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> payment authorization and approval
payment authorization and approval
1. Initial Request
Verify the payment request is complete and includes all necessary documentation.
Confirm the payment amount is accurate.
Ensure the purpose of the payment is clearly stated.
2. Budget Review
Check if the payment aligns with the approved budget.
Verify available funds for the payment.
Ensure there are no budgetary constraints or restrictions.
3. Compliance Checks
Confirm that the payment adheres to company policies and procedures.
Review for any legal or regulatory requirements associated with the payment.
Ensure all necessary approvals from relevant departments have been obtained.
4. Authorization Process
Identify the appropriate approvers based on the payment amount and type.
Submit the payment request for approval through the designated system or process.
Track the status of the approval and follow up as necessary.
5. Final Approval
Collect final approval signatures or electronic confirmations.
Ensure all approvers have signed off on the payment request.
Document any comments or conditions attached to the approval.
6. Payment Processing
Prepare the payment for processing, ensuring all information is accurate.
Confirm the payment method (e.g., ACH, wire transfer, check).
Schedule the payment to be processed on the agreed date.
7. Record Keeping
Maintain copies of all documentation related to the payment authorization and approval.
Update financial records to reflect the authorized payment.
Conduct a post-payment review to ensure compliance and identify any issues.
8. Audit and Review
Schedule periodic audits of payment authorization processes.
Review and update the checklist regularly to ensure it remains compliant with policies.
Address any discrepancies or issues identified during audits.
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