experienced candidates.

Q32. How do you resolve discrepancies among purchase orders, invoices, and receipts?

Answer: To resolve discrepancies among purchase orders, invoices, and receipts, I follow a thorough investigation process which includes:

Reviewing all relevant documentation and cross-checking quantities, prices, and other details.
Communicating with the involved parties (procurement, receiving, vendors) to gather additional information or clarification.
Initiating credit memos or debit memos as per the requirement to correct any errors or pricing discrepancies.

Q33. What strategies do you implement to nurture positive relationships with vendors?
Answer: To nurture positive relationships with vendors, I prioritize clear and timely communication, promptly addressing any concerns or
issues they may have. I also strive to process invoices and payments accurately and on time. Additionally, I maintain professionalism and
courtesy in all interactions and provide constructive feedback when necessary. Looking for a job?
Q34. Which tools or software have you utilized to facilitate the accounts payable process?
Answer: I have extensive experience with various accounts payable software and tools, including:

Enterprise resource planning (ERP) systems like SAP, Oracle, and Microsoft Dynamics.
I am proficient in using accounts payable modules, invoice processing workflows, automated matching and coding features, and
reporting capabilities.
I am also familiar with optical character recognition (OCR) tools for invoice data capture and electronic payment systems for efficient
disbursements.

Q35. What methods do you employ to optimize the payment cycle?

Answer: To optimize the payment cycle, I have implemented several strategies. These include

Streamlining invoicing processes to ensure prompt delivery.

Leveraging automated payment reminders to prompt customers.
Implementing efficient receivables management systems to track outstanding balances.
Minimizing payment delays and improving cash flow efficiency.
Enhancing overall financial performance.

Q36. How do you prevent duplicate payments?

Answer: To prevent duplicate payments, I implement robust controls and checks within the accounts payable system. This includes unique
invoice numbering conventions, matching invoices to purchase orders and receiving documents, and maintaining a comprehensive invoice
tracking system. I also conduct regular audits and reconciliations to identify and rectify any duplicate payments that may have occurred.

Q37. How do you manage the processing of expense reports and employee reimbursements?

Answer: To manage the processing of expense reports and employee reimbursements, I incorporate the established policies and procedures.
This typically involves:

Receiving and verifying expense reports, which ensures they are properly approved and supported by necessary documentation (receipts,
approvals, etc.).
Coding expenses to appropriate accounts and cost centers, and processing reimbursements through the accounts payable system or
payroll, depending on the company’s policies.
Maintain accurate records and periodically review expense reporting practices for compliance and potential areas of improvement.

Q38. How do you conduct end-of-month or year-end closing procedures in accounts payable?

Answer: At the end of each month or year, I follow a comprehensive set of closing procedures in accounts payable. This typically involves:

Ensuring all invoices for the period are received, processed, and recorded accurately.
Matching and clearing all outstanding purchase orders and receipts.
Reconciling accounts payable sub-ledgers with the general ledger.
Investigating and resolving any discrepancies or outstanding items.
Accruing for any goods/services received but not yet invoiced.
Preparing and reviewing accounts payable aging reports.
Collaborating with other teams (procurement, receiving, accounting) to resolve any pending issues.
Processing final payments for the period and ensuring accurate cut-off.
Generating key reports and metrics (e.g., accounts payable balance, payment activity).
Archiving and filing all supporting documentation as per retention policies.

Q39. Could you explain the concept of intercompany settlement?

Answer: Intercompany settlement refers to the process of reconciling and settling transactions that occur between different legal entities or
subsidiaries within the same parent organization. This is particularly relevant for large corporations with multiple business units or companies
operating in different regions or countries.

Q40. What measures do you implement to prevent and detect fraudulent activities in the accounts
payable process?

Answer: To prevent and detect fraudulent activities in Accounts Payable, I implement the following measures:

Strict segregation of duties and adherence to approval workflows.

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Thorough verification of vendor information and changes to master data.
Mandatory supporting documentation (purchase orders, receiving documents) for all invoices.
 Robust system controls and audit trails for all transactions and changes.
Regular audits and reconciliations to identify discrepancies or anomalies.
Vendor vetting and due diligence processes.
Whistleblower hotlines and fraud awareness training for employees.
Data analytics and exception reporting to detect patterns or outliers.
Periodic vendor statement reconciliations and confirmations.

Q41. What does it mean to manage an Open Item Account?

Answer: An Open Item Account refers to a vendor or customer account where each transaction (invoice, payment, credit memo) is tracked and
reconciled separately, rather than simply maintaining a running balance.

Q42. How do you resolve discrepancies among purchase orders, invoices, and receipts?

Answer: To resolve discrepancies among purchase orders, invoices, and receipts, I follow a structured process:

Identify the specific discrepancy (quantity, pricing, item descriptions, etc.).

Review all relevant documentation (PO, invoice, receiving reports, contracts).
Communicate with the involved parties (procurement, receiving, vendor) for clarification.
Investigate potential causes (data entry errors, miscommunication, damage/loss, etc.).
If necessary, request and process credit/debit memos to correct pricing or quantity discrepancies.
Update and adjust the corresponding records and documentation accordingly.
Escalate to higher authorities if the discrepancy cannot be resolved amicably.
Document the entire resolution process and implement measures to prevent reoccurrence.

Q43. Differentiate between SAP memory and ABAP memory.

Answer: SAP memory refers to the overall memory or resources allocated to the SAP system, which includes various components such as the
database, application servers, and other services.

On the other hand, ABAP memory specifically refers to the memory allocated to the ABAP (Advanced Business Application Programming)
runtime environment, which is responsible for executing ABAP programs and processes within the SAP system.

Q44. What information do you require before approving an invoice for payment?

Answer: Before approving an invoice for payment, I typically require the following information:

Valid purchase order or contract reference

Accurate vendor information (name, address, tax ID)
Detailed description of goods or services provided
Correct quantities, unit prices, and total amount
Applicable taxes, fees, or discounts
Appropriate general ledger account coding and cost center allocation
Evidence of goods or services being received (receiving the report, acknowledgment)
Necessary approvals based on the approval workflow (e.g., manager, department head)
Compliance with any specific payment terms or conditions
Supporting documentation (contracts, quotes, delivery notes, etc.)

Having this comprehensive information ensures that the invoice is legitimate, accurately reflects the transaction, and complies with internal
policies and procedures before authorizing payment.

Q45. Why did you decide to build a career in accounting?

Answer: I pursued a career in accounting because I have always had an affinity for numbers and problem-solving. In addition to this, the field
of accounting offers stability, growth potential, and numerous opportunities for advancement. Furthermore, being detail-oriented and
organized are qualities that come naturally to me which align perfectly with the role of an account payable specialist.

Tips to Ace Your Accounts Payable Genpact Interview Questions

If you are practicing Genpact accounts payable interview questions and answers, here are some practical tips to help you ace your interview.

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1. Portray Confidence

During an interview, it is important to remember that your responses are not the only thing being evaluated. Interviewers also pay attention to
how you present your answers as a way of assessing your creativity and problem-solving skills. Therefore, it is crucial to remain composed,
maintain eye contact, and exude confidence.

2. Be Honest

Providing honest and truthful answers during the interview establishes trust and integrity. Be transparent about your qualifications, experience,
and skill sets.

3. Answer Thoughtfully

Listen carefully to each question and take a moment to thoughtfully formulate your responses. Provide relevant examples that highlight your
capabilities, which also demonstrate your analytical skills.

4. Ask Questions

When the interviewer asks, ‘Do you have any questions for me’, ask insightful questions. An interview is a two-way discussion, and the
questions will enable you to learn more about the role, team dynamics, and career growth opportunities. This will also demonstrate your
engagement and interest in the role.

Conclusion
Preparing for Genpact interview questions for an accounts payable job can become easy with these top interview questions. By practicing your
responses beforehand, you can greatly increase your chances of success. Remember to showcase not only your technical knowledge but also
demonstrate soft skills such as communication and problem-solving abilities. Also, highlight relevant experience and technical and soft skills
that showcase your ability to excel in this role during the actual interview process.

If this has been helpful to you, leave us your thoughts and feedback in the comment section below. Also, consider this quick guide on how to
answer interview questions confidently.

FAQs
Q1. What is the total number of interview rounds for accounts payable at Genpact?
Answer: There are three rounds:
1. HR round
2. Technical round
3. Manager round

During these interviews, candidates will be asked about their work experience and strengths gained in previous companies to determine if they
are a good fit for the organization.
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Q2. What roles do accounts payable play in Genpact?
 Answer: Accounts payable are responsible for maintaining a smooth and effective process for paying suppliers without compromising on
essential business supplies or the company’s reputation. This helps support the overall functioning of their businesses.
Q3. What skill is essential for working in accounts payable?
Answer: Having strong data entry skills, knowledge of accounting principles, and a proactive attitude are all valuable traits that can make you
an ideal candidate for an entry-level accounts payable role.

Q4. How long does it usually take to receive a response after a job interview?
Answer: Typically, you should expect to hear back from Genpact within one or two weeks, otherwise, you will be notified by the recruiter or
hiring team.

Q5. What are the four main responsibilities of accounts payable?

Answer: Below are the top duties of an account payable:
1. Receiving, processing, and validating invoices.
2. Approving and arranging payments to suppliers.
3. Keeping precise records of financial transactions.
4. Overseeing vendor connections (negotiating payment arrangements, resolving conflicts, guaranteeing punctual payments).

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Shobha Saini
Shobha Saini, the Head of Human Resources at Internshala, has maintained a stellar track record in employee relations
and talent acquisition. With eight exceptional years of experience, she specializes in strategic planning, policy-making,
and performance management. A multi-talented individual, she has played a major role in strategizing HR practices in
the organization.

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