17 Questions
What document does Finance review as part of the payment process?
Payment Request Checklist
In the accounts payable process, what does Atlas perform to confirm the availability of funds?
Budget check
What is the purpose of a three-way match in the payment process?
Match purchase order, vendor invoice, and receipt
How does Finance ensure that funds are available for non-PO based purchases?
Confirming availability of funds
Which department is responsible for completing a three-way match between purchase order, vendor invoice, and receipt?
Atlas
What is the additional step required for processing non-purchase order based payments?
Manual approval of a payment voucher
What is the consequence of not verifying that what was delivered matches what was ordered?
Risk of payment for unordered goods/services
In the accounts payable process, what is the purpose of completing the Payment Request Checklist?
To trigger payment processing
Who is responsible for confirming the accuracy of the invoice in the payment processing workflow?
Requesting unit's focal point
What do finance rely on as an approval for processing payment?
Payment Request Checklist
Which step involves physically confirming that goods or services have been received?
Step 2: Confirm receipt and complete Payment Request Checklist
According to the policy, what is the maximum allowed discrepancy between a vendor invoice and the purchase order before it must be resolved?
10% or $1,000 USD (whichever is lesser)
Which document is used to confirm authorized approvers when processing payments?
Signature Control document
What is a key requirement for ensuring appropriate financial controls during payment processing?
There must be an appropriate segregation of functional responsibilities
Which document is required to be completed for all payments?
Payment Request Checklist
What is the primary purpose of verifying invoices?
To ensure payments are made to the correct vendor for the correct amount
What is a purchase order (PO) based payment?
A payment made to a vendor for goods or services above a certain monetary threshold, with a purchase order created in the system
Test your knowledge on verifying invoices, resolving discrepancies, completing payment request checklists, and signature control documents for payment processing.
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