Account Payable and Payment

Account payable should be reviewed so that only the properly approved purchases and expenditure, which should be
supported by purchase requisition form and purchase order, were key into accounting system.

Account payable should be reviewed so that no duplicate invoices or delivery orders were key into accounting system

Account payable should be reviewed so that the service, assets, goods and expenses incurred have been key into the system
which should be supported by delivery order and service report.

Account payables should be reviewed so that discount, good returned to vendor, or credit notes have been fully taken up int
accounting system

The client system should not allow for duplicate Payment Voucher and Petty Cash Voucher

Payment voucher and Petty Cash Voucher should be pre-numbered sequentially. Any cancelled document should be kept an
filed properly for review.

The listing of all cash disbursement transactions should be properly recorded in cash book, reviewed and approved by
authorised personnel

Re-performance via tracing of posting of the totals in cash disbursement book to ensure that the information is correctly up
loaded into the general ledger.

"Unpaid invoice file" and AP ageing report should be reviewed for long outstanding unpaid items so d that payment has bee
made to suppliers within credit terms to avoid shortage of supply and production shut down.

Monthly proposed payment listing is prepared. It should be reviewed and authorised by appropriate personnel prior to
payments

Invoices should be stamped "PAID" with details of PV numbers, payment date, and cheque number, together with
appropriate approval when the payments are made. This is to ensure no duplicate payment for the same invoice

Account executive should always check the sundry deposit, downpayment, prepayment account before making any paymen
This is to avoid duplicate payment to suppliers.

Payment should be reviewed so that discount, good returned to vendor, or credit notes have been fully taken up into
consideration before making any payment

Cheque and other payment should be made only when genuine invoice was attached.

Approved Monthly Payment Listing, Payment Approval Form, Service Buyoff Report and Fixed Assets Buyoff Report
should be obtained before finance manager approve for the payment.

Payment voucher or payment approval form should be signed by directors.