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What is the most important element while dealing account payable?

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Question added by waqas akram , Senior Accountant , Nuha Geneeral trading
Date Posted: 2017/08/04
Mohsin Ali Chaudhry
by Mohsin Ali Chaudhry , Accounts Officer , CCE - Contracting & Construction Enterprises Ltd.

Verification of purchase order & delivery note then invoice & then verification of payment terms.

moreover, check the aging as well.

HARISH KUMAR AMARAPURAM
by HARISH KUMAR AMARAPURAM , Tirupati Co-operative Bank

Verification of Purchase Order and original invoice for terms and other required information.

Franky Fernandes
by Franky Fernandes , Operations Analyst/Accountant , JOHNSON CONTROLS AIRCONDITIONING AND REFRIFGERATION INC

Ensuring 3 way matching before booking invoices and payment terms are clear. 

Sandeep Panchal
by Sandeep Panchal , accountant general , Future Services general trading and contracting co

1) maintain good supplier relation.

2) before payment reconcile the account for the supplier side.

3) advance payment must be based on purchase order or service order which is signed by management.

4) should be closed monthly wise inventory that we can find and reconcile our supplier account.

5) follow with invoices for advance payment.

6) should be require for statement of account between supplier and payee (client).

7) credit term 30 days for payment as per company to company.

 

Richard D'souza D'souza
by Richard D'souza D'souza , Project Manager / General Manager , Protiviti Global / R.A.Moraes & Associates

PO and GRN is done for the service / product ,  Payment terms , Any Early pay discount is offerred . Amount was earlier provisioned for . If its a one off transaction then to analyse the efficency of the same.

Naeem Aslam
by Naeem Aslam , Group Tax Consultant , Tech Group PJSC

You have the orignal invoices as an evedince and it is confirmed we have receive the product or service exactly same as per mentioned on the face of invoice.

Sulaykumar Jasvantlal  Bhatt
by Sulaykumar Jasvantlal Bhatt , Account Manager , Mangal Sai 'trade Wings Pvt. Ltd.

Credit Terms and Payment Terms

Mohamed Khashana
by Mohamed Khashana , Accounting Supervisor , Laureate Vocational Saudi Arabia

Making Sure the procurment cycle moved according to the policies and proper procedures starting from the system requisition , then approved by all parties , creating the PO. , match the invoice with PO , delivery note " three way matches.

Shahul Hameed Abdul Rahim
by Shahul Hameed Abdul Rahim , Accounting Manager , Gulf Duct Industries LLC

1. Any Advance payment has paid or not

2. Whether the goods are received as per our agreement.

3. Payment Terms

 

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