Accounts Receivable Specialist Mock Interview
Practice 30 Accounts Receivable Specialist interview questions covering collections, aging reports, and payment reconciliation.
Question 12 of 30
How do you reconcile customer payments from credit card, ACH or wire, to cash or check, in the A/R system?
Entry Level
Experience
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Example Answer
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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.
"In my current job I am the only A/R clerk, and at month end the Accounting Manager will reconcile the cash account. My daily duties are to ensure all payments are reconciled and processed daily, so each month the Accounting Manager is double checking my work. The entries I'm not responsible for, are any fees associated with wire transfer or credit card fees. This is an entry done by my Supervisor. I have a daily routine, and this includes checking all customer payment systems at the beginning and end of each day."
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.
Having worked in the A/R for over 15 years, this is a process the must be done on a daily basis, not matter the size of the company. 'Cash is King' and timelines of cash recognition is very important to a business. As a team lead, I reconcile all cash accounts on a daily basis and ensure all A/R team is also doing this. The receiving of cash in a timely manner allows Senior Level Managers to view the cash flow statement and understand how much cash the business receives on a weekly basis to help them manage both business and importantly be able to make timely payments on the expenses. All this is part of the forecast, and my side of the equation is to ensure accurate recording of cash and A/R.
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.
Your response may vary based on your level of experience, but the main points are:
1. Recognize customer payment. Once payment is received, then it will need to be applied to the customer account in the system. This means that accounts receivable is debited (decreased) and cash will be credited (increased).
2. Reconcile the payment type. Depending on how the customer payment was received, it will need to be reconciled. For example, if the payment was an ACH, then it's essential to double check the bank entry matches the system entry, and this includes any banking fees.
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.
"Having worked in A/R for over 15 years, I know this is a process the must be done on a daily basis, no matter the size of the company. 'Cash is King' and timelines of cash recognition is critical to a business. As a team leader, I reconcile all cash accounts on a daily basis and ensure all A/R team is also doing this. The receiving of cash promptly allows Senior Level Managers to view the cash flow statement and understand how much money the business receives on a weekly basis to help them manage the business and be able to make timely payments on the expenses. All this is part of the forecast, and my side of the equation is to ensure accurate recording of cash and receivables."
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