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From purchase to invoice

Purchase Order

Obtain the purchase order from the purchasing department or authorized personnel.

Verify that the purchase order is properly authorized and includes all necessary details (vendor information, item description, quantity, price, etc.).

Compare the purchase order with the respective contract or agreement, ensuring compliance.

Confirm that the purchase order is within the approved budget or has proper approval for any variances.

File the purchase order for future reference.

Receipt of Goods

Receive the goods or services as per the purchase order.

Inspect the received goods for any damages or discrepancies.

Match the received goods with the purchase order details, ensuring accuracy.

Prepare and retain a receiving report or proof of receipt for documentation purposes.

Inform the procurement or purchasing department about any issues or discrepancies.

Vendor Invoice

Obtain the vendor invoice for the received goods or services.

Review the invoice for accuracy, ensuring it matches the purchase order and receiving report.

Verify that the invoice includes all necessary details (vendor information, item description, quantity, price, taxes, etc.).

Confirm that the invoice is within the approved budget or has proper approval for any variances.

Match the invoice with any supporting documents, such as delivery receipts or service agreements.

Invoice Approval

Forward the invoice to the respective department or individual for approval.

Ensure that the invoice approval follows the established approval hierarchy or workflow.

Obtain proper authorization and signatures on the invoice, if required.

Document and retain the approval records for audit purposes.

Communicate any delays or issues in obtaining the necessary approvals.

Invoice Recording and Coding

Enter the invoice details into the accounting system or software.

Assign appropriate account codes, cost centers, or project codes to the invoice.

Reconcile the invoice amounts with the corresponding purchase order and receiving report.

Review the coding for accuracy and completeness, making any necessary adjustments.

Obtain any additional supporting documents required for coding or expense allocation.

Payment Processing

Prepare the payment request or voucher, including all relevant details (vendor name, invoice number, payment amount, etc.).

Attach the approved invoice, supporting documents, and any additional payment instructions.

Submit the payment request to the accounts payable department or authorized personnel.

Follow the established payment process, ensuring compliance with internal controls and payment terms.

Retain copies of the payment request and supporting documents for future reference.

Payment Authorization and Recording

Obtain the necessary approvals and signatures on the payment request.

Record the payment details in the accounting system, updating vendor balances and general ledger accounts.

Prepare and retain payment vouchers or check copies as proof of payment.

Reconcile the payment records with the general ledger and bank statements.

File all payment-related documents and records for audit and reference purposes.

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