operating expense payment
1. Invoice Receipt
2. Invoice Review
- Check delivery receipts or service confirmations.
- Match received items with the invoice description.
- Verify compliance with purchase order terms.
- Document any discrepancies for further investigation.
- Cross-check invoice amounts with purchase orders.
- Review supporting documents for any additional charges.
- Ensure calculations on the invoice are correct.
- Contact vendor for clarification on any discrepancies.
- Review terms of any applicable discounts.
- Verify adjustment entries against agreements.
- Calculate total after discounts to confirm accuracy.
- Document any disagreements for resolution.
3. Approval Process
4. Payment Processing
5. Payment Execution
- Access the payment system.
- Locate the scheduled payment.
- Initiate the payment process.
- Select the payment method.
- Confirm the payment date.
- Review the invoice details.
- Cross-check the amounts with the budget.
- Confirm any discounts or adjustments.
- Ensure totals match the payment request.
- Prepare to finalize the payment.
- Gather all relevant documents.
- Scan or upload required invoices.
- Link supporting documents to the payment record.
- Double-check for missing documentation.
- Save the finalized payment record.
6. Record Keeping
7. Vendor Communication
- Send an email or call the vendor.
- Include payment processing details.
- Specify the expected payment date.
- Confirm receipt of the notification.
- Review vendor's inquiries carefully.
- Respond within 24 hours.
- Provide clear and concise answers.
- Escalate unresolved issues to a supervisor.
- Schedule regular check-ins with the vendor.
- Share updates on payment policies.
- Discuss any upcoming projects or needs.
- Encourage the vendor to provide feedback.
Use in Manifestly