After receiving a customers' payment, what do you do next?

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.

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.

"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."