vendor contract and payment
Vendor Contract Checklist
Payment Checklist
- Inspect the delivered goods or services.
- Ensure they match the order specifications.
- Document any issues or discrepancies.
- Obtain confirmation from relevant stakeholders.
- Record the date of receipt for future reference.
- Cross-check the invoice against the contract.
- Ensure all terms, including pricing and dates, match.
- Look for any additional charges not included in the contract.
- Confirm the vendor's information is accurate.
- Document any inconsistencies for resolution.
- Compare invoice quantities with received goods/services.
- Ensure unit prices align with the contract.
- Identify any discounts or additional fees.
- Consult with the vendor for clarification on discrepancies.
- Keep a record of all findings.
- Review all verified details thoroughly.
- Obtain necessary approvals from designated personnel.
- Confirm that all discrepancies have been addressed.
- Sign or electronically approve the invoice.
- Forward the approved invoice to the payment department.
- Determine the preferred payment method (e.g., check, wire transfer).
- Confirm payment terms specified in the contract.
- Set a payment date based on internal policies.
- Notify the vendor of the payment method and schedule.
- Document the chosen method and schedule in records.
- Review your organization's payment procedures.
- Confirm that all necessary documentation is complete.
- Ensure all approvals are obtained as per policy.
- Check for compliance with budgetary restrictions.
- Maintain records to demonstrate adherence to policies.
- File copies of the invoice, receipts, and contracts.
- Document any communications with the vendor.
- Use a digital system for easy retrieval.
- Ensure records are kept securely and confidentially.
- Regularly update records to reflect any changes.
- Track payment due dates against your schedule.
- Set reminders for upcoming payments.
- Follow up with the payment department if delays occur.
- Communicate with the vendor regarding payment status.
- Document any follow-up actions taken.
- Check the vendor list for approval status.
- Ensure the invoice matches the vendor’s name and details.
- Contact procurement if there are discrepancies.
- Document any findings or communications for records.
- Check the invoice for early payment discount terms.
- Calculate potential savings if paid early.
- Confirm eligibility based on the contract.
- Communicate with the vendor if clarification is needed.
- Review applicable tax regulations for the transaction.
- Verify the correct tax rate is applied to the invoice.
- Consult with tax professionals if unsure.
- Document compliance checks and findings.
- Review the contract for specific payment terms.
- Ensure the invoice aligns with agreed terms.
- Check for any penalties for late payment.
- Document any discrepancies noted.
- Notify finance of the upcoming payment.
- Provide them with all necessary documentation.
- Confirm payment timelines and methods.
- Follow up on payment processing status.
- Review the checklist of required documents.
- Request any missing documents from the vendor.
- Ensure all documents are current and valid.
- Keep copies of documents for your records.
- Check the approval process outlined in the contract.
- Ensure signatures or electronic approvals are in place.
- Document the approval chain for reference.
- Communicate with stakeholders if approvals are pending.
- Double-check invoice amounts and line items.
- Verify that tax and discounts have been applied correctly.
- Ensure all calculations are accurate.
- Document the review process and any adjustments made.
- Determine the frequency of recurring payments.
- Set reminders for payment dates in the system.
- Document the schedule and confirm with stakeholders.
- Review and adjust as necessary over time.
- Organize documents by vendor and date for easy retrieval.
- Use a consistent naming convention for files.
- Store in a secure location, either digitally or physically.
- Ensure backup copies are available for critical documents.
Use in Manifestly