Sanju40148

 Profile Answers by Sanju40148 Questions by Sanju40148

• Aug 15th, 2008

 

End to end of accounts payable includes the various stages involved in making the payment of an invoice received from a vendor . The AP activities starts with the receipt of the invoice from the vendor and ends when it gets paid .The various stages in an AP process are listed below -

(a) Receipt of invoice
(b) Scanning the invoice and uploading it in workflow
(c) Processing the invoice in the system ( ERP)
(d) The posting going through QC - quality check.
(e) Resolving a parked invoice.
(f) Payment proposal - report of invoices falling due on the currect date.
(g) Payment run - here the invoice ultimately gets paid.

Gandhevi

 Profile Answers by Gandhevi 

• Aug 17th, 2008

 

There is basic rule called Three way Match which says the invoice should match with Invoice Receipt-Goods Receipt-Invoice. If the above condition is fullfilled then the payment can be processed.

In this case, the invoice will not get paid because PO is raised for 5000 and invoice is billed for 6000 which is around 20% more. Hence it will be blocked for payment and procurement team would touchbase with Vendor for the difference in deal. Upon vendors response procurement team would increase PO to 6000 and release the payment.

Regards, Vinod.

Gandhevi

 Profile Answers by Gandhevi 

• Oct 28th, 2008

 

Hi Mahima,

Accounts Payable process works as per your daily life... How?
When you go for shopping, you will purchase goods by giving cash. Giving cash is nothing but you are making payment for what you have subscribed.

But when samething happens in industries, they do huge business with several vendors and the business is ongoing process with the vendor hence companies will tied up with vendor on purchasing terms where they will make payments based on order.

So before making payment, Accounts Payables dept need to review the billing details of the vendor and eradicate the duplicate payment to the vendor.

Please reply back to you with your doubts. Its very subjective, I can walk you through it in detail.


Regards, Vinod.

Gandhevi

 Profile Answers by Gandhevi 

• Oct 28th, 2008

 

A report would give the essence of Process. So whatever is happening in the Process it would be kept on a paper and submitted to the management as a Report based on that they will take decisions to sharpen the process.

praveengold

 Profile Answers by praveengold 

• Dec 3rd, 2008

 

The AP activity starts from Invoice Processing and it gets completed once the invoice is paid. The flow of AP is as follows:

Once the vendor sends the invoice for the goods or services rendered, the IP team verifies the three way match conept if its a PO or else two way match if its a No PO. Once the IP team process the invoice, it goes through several verification process and once this is completed it will be free for payment.

Here the cash managment team will pick the invoice for payment and pay the vendor as per either though check, EFT or Wire this depends as per the agreement b/w vendor and the buyer.

Thank you,
Praveen

mukesh luthra

• Jan 28th, 2012

 

1) Create purchase order for the recieved goods.
2) Setup vendor details in the vendor master.
3) Received ordered goods.
4) Then the goods recieved note signed by the authorised officer.
5) Received invoice regarding the goods purchased.
6) Verify the invoice.
7) Add/update supplier details.
8) Process the invoice.
9) Seek approval from contact.
10) Make payment of the invoice.
11) Invoice paid.

devi prasad

• Feb 15th, 2012

 

AP work starts with receiving of invoices from stations, validation of invoices and ends with payment of that invoice.

Praveen

• Oct 11th, 2013

 

Finding supplier - Raising Purchase Requisition - Creation of Purchase order - Invoice process with(2 way, 3 way & 4 way matching) - payment run for the invoices(which is due to pay) - Cash Team will make the payment.