Accounts payable
Accounts payable process is required in a company because this will help and guide
the accountant to manage their payables with in the normal course of the
business.
This includes verifying and checking the invoice details including the credit terms
due date mode of payment payee and the items received. Only the items received
will be paid. Incase there's a discrepancy against the actual receipts a credit note
will be raised by the supplier against the short-shipped invoice.
At the end of the month AP reconciliation is required confirming both parties
balances thru the statement of accounts (SOA). This you can identify which
invoices or payment hasn't been booked yet by both parties and you will end up
with the same balances (equal balance from your company and with their
company).
Buy-to-pay process involves sourcing -> materials -> stores -> a/cs payables.
RECEIPTS OF
PO REQUISITON PO PO
RECEIPT INVOICES BY
REQUISITON APPROVAL CREATION APPROVAL
THE FINANCE
SOURCING TEAM : Matches the right product to the right vendor.
BLANKET PURCHASE AGREEMENT: Only the rate is defined ands not the quantity,
along with the dates.
MATERIAL TEAM : Procurement of material -> BPA release on the prescribed dat
->custodian of inventory
STORES TEAM : They check the quality and make a receipt against the BPA by
assigning the GRN ( good receipt note)
SCANNING TEAM : The documents are scanned and then will move on to the oracle
model.
After the above steps are completed the invoice is processed and the payment is
made by A/P.
We Execute Accounts Payable Procedures Tasks:
Invoice Receipt
Using our customizable supplier portal your suppliers can submit invoices
as hardcopy, fax, electronic file transfer and EDI.
Image and Data Capture
Hardcopy invoices and Faxes are stored as images in our systems. Invoice
data is read from the images into our systems using automation tools.
Process and Route
We process the invoice documents according to your business rules. The
processed invoices are routed to the appropriate employees within your
organization for approval and final resolution.
Inaccurate statements can and often do mean cash flow peaks and
troughs as suppliers withhold payment. The quality gained through
working closely with various industries such as manufacturing,
transportation, automotive, pharmaceutical, media and entertainment
stands us in good steed.
Outsourcing your accounts payable automation tasks can bring
better profits including:
High Accuracy
Superior Quality
Real-time Tracking and Reporting
Reduced Annual Accounts Payable Ledger Costs
Centralized Control over Payables across the Enterprise
Accounting outsourcing constant investment in cutting edge technologies
to provide professional and perfect outsource accounts payable
procedures services for your organization. Processing of checks, posting
payments, transferring funds or digital images, no matter your
requirements, we have the right people and solutions with the flexibility
to process day-to-day transactions quickly and truthfully solution at
Bookkeeping Services India allows customers to outsource all or part of
their accounts payable ledger business functions.
Once the GNR is created, auto invoices will be generated in A/P and the same is to be
checked with the hard copy for the 3-way match( i.e. the details in the invoice,purchase
order and the GNR ) and it has to be validated manually. Then it is processed through the
ERS (evaluated receipt settlement ) where automatic upgradation can be seen in the
description bar.
STANDARD
PURCHASE
ORDER
PURCHASE
ORDER
GEMS-BY
PURCHASE
ORDER
The buy-to-pay process involves the following 3 entries :
1. Inventory a/c...........................dr
To a/p accrual a/c
2. a/p accrual ..............................dr
to a/p liability a/c
3. a/p liability a/c..........................dr
to bank a/c
The company usually follows the payment in 2 batches. The payment process has the
numbers posted in the sequential order for the convenience and the invoice is accounted.
The various forms used by WIPRO-GE to make payments are:
A1 - material payment
A2 – service payment
LC (letter of credit) payment
Advance payment
BRO ( bank release order)
IMPORTS
The unpaid invoices will be categorised for weekly payments as per the convenience of the
company. These invoices will tell the currency used to trade along with the due date to
make the payments. The documents are picked and are pulled with reference to the image
numbers and cross verified with the GRN, triplicate BOE, and the invoice number.
The payment annexure will have the details pertaining to the bank, suppliers, BOE,
inventory, currency, invoice value, quantity shipped, mode of transfer opted. The
consignment number is assigned which makes the work faster for the internal workers.
document sent to Bank will give the mail is sent to
bank for rate confirmation with the teasury inorder
booking the currency to book the sale
on the date of
maturity, payment treasury will book
will be made from the sale
the bank
