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What steps would you take before approving an invoice for payment?
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Answered by: RAVINDRA
- Jan 6th, 2006
The following are the important steps one should take before approving the payment.
1. Refer the Purchase Order issued.
2. Refer the Goods Received Note (GRN) for having received goods / service as mentioned in the P.O
3. Refer the terms and conditions for making the payment ( any credit period)
4. check the bank balance before approve the invoice for payment.
aneel
- Oct 25th, 2015
After receiving Invoice from vendor, the accounts payable department follow the technique i.e three way match
1) Purchase order - What we ordered
2) GRN - What goods or products we received against PO
3) Invoice - What quantity and price mentioned in PO.
these 3 are reconciled by payable dept.rajujdv
- May 31st, 2007
1. Invoice Qty = Goods Received Note2. Invoice Price = Purchase Order Price3. Check whether any Credit Note exists against that vendor4. Check the Ship To address for making correct paymen...
