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vendor payment
Vendor Verification
Confirm vendor details (name, address, contact information).
Verify vendor registration and tax identification number.
Check for any outstanding issues or disputes with the vendor.
Invoice Receipt
Ensure the invoice is received and dated.
Verify the invoice matches the purchase order (PO) or contract.
Check for proper invoice format and required information (invoice number, due date).
Approval Process
Submit the invoice for necessary departmental approvals.
Ensure all approvers sign off on the invoice.
Confirm that the approval aligns with budget and expenditure guidelines.
Payment Processing
Determine the payment method (check, electronic transfer, etc.).
Prepare payment details for processing (amount, due date).
Verify available funds in the budget for the payment.
Payment Execution
Execute the payment according to the chosen method.
Record the payment in the accounting system.
Notify the vendor of the payment completion (if required).
Documentation and Record Keeping
Archive the invoice and payment records for future reference.
Maintain a copy of all correspondence related to the payment.
Ensure compliance with internal and external audit requirements.
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