Accounts Payable generally defined to as Creditors/Suppliers and Bills Payable of the Company and its management is utmost important for any business irrespective of its size or nature. We can divide the entire the accounts payable process into following categories.
| S.No | Clause | Content |
|---|---|---|
| 1 | Purchase Order | Document made by company to convey its requirements in detailto the vendor. |
| 2 | Receiving Report | It is a document that shows the detail of goods received by the company. The quantity received shown on received report shall be match with purchase order. |
| 3 | Vendor Invoice | It is the invoice that being sent by supplier to the company and the company directed it to accounts payable department for further processing. |
| 4 | Three Way Match concept | The company who receive the goods shall compare the PO and receiving report and Invoice and then make the payment to supplier. |
Make PO: The Company shall make a PO in detail for its requirement and then make an order with supplier.
Three Way Concept: The PO, Receiving Report, and Vendor Invoice shall be matched accordingly for quantity received and other details.
Transferring the invoice to Accounts Department: The vendor invoice shall be transferred to accounts department for verification of company details, TDS applicability on that and booking of the invoice.
Making timely Payment: It ensure the timely payment of supplier/Accounts Payable and reconciliation of balance.
In the initial stage of business, one person can perform the function of Three way matching.
Purchase Order is the requirement of buyer in a specified form but can not be binding in nature.
Yes, the invoice of supplier can be in paper form or e-form. Finance need to record invoice and check TDS applicability on same before making payment.
Person making the vendor payments needs to ensure the appropriate TDS deductions and also need to ensure that GSTN number and rates are appropriately mentioned.
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