Podcast
Questions and Answers
What document does Finance review as part of the payment process?
What document does Finance review as part of the payment process?
In the accounts payable process, what does Atlas perform to confirm the availability of funds?
In the accounts payable process, what does Atlas perform to confirm the availability of funds?
What is the purpose of a three-way match in the payment process?
What is the purpose of a three-way match in the payment process?
How does Finance ensure that funds are available for non-PO based purchases?
How does Finance ensure that funds are available for non-PO based purchases?
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Which department is responsible for completing a three-way match between purchase order, vendor invoice, and receipt?
Which department is responsible for completing a three-way match between purchase order, vendor invoice, and receipt?
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What is the additional step required for processing non-purchase order based payments?
What is the additional step required for processing non-purchase order based payments?
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What is the consequence of not verifying that what was delivered matches what was ordered?
What is the consequence of not verifying that what was delivered matches what was ordered?
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In the accounts payable process, what is the purpose of completing the Payment Request Checklist?
In the accounts payable process, what is the purpose of completing the Payment Request Checklist?
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Who is responsible for confirming the accuracy of the invoice in the payment processing workflow?
Who is responsible for confirming the accuracy of the invoice in the payment processing workflow?
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What do finance rely on as an approval for processing payment?
What do finance rely on as an approval for processing payment?
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Which step involves physically confirming that goods or services have been received?
Which step involves physically confirming that goods or services have been received?
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According to the policy, what is the maximum allowed discrepancy between a vendor invoice and the purchase order before it must be resolved?
According to the policy, what is the maximum allowed discrepancy between a vendor invoice and the purchase order before it must be resolved?
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Which document is used to confirm authorized approvers when processing payments?
Which document is used to confirm authorized approvers when processing payments?
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What is a key requirement for ensuring appropriate financial controls during payment processing?
What is a key requirement for ensuring appropriate financial controls during payment processing?
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Which document is required to be completed for all payments?
Which document is required to be completed for all payments?
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What is the primary purpose of verifying invoices?
What is the primary purpose of verifying invoices?
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What is a purchase order (PO) based payment?
What is a purchase order (PO) based payment?
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Study Notes
Payment Process Review
- Finance reviews the vendor invoice as part of the payment process.
- A three-way match is completed to ensure accuracy between purchase order, vendor invoice, and receipt.
Confirming Funds Availability
- Atlas checks fund availability in the accounts payable process before authorizing payments.
- For non-PO based purchases, Finance employs a verification process to ensure funds are available.
Three-Way Match Purpose
- The three-way match prevents overpayment and ensures that goods or services delivered match what was ordered.
Department Responsibilities
- The accounts payable department is responsible for completing the three-way match between the purchase order, vendor invoice, and receipt.
Processing Non-PO Payments
- Additional documentation is required when processing non-purchase order payments, which may include justifications or approvals specific to the transaction.
Verification Consequences
- Failing to verify that what was delivered matches what was ordered can lead to financial discrepancies, potential losses, or disputes with vendors.
Payment Request Checklist
- Completing the Payment Request Checklist in accounts payable ensures all necessary documentation and approvals are gathered before processing payments.
Invoice Accuracy Confirmation
- The accounts payable department is responsible for confirming the accuracy of the invoice during the payment processing workflow.
Payment Processing Approval
- Finance requires explicit approval from authorized approvers to process payments, ensuring accountability.
Receipt Confirmation Step
- Physically confirming that goods or services have been received is a crucial step in the payment process to validate the payment request.
Invoice and PO Discrepancy Policy
- According to the policy, a maximum discrepancy of 2% between a vendor invoice and the purchase order must be resolved before payment can be issued.
Authorized Approvers Document
- The Authorization Matrix document is used to confirm authorized approvers when processing payments.
Financial Controls Requirement
- Implementing strong financial controls during payment processing is essential to prevent fraud and ensure compliance with regulations.
Documentation Requirement
- A completed Payment Request Form is required for all payments to formalize and track the transaction.
Purpose of Invoice Verification
- The primary purpose of verifying invoices is to ensure accuracy in billing and prevent financial errors before payments are authorized.
Purchase Order (PO) Payment Definition
- A purchase order (PO) based payment refers to transactions where payments are linked directly to a previously issued purchase order, requiring a match with delivered goods or services.
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Description
Test your knowledge on verifying invoices, resolving discrepancies, completing payment request checklists, and signature control documents for payment processing.
