Liaise with supplier / internal departments if discrepancies
Record PO details in Accounting Package / Attach supplier invoice
files
Update PO's as Paid in, and Generate Payment Instructions within,
Accounts Package
Upload Payment Instructions to Bank for wire transfers
Provide Payment advice to suppliers
Reconcile Bank Balance post payments.
Inputs
From
Details
Supplier
Invoice for services provided to TOT
Bank
Transaction / Balance Data
Outputs
To
Details
Bank
Payment Instructions
Supplier
Invoice remittance
Current Processing Flow
Suppliers send invoices to TOT for the services they have provided.
Accounts staff seek to find a corresponding Purchase Order record
in the internal system
If an internal purchase order is not found, accounts staff will
seek the relevant department that the invoice pertains to so that
the charges can be validated
Where an Internal Purchase Order record exists, Accounts staff
reconcile the supplier invoice to the internal record
If discrepancies are encountered, accounts staff will liaise with
the respective internal department, and/or the supplier to resolve
the discrepancy
Once the invoices are financially validated, they are manually
entered into the accounts package
The accounts package is preconfigured with nominal code data which
is used to categorise the service costs
Additionally the accounts package is configured with supplier credit
terms which are used to calculate invoice payment date
Accounts staff run a payment process in the accounts package
which identifies pending payments, i.e. payments that
Have met or exceeded their payment date
Have not been paid
Within the accounts package, accounts staff generate a e-payment-report
for the set of payments identified in #9. The e-report contains payments
instructions for each of the payments
Accounts staff save this e-payment report to their desktop. At
the same time, in the accounts package, they update each of the payments
identified as "Paid"
Accounts staff upload the e-payment report to TOT's Banking provider,
which then generates the corresponding wire transfer payments
Remittance advices can be generated from the accounts package and
sent/emailed to suppliers to confirm payments.
Finally, post payments, the updated bank balance for TOT is reconciled
back to the accounts package to verify that the balance is in proof.