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payment processing

1. Vendor Setup

Verify vendor information and documentation

Complete vendor onboarding forms

Ensure W-9 or tax identification forms are on file

Review and approve vendor contracts and terms

2. Invoice Receipt

Establish a centralized invoice submission process

Confirm receipt of invoice from vendor

Log invoice into the accounts payable system

Verify invoice against purchase order (PO) and delivery receipt

3. Invoice Review

Check for accuracy in invoice details (amount, dates, terms)

Ensure proper approvals are obtained based on organizational policies

Investigate any discrepancies with the vendor or internal departments

Confirm budget availability for the invoiced amount

4. Payment Authorization

Prepare payment batch for authorized invoices

Obtain necessary signatures or electronic approvals

Ensure compliance with internal financial controls

Schedule payment date according to vendor terms

5. Payment Processing

Select payment method (ACH, check, wire transfer, etc.)

Process payment through the accounting system

Generate payment remittance advice

Communicate payment confirmation to the vendor

6. Record Keeping

Archive invoice copies and supporting documentation

Collect all invoices and related documents.
Organize by date and vendor.
Scan and save digital copies.
Store physical copies in labeled folders.
Ensure secure storage for sensitive information.

Update accounts payable records

Input payment details into accounting software.
Verify accuracy of vendor payments.
Cross-check against invoices received.
Mark invoices as paid in the system.
Maintain a log of outstanding payments.

Reconcile payments with bank statements

Obtain monthly bank statements.
Compare statement transactions with records.
Identify discrepancies and resolve them.
Adjust accounting records as necessary.
Document and report any unresolved issues.

Maintain an organized filing system for audits

Create a logical folder structure.
Label folders clearly by category and date.
Regularly review and archive older documents.
Ensure all records are easily accessible.
Implement a backup system for digital files.

7. Review and Audit

Conduct periodic audits of payment processes

Analyze payment cycle times and vendor satisfaction

Identify areas for process improvement

Ensure compliance with regulatory and tax requirements

8. Continuous Improvement

Gather feedback from stakeholders on the payment process

Implement changes based on feedback and audit findings

Stay informed on technological advancements in payment processing

Provide training for staff on updated processes and systems

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