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Creditors are the people or businesses who have supplied a business with goods or services for which they
must be paid. Typically creditors will supply their goods and services and then submit an invoice or
account (bill) to a business in order for the payment to be made. Often the creditor stipulates the terms
of payment which can include the number of days to pay and the type of payment accepted.
Example invoice:
The payments clerk should check each invoice that has been received is in order and is the
responsibility of the company to pay.
A payments clerk will use a range of methods to perform the verifications and they often relate to
a more comprehensive ordering process. For example, in order to check that the goods/ services
were actually ordered many companies use a purchase order system. A purchase order is a
written sales contract between the business (the purchaser) and a specific seller. It sets out the
exact nature of goods/ services that are required and specifies the payment terms, delivery dates,
item identification, quantities, shipping terms and any other obligations and conditions for both
parties.
Purchase orders are usually individually printed, numbered documents which are generated
by the business's financial management system. Once an invoice has been received the
payments clerk can match the purchase order number quoted on it to the purchase order
number in the finance system and check that the details match.
Where the payments clerk needs to check that the goods/ servicesconfirm that the goods and
services have been delivered correctly.
To make the reconciliation of order and invoice process quicker and more streamlined many
businesses keep the details of their regular creditors on file.
When reconciling invoices from companies who are regular suppliers, the payments clerk just has
to consult a master list, whereas with new suppliers, these details might need to be recorded into
the system. Regardless of the process used, a payments clerk must always follow the procedures
set down by their company.
Identify four risks in paying an invoice without having thoroughly checked it.
1. _________________________________________________________________________________________
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2. ________________________________________________________________________________________
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3. ________________________________________________________________________________________
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4. ______________________________________________________________________________________
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1. Create a checklist for display on the office wall to help staff remember the different aspects of an
invoice that should be checked before authorizing an invoice for payment List at least eight areas
where an invoice should be checked.