WFP Client Interview - 161 Questions

Walk me through your Accounts Receivable process from invoicing to collection.

I start by verifying the charges and issuing an accurate invoice. Then I monitor outstanding balances, follow up on overdue accounts, record payments, and reconcile the AR ledger to ensure everything is accurate.

Can you share your experience handling Accounts Receivable?

In my finance and banking roles, I've handled payment monitoring, account reconciliation, and financial recordkeeping. These experiences helped me develop the accuracy and follow-up skills needed to manage receivables effectively.

What is the difference between an invoice, a sales receipt, and a statement of account?

An invoice requests payment, a sales receipt records an immediate sale and payment, and a statement of account summarizes a customer's transactions and outstanding balances.

How do you monitor outstanding customer or tenant balances?

I regularly review AR aging reports, monitor due dates, and follow up on overdue accounts. I also reconcile customer balances to ensure the records remain accurate.

How do you prepare and interpret an AR aging report?

I group outstanding invoices based on how long they've been unpaid, typically current, 1–30, 31–60, 61–90, and over 90 days past due. This helps identify overdue accounts and prioritize collections.

What steps would you take to follow up on overdue receivables?

I verify the balance, send a professional payment reminder, and follow up according to company policy. I document communications and escalate unresolved accounts when necessary.

How do you handle partial payments and overpayments?

I apply partial payments against the correct invoice and leave the remaining balance outstanding. For overpayments, I verify the excess amount and apply it as a credit or arrange a refund with proper approval.

What would you do if a tenant disputes a rental charge?

I would review the lease agreement, tenant ledger, and supporting documents. Then I would coordinate with the property manager to resolve the dispute before making any authorized adjustments.

How would you handle a payment received without a clear invoice reference?

I would review the payment details and customer records to identify the correct invoice. If unclear, I would contact the appropriate person and temporarily classify it according to company policy rather than guess.

How do you reconcile the AR subsidiary ledger with the general ledger?

I compare the total outstanding balances in the AR subsidiary ledger with the AR control account in the general ledger. I investigate differences and correct any errors with supporting documentation.

Walk me through your Accounts Payable process from receiving a bill to making payment.

I receive and verify the bill, match it with supporting documents, obtain approval, and record it in the system. Then I schedule payment, process it once authorized, and reconcile the vendor account.

Can you describe your previous experience handling Accounts Payable?

As a Finance Manager, I've handled expense recording, payment monitoring, and financial documentation. My banking experience also strengthened my knowledge of payment verification and internal controls.

What is the difference between a bill, an invoice, and a purchase order?

A purchase order authorizes a purchase, an invoice requests payment from a customer, and a bill is the invoice received from a vendor. In QuickBooks, invoices are used for receivables and bills for payables.

How do you verify the accuracy and legitimacy of vendor invoices?

I check the vendor details, invoice number, amount, dates, and supporting documents. I also confirm that the goods or services were received and the expense was properly approved.

What would you do if a vendor submitted a duplicate invoice?

I would compare the invoice number, amount, vendor, and transaction details against existing records. If it's a duplicate, I would prevent another payment and inform the vendor.

How do you prioritize payments when several bills are due?

I prioritize based on due dates, available cash, payment terms, and operational importance. I also coordinate with management to ensure critical obligations are paid on time.

How do you reconcile vendor statements with AP records?

I compare the vendor statement with our AP ledger, matching invoices, payments, and credits. I investigate missing or duplicate transactions and resolve any differences.

What would you do if a vendor claims an invoice remains unpaid?

I would verify the payment records, bank confirmation, and remittance details. If payment was completed, I would provide supporting documentation and coordinate with the vendor.

How do you handle invoices that have not yet been approved?

I would record or track them according to company procedures but hold payment until proper approval is obtained. I would also follow up with the authorized approver.

What internal controls would you recommend to prevent duplicate or unauthorized payments?

I recommend invoice verification, duplicate checks, approval workflows, segregation of duties, and regular vendor reconciliations.

Walk me through your step-by-step bank reconciliation process.

I compare the bank statement with the accounting records, match transactions, identify outstanding checks and deposits in transit, and investigate discrepancies. Then I record necessary adjustments and confirm the reconciliation balances.

What would you do if your bank reconciliation does not balance?

I would review unmatched transactions, beginning balances, duplicates, and possible posting errors. I would trace the difference to supporting documents rather than force an adjustment.

How would you handle multiple bank and credit card accounts?

I maintain separate records and reconciliation schedules for each account. I prioritize deadlines, reconcile accounts regularly, and review outstanding items before closing.

What is the difference between an outstanding check and a deposit in transit?

An outstanding check has been recorded in the books but hasn't cleared the bank. A deposit in transit has been recorded in the books but hasn't appeared on the bank statement.

How do you identify and resolve duplicate bank transactions?

I compare transaction dates, amounts, references, and bank statements. Once confirmed, I remove or reverse the duplicate according to the accounting system's procedures.

How would you investigate a bank transaction that you do not recognize?

I would review the transaction details, supporting documents, and available bank information. If still unclear, I would contact the authorized person or bank before recording any adjustment.

How do you reconcile credit card statements with accounting records?

I match credit card charges, payments, refunds, and fees with the accounting records. I investigate missing transactions and ensure the ending balance agrees with the statement.

What would you do if the bank statement shows a transaction missing from the books?

I would verify the transaction and supporting documents, determine its nature, and record it in the correct account after obtaining any required approval.

How do you handle bank charges, interest, and returned payments?

I verify the transactions against the bank statement and record the appropriate journal entries. For returned payments, I also update the related receivable or payable account.

How do you ensure that all bank and credit card accounts are reconciled before month-end closing?

I use a reconciliation checklist, track completion dates, and review unresolved differences. I make sure every account is reconciled and properly documented before finalizing the books.

Do you have hands-on experience using AppFolio, Buildium, or Yardi?

I haven't used these systems in a live client environment yet, but I've been introduced to AppFolio and Buildium through training. With my accounting background and QuickBooks experience, I'm confident I can learn them quickly.

How quickly can you learn a new property management system?

I'm comfortable learning new systems through training and hands-on practice. I focus on understanding the workflow first, then practice until I can perform tasks accurately and independently.

What are the primary accounting functions of AppFolio?

AppFolio supports rent collection, accounts payable, bank reconciliation, owner distributions, trust accounting, and financial reporting.

How would you record and track tenant payments in Buildium?

I would locate the tenant's account, record the payment against the appropriate charges, and verify the transaction. Then I would monitor the tenant ledger and reconcile deposits with the bank.

What do you know about Yardi and its use in property management?

Yardi is a property management platform used for lease administration, rent collection, accounting, financial reporting, and property operations.

How would you generate an owner statement using property management software?

I would select the property and reporting period, review rental income, expenses, fees, and owner distributions, then generate and verify the statement before sending it.

How do you ensure tenant ledger balances agree with accounting records?

I regularly compare tenant ledgers with the AR control account and related payment records. I investigate discrepancies and make properly supported corrections.

What would you do if the property management system does not match QuickBooks?

I would compare transaction details, reporting periods, and account mappings. Then I would identify missing, duplicate, or incorrectly classified entries and reconcile the differences.

How do you approach a software function you have never used before?

I review available documentation, watch tutorials, and practice in a safe environment. If needed, I ask for guidance rather than risk making an incorrect entry.

How do you keep yourself updated with accounting and property management software?

I regularly review software updates, training resources, and accounting tutorials. I also practice new features to improve my efficiency and accuracy.

How would you describe your proficiency in QuickBooks Online?

I'm QuickBooks Online ProAdvisor Level 1 certified and have completed hands-on training involving journal entries, financial reports, and reconciliation. I'm confident with its core accounting functions and continue improving my skills.

Walk me through how you would record a vendor bill and its subsequent payment in QBO.

I go to Expenses, create a bill, enter the vendor and invoice details, and save it. Once approved, I use Pay Bills to record the payment against the outstanding bill.

What is the difference between an invoice and a sales receipt in QBO?

An invoice is used when payment will be collected later, while a sales receipt is used when payment is received at the time of sale.

How do you categorize transactions in the QBO bank feed?

I review the transaction details, identify the correct account, and check for existing entries before categorizing. I also verify that the classification matches the supporting documents.

What is the difference between matching and adding a bank transaction?

Matching connects a bank transaction to an existing accounting entry. Adding creates a new transaction when no corresponding entry exists.

How would you correct a transaction posted to the wrong account?

I would review the transaction and supporting documents, then edit or reclassify it using the appropriate QBO function. I would also verify the impact on financial reports.

How do you reconcile a bank account in QBO?

I open the Reconcile feature, select the bank account, enter the statement's ending balance and date, and match transactions until the difference reaches zero.

What financial reports can you generate in QuickBooks Online?

I can generate a Profit and Loss Statement, Balance Sheet, Cash Flow Statement, Trial Balance, General Ledger, and AR and AP Aging Reports.

How do you use the Audit Log to investigate transaction changes?

I open the Audit Log, filter the relevant transaction or date, and review who made the change and when. This helps identify the source of discrepancies.

How would you handle multiple client companies using QBO Accountant?

I would access each client's company separately, follow standardized procedures, and maintain organized workpapers. I would also verify the company name before entering transactions.

What do you know about rental income accounting?

Rental income is recognized according to the applicable accounting basis and lease terms. Under accrual accounting, rent is generally recognized when earned, regardless of when payment is received.

How would you record rent received in advance?

I would initially record it as a liability called Unearned Rent Revenue. Then I would recognize it as rental income when the applicable rental period arrives.

How do you account for refundable tenant security deposits?

Refundable security deposits are recorded as liabilities because they belong to the tenant until properly refunded or applied according to the lease and applicable law.

What is the difference between rental income and a security deposit?

Rental income is earned from providing rental space, while a refundable security deposit is a liability that may need to be returned to the tenant.

How would you record unpaid rent at the end of the month?

Under accrual accounting, I would recognize rental income and a corresponding accounts receivable, provided the rent has been earned and is collectible under the applicable accounting policy.

How do you account for late fees charged to tenants?

I would record late fees separately from rental income according to the lease terms and company policy, recognizing them when properly assessed and earned.

How do you distinguish repairs and maintenance from capital improvements?

Repairs maintain an asset's existing condition and are generally expensed. Capital improvements extend useful life, increase value, or enhance functionality and are generally capitalized.

How would you prepare a monthly property owner statement?

I would summarize rental income, operating expenses, management fees, and owner distributions. I would reconcile the figures and review the statement for accuracy before submission.

How do you track income and expenses for multiple properties and owners?

I would use property-specific accounts, classes, locations, or property management software to track transactions separately and generate accurate reports for each owner.

What is the difference between property management company funds and client or trust funds?

Company funds belong to the management business, while client or trust funds are held on behalf of property owners or tenants. Trust funds must be properly segregated and accounted for under applicable regulations.

Tell me about a time you discovered an error in a financial report. What did you do to correct it?

In my finance work, I've reviewed financial records for inconsistencies. My approach is to trace the discrepancy to supporting documents, identify the cause, make the appropriate correction, and verify the updated report.

What would you do if you received incomplete financial information?

I would identify the missing documents, request clarification, and complete the available work. I would avoid making unsupported assumptions and communicate any potential delays.

How do you handle ambiguity when accounting instructions are unclear?

I review the available information and applicable accounting procedures. If the instructions remain unclear, I ask specific questions before proceeding.

What would you do if you discovered an unexplained difference in the trial balance?

I would check journal entries, ledger postings, account balances, and recent adjustments. I would trace the discrepancy systematically until the cause is identified.

How would you handle a transaction that appears to have been recorded twice?

I would compare both entries with the original supporting document. If duplication is confirmed, I would reverse or remove the duplicate with proper documentation.

What would you do if you discovered an accounting error from a prior month?

I would determine the nature and impact of the error, inform my supervisor, and make the appropriate correction according to company policy and accounting standards.

How would you respond if your supervisor disagreed with your accounting treatment?

I would listen to their reasoning, explain my approach with supporting references, and remain open to correction. My priority is accurate reporting and professional collaboration.

What would you do if a client insisted on recording a transaction incorrectly?

I would respectfully explain the proper accounting treatment and its potential impact. If the client still insisted, I would escalate the matter rather than knowingly record misleading information.

How would you investigate a discrepancy between a tenant ledger and a bank deposit?

I would compare the tenant payment record, deposit details, bank statement, and transaction dates. I would identify whether the difference resulted from timing, allocation, or a recording error.

How do you prevent recurring accounting errors?

I identify the root cause, improve the process, and use checklists and regular reconciliations. I also document lessons learned to prevent similar mistakes.

Tell me about yourself and your professional background.

I have nearly 10 years of banking experience, including serving as a Branch Operations Head, and experience as a Finance Manager. I'm also a certified bookkeeper and QuickBooks Online ProAdvisor, and I'm excited to apply my financial and accounting skills in a US-based Accounting VA role.

What relevant experience do you have for the Accounting VA role we are looking for?

My background includes financial reporting, account reconciliation, payment monitoring, and internal controls. Combined with my bookkeeping certifications and QuickBooks training, these skills are directly relevant to the role.

Why do you want to work in the US real estate or property management industry?

I'm interested in property management because it combines accounting, financial reporting, and operational processes. I see it as an opportunity to apply my existing skills while developing specialized expertise.

Where do you see yourself five years from now?

I see myself as a highly skilled accounting professional with strong expertise in US accounting and property management. I hope to take on greater responsibilities and contribute long-term value to the company.

I am currently the Accounting Manager. Are you aiming to take my position?

My goal is not to compete for your position but to support you and contribute to the team's success. I want to grow professionally, take on more responsibilities, and become someone you can confidently rely on.

We have many Accounting VA applicants. What makes you stand out?

I bring nearly a decade of banking experience, strong internal control knowledge, and hands-on finance management experience. I'm also certified in bookkeeping and QuickBooks, and I take accuracy, accountability, and continuous learning seriously.

What is your ideal work environment?

I thrive in a professional, organized, and collaborative environment where expectations are clear, communication is open, and accuracy and accountability are valued.

What are your greatest strengths and weaknesses?

My strengths are attention to detail, analytical thinking, and reliability. One area I'm improving is spending too much time double-checking my work, so I'm learning to balance accuracy with efficiency.

What are your salary expectations?

I'm currently working through WorkForProsper, so compensation is coordinated through the agency. My priority is finding the right client where I can contribute, grow, and deliver consistent results.

How soon can you start working with us?

I'm available to begin according to the onboarding schedule arranged through WorkForProsper. I'm ready to learn your processes and contribute as soon as possible.

How do you handle tight deadlines, especially during high-pressure periods and tax season?

I stay organized, prioritize urgent tasks, and break large assignments into manageable steps. I also communicate proactively and maintain accuracy, even under pressure.

Tell me about a time you had to manage multiple competing priorities.

As a Branch Operations Head, I regularly handled operational deadlines, financial reporting, and customer concerns simultaneously. I prioritized based on urgency and impact while ensuring important tasks were completed accurately.

Describe a situation where you made a mistake at work and how you handled it.

When I identify a mistake, I take responsibility, assess its impact, and correct it promptly. I also review what caused the error and improve my process to prevent it from happening again.

How do you respond to constructive criticism from your supervisor?

I welcome constructive feedback because it helps me improve. I listen carefully, clarify expectations, and apply the suggestions to my future work.

Tell me about a time you had to learn a new process or system quickly.

During my accounting training, I had to learn new QuickBooks workflows within a limited timeframe. I reviewed the materials, practiced the procedures, and applied what I learned to complete accounting exercises.

How do you maintain accuracy when performing repetitive accounting tasks?

I follow standardized procedures, use checklists, and review my work at key stages. I also reconcile balances regularly to detect errors early.

How would you handle a sudden urgent request while working on a month-end deadline?

I would assess the urgency and impact of both tasks, clarify priorities with my supervisor, and adjust my schedule accordingly. I would communicate any potential effect on deadlines.

Describe a time you worked independently with minimal supervision.

In my banking and finance roles, I was entrusted with financial and operational responsibilities requiring independent judgment. I managed my tasks, followed established controls, and escalated issues when necessary.

How do you manage stress during particularly busy accounting periods?

I focus on planning, prioritizing, and completing tasks systematically. Staying organized and communicating early helps me manage pressure without sacrificing accuracy.

How do you define success in your accounting career?

Success means delivering accurate and reliable financial information, continuously improving my skills, and becoming a trusted professional who adds value to the organization.

Walk me through your month-end closing process.

I ensure transactions are recorded, reconcile bank and balance sheet accounts, review receivables and payables, post adjusting entries, and verify the trial balance. Then I prepare and review the financial statements.

Can you describe your experience with month- end and year-end closing?

My finance management experience includes preparing financial records, reviewing account balances, and supporting financial statement preparation. I'm familiar with the importance of reconciliations and adjusting entries during closing.

What is your checklist before finalizing monthly financial statements?

I verify that transactions are complete, bank accounts are reconciled, AR and AP balances are accurate, adjusting entries are posted, and unusual balances are investigated.

How do you prepare and review a trial balance?

I generate the trial balance from the general ledger, verify that debits equal credits, and review account balances for unusual or incorrect amounts.

What adjusting journal entries are commonly required at month-end?

Common adjustments include accrued expenses, prepaid expenses, depreciation, amortization, unearned revenue, and other necessary accruals.

How do you account for accruals and prepaid expenses?

Accruals recognize expenses or revenues in the period they occur, even if cash hasn't moved. Prepaid expenses are initially recorded as assets and expensed over the periods they benefit.

How do you calculate and record depreciation?

Under the straight-line method, I subtract salvage value from the asset's cost and divide by its useful life. I then debit Depreciation Expense and credit Accumulated Depreciation.

How do you ensure that financial statements are complete and accurate?

I reconcile key accounts, review supporting schedules, investigate unusual balances, and verify that adjusting entries are properly recorded before finalizing the reports.

What is the difference between month-end and year-end closing?

Month-end closing focuses on monthly reporting and reconciliations. Year-end closing includes additional adjustments, annual financial statements, tax preparation support, and closing temporary accounts.

How would you explain a significant monthly expense variance to a property owner?

I would compare the actual expense with the budget or previous month, identify the main cause, and explain it in simple terms with supporting details.