Interview Q & A Record to Report(RTR)

1. Reconciliation of General Ledger with Bank Statements

Q: What steps do you follow to reconcile the General Ledger with Bank Statements?

A: Start by comparing the ending balance in the General Ledger to the ending balance in the bank statement. identify any discrepancies, such as outstanding checks or deposits in transit. then match transactions in the GL with those in the bank statement, adjusting for timing differences and resolving any reconciling items.

2. Reconciliation of GL Accounts with Sub-Ledgers

Q: How do you ensure accuracy when reconciling GL Accounts with Sub-Ledgers in PeopleSoft?

A: Begin by verifying that all transactions have been posted to the GL and Sub-Ledgers. then compare the balances and identify any variances. investigate discrepancies by reviewing transaction details, correcting any errors, and ensuring the GL accurately reflects the detailed records in the Sub-Ledgers.

3. Journal Validation and Processing

Q: How do you validate and process journals for month-end close?

A: Ensure that all journals comply with company policies and accounting standards. This includes checking for approvals, accurate account coding, and correct amounts. Once validated, process the journals in Oracle, ensuring they are posted promptly to meet the close deadlines for the month-end.

4. Uploading Journal Entries to Oracle

Q: Can you describe the process of preparing and uploading journal entries to Oracle?

A: First prepare the journal entries by gathering all necessary data and supporting documentation. then use Oracle’s interface to input the data, ensuring that all entries are accurate and complete. After uploading, review the entries to confirm they’ve been posted correctly.

5. Loan Default Review Report Preparation

Q: What key elements do you consider when preparing a Loan Default Review Report?

A: Focus on identifying loans at risk of default by analyzing payment history, loan terms, and borrower financials. also assess the adequacy of reserves and review any prior actions taken to mitigate default risk. The report includes recommendations for managing or restructuring the loans.

6. Reconciling Suspense Items

Q: How do you approach reconciling suspense items that remain unreconciled?

A: Research the origin of each suspense item by tracing it back to the original transaction. communicate with relevant departments to gather additional information if needed. then facilitate resolving the item, either by posting it to the correct account or adjusting the entry as necessary.

7. Daily Cash Detail Preparation

Q: How do you prepare the Daily Cash Detail for reconciliation purposes?

A: Compile all cash transactions from the day, including receipts, disbursements, and bank transfers. categorize them according to the relevant accounts and compare them with the bank statement. Any discrepancies are investigated, and ensure that all cash movements are accurately recorded.

8. Clearing Pending Cash Items on RECS

Q: What is your process for clearing pending cash items on RECS after receiving payment from the bank?

A: Upon receiving payment, match the cash items on RECS with the bank receipt. then clear the pending items by marking them as settled in the system. If there are any issues, such as incorrect amounts or unmatched transactions, work to resolve them promptly.

9. Approving Client Checks

Q: What considerations do you take into account when approving checks for clients?

A: Verify that the checks are properly authorized, correctly filled out, and supported by adequate documentation. also ensure that the client’s account has sufficient funds to cover the check and that the payment aligns with contractual terms or service agreements.

10. Accounting Reconciliation and Analysis

Q: How do you perform accounting reconciliation and analysis?

A: Compare the balances of various accounts to ensure they match across different ledgers. For any discrepancies, conduct a detailed analysis to determine the cause, such as timing differences or data entry errors, and then make the necessary adjustments to reconcile the accounts.

11. Preparation of Tax Withholding Report

Q: How do you prepare a Tax Withholding Report?

A: Gather data on all taxable payments made during the period, calculate the appropriate withholding amounts based on tax regulations, and compile the data into a report. ensure accuracy by cross-referencing with payroll records and verifying that all withholdings have been correctly applied.

12. Month-End Close Procedures

Q: What are your key responsibilities during month-end close?

A: My responsibilities include finalizing and posting all journal entries, reconciling accounts, preparing financial statements, and ensuring all necessary adjustments are made. also review and approve any outstanding transactions to ensure the books are accurate and complete.

13. Quarter-End and Year-End Close

Q: How does your approach to quarter-end and year-end close differ from month-end close?

A: Quarter-end and year-end close involve more comprehensive reviews, including preparing and auditing financial statements, conducting detailed account reconciliations, and ensuring compliance with regulatory requirements. also prepare additional reports, such as tax filings and financial disclosures.

14. Monthly Dashboard Preparation

Q: How do you prepare a monthly dashboard representing the month’s activities?

A: Compile key metrics and data points from the month’s financial activities, such as revenue, expenses, cash flow, and reconciliation status. use this data to create visual representations, like charts and graphs, that provide insights into the financial health of the organization. The dashboard is then presented to clients or management.

15. Resolving Unidentified Items

Q: How do you handle unidentified items that appear during reconciliation?

A: Investigate unidentified items by reviewing transaction details, checking with other departments, and tracing the items back to their source. If necessary, reach out to external parties, such as banks, to gather additional information. The goal is to correctly classify and reconcile the items.

16. Use of PeopleSoft in Reconciliation

Q: How does PeopleSoft help in reconciling GL accounts with sub-ledgers?

A: PeopleSoft provides tools that allow for real-time comparison between the GL and sub-ledgers. It also offers reporting capabilities that help identify discrepancies and automate portions of the reconciliation process, improving accuracy and efficiency.

17. Journal Entry Errors

Q: What common errors do you watch for when preparing journal entries?

A: Look for incorrect account codes, mismatched debit and credit entries, transposed numbers, and inaccurate supporting documentation. Ensuring all journal entries are balanced and properly authorized is crucial.

18. Bank Reconciliation Challenges

Q: What challenges have you encountered during bank reconciliations, and how did you address them?

A: Common challenges include missing transactions, timing differences, and unidentified charges. To address these, systematically verify each transaction, communicate with the bank if necessary, and adjust entries or records to resolve any discrepancies.

19. Tax Reporting Accuracy

Q: How do you ensure the accuracy of tax withholding reports?

A: Ensure accuracy by cross-referencing payroll and payment records, double-checking calculations against current tax regulations, and conducting a final review before submission. Keeping up with regulatory changes is also crucial.

20. Handling Suspense Items

Q: What are suspense items, and how do you deal with them?

A: Suspense items are transactions that cannot be immediately identified or classified. research these items by reviewing transaction details and coordinating with relevant departments. My goal is to clear suspense items as quickly as possible by correctly classifying them.

21. Month-End vs. Year-End Close

Q: How do month-end close activities differ from year-end close activities?

A: Month-end close focuses on routine reconciliations and reporting, while year-end close involves more comprehensive audits, financial statement preparation, and regulatory filings. Year-end close also requires reviewing the entire year’s data for accuracy.

22. Daily Cash Detail Challenges

Q: What difficulties might arise when preparing the Daily Cash Detail, and how do you overcome them?

A: Challenges include discrepancies between recorded transactions and bank statements, delayed postings, and misclassified transactions. overcome these by maintaining accurate records, following up promptly on discrepancies, and ensuring timely updates to the cash detail.

23. Clearing Cash Items

Q: How do you handle delays in clearing pending cash items?

A: Proactively follow up on outstanding items, ensuring that any issues causing delays are resolved. This may involve coordinating with banks, investigating transaction details, and ensuring that all necessary documentation is in place.

24. Use of Oracle for Journal Entries

Q: How does Oracle streamline the process of preparing and uploading journal entries?

A: Oracle’s interface allows for efficient data entry, batch processing, and error checking. It also provides templates and validation rules that reduce the likelihood of errors during the preparation and uploading process.

25. Client Check Approval Criteria

Q: What criteria do you use to approve checks for clients?

A: Verify that the payment amount is correct, the check is properly authorized, and the client’s account has sufficient funds. also ensure that the payment aligns with the agreed terms and that all necessary documentation is in place.

26. Handling Journal Entry Discrepancies

Q: How do you resolve discrepancies found in journal entries?

A: Review the original documentation and transaction history to identify the source of the discrepancy. then correct the error, whether it’s due to data entry, misclassification, or another issue, and ensure the correction is properly documented.

?