chinnaguntupalli

 Profile Answers by chinnaguntupalli 

• Oct 4th, 2009

 

Accounts Payable process starts with Purchasing and ends payments to Vendors. Workflow is: Purchasing team recieve requests-Initiate for quotations from vendors-Purchasing team creates Purchase Order, once the quotation is finalized and obtained all required approvals-PO copy would be sent to Vendor-Vendor will raise invoice and submit to accounts payable-Accounts Payable key invoice into ERP-Once the invoice fall on due invoice will get paid.

As this process start with Procurement (P) and ends with Payments (P), hence this process also named as to P2P.

nkamuni_mca

 Profile Answers by nkamuni_mca Questions by nkamuni_mca

• Mar 5th, 2010

 

Accounts payable has got noting to do with purchase of goods and services, it's work is to pay the eligable invoices.

End to End Process of AP
-> Process the vendor invoices into system
-> Work and resolve the discripencies of the invoices (if any)
-> Make the payments to the invoices as per the agreement
-> Resolve the issues ( if any  ) regarding the invoice payments

Aart from above some AP departments do the following as well
->Closing the AP Sub-Ledger
->Reconciling the AP Sub-ledger with GL
->B-Notices
->Escheatment
->1099 misc issuance

K Sunil

• Nov 28th, 2013

 

End to End Process with Accounting Entries :

1. User will raise the Purchase Request to procurement with all the requirements - No accounting entry
2. Based on the procurement policy PO(Purchase Oder) is raised - Dr Expenses and Cr GR/IR Clearing
3. Physical delivery of Goods, GRN is raised Invoice Receipt - Dr GR/IR Clearing A/c and Cr Vendor A/c
4. Inventory Entry :
Dr Inventory at Actual Cost
Cr/Dr PPV Account based on the Variance
Cr Standard Cost Purchase Price
5. On Payment Run - Dr Vendor A/c & Cr AP Clearing A/C
6. When Payment Hits the bank account - Dr AP Clearing A/c & Cr Bank A/c

P2P process is end

vijju

• Mar 19th, 2014

 

End to End accounts payable process
1. Identify the requirement
2. Vendor search
3. Request for the quotation
4. Evaluation of vendor and selection
5. Contract Negotiation and Implementation
6. Send Purchase order
7. Invoice receipt
8. Invoice Verification
9. Invoice process
9. Audit
10. Payment
11. Happy Vendor..:)