Accounts Receivable Specialist Mock Interview
Practice 30 Accounts Receivable Specialist interview questions covering collections, aging reports, and payment reconciliation.
Question 20 of 30
After receiving a customers' payment, what do you do next?
Entry Level
Experience
How to Answer
Example Answer
Community Answers
Bobbi Witt is an HR Manager and Senior Level Finance and Accounting Consultant. Her experience includes 9 years at a Fortune 500 company where she held a wide range of financial and management accountabilities.
"From my understanding, when a customer payment is received, the payment is applied against the open invoice and properly posted to the general ledger. Then the cash will need to be recognized and the invoice updated."
Bobbi Witt is an HR Manager and Senior Level Finance and Accounting Consultant. Her experience includes 9 years at a Fortune 500 company where she held a wide range of financial and management accountabilities.
Depending upon how the customer payment was received; prepayment or final payment, will determine the next steps. Let's assume that service or widget has been received. If the customer payment is cash, check, ACH, or wire then it needs to be appropriately applied to customer outstanding invoice/s. Once this has been done, then recognize the cash deposit in the cash account.
Bobbi Witt is an HR Manager and Senior Level Finance and Accounting Consultant. Her experience includes 9 years at a Fortune 500 company where she held a wide range of financial and management accountabilities.
This question is a very straightforward one that you can answer by drawing on your experience or academic knowledge. Because it is an open-ended question, it is easy to get stuck on your response. Think of the processes that you follow every day, and walk the interviewer through those steps.
Bobbi Witt is an HR Manager and Senior Level Finance and Accounting Consultant. Her experience includes 9 years at a Fortune 500 company where she held a wide range of financial and management accountabilities.
"Depending on how the customer payment was received; prepayment or final payment, will determine the next steps. If the customer payment is cash, check, ACH, or wire then it needs to be appropriately applied to outstanding customer invoice. Once I take this step, then I recognize the cash deposit in the cash account."
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