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How to Process Invoices in Accounts Payable

When company buys the goods on credit, company will get invoice of its goods. After getting the invoice, the process of paying the amount of bought goods will be started. This payment is done through invoice processing system. In simple process system, it is the duty of purchase department to check whether the
quantity, rate and amount mentioned in the invoice is according to our given purchase order. If there is any mistake, it should be returned. If all is right, it should be transferred to account department for paying and record in the books. After paying and recording, invoice processing will be completed.

In big organisation, following steps will be taken. All these steps are taken with the speed, accuracy and control.

1. To Scan the Invoice

In big organisation, all process will be automatically. For example in SAP, you just search the supplier and you will get all the data on the filter basis. You have to check its invoice quantity, rate, name of supplier and amount and other things. Some organisation gets only e-Invoices through email. So, it is very easy to to matching it with our original purchase order and further process.

2.  Prioritize  the Invoice

In this process, we see our purchase payment policies. We have to see which invoice, we have to pay first and which invoice, we have to pay after sometime. There may be our payment limit. We may pay up to a specific amount to a specific supplier. So, we see all these things.

2nd Online Payment and Accounting Process

After checking invoice, accounting department manages to pay the account payables. Before payment, we also check our cash and bank balance. If it is less than our minimum balance, we manage to acquire fund from other sources for paying account payables. Then it records in the books. Any software under ERP can do this very easy.

Related : Account Payable Process

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Accounting Education: How to Process Invoices in Accounts Payable
How to Process Invoices in Accounts Payable
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Accounting Education
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