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2B: reconciling Invoices for payment

Creditors are the people or businesses who have supplied a business with goods or services for which they
must be paid. Typically creditors will supply their goods and services and then submit an invoice or
account (bill) to a business in order for the payment to be made. Often the creditor stipulates the terms
of payment which can include the number of days to pay and the type of payment accepted.

Example invoice:

Specialist Mechanical Services


ABN: 92 644 718 222
1381 Bush Lane
Trumpville NT 7666
Ph 07 9272 8888

TAX INVOICE NO: 01653


Date: 23 March 20XX

To: Bigwheels Transport Group


1144 Takeit Way
Ooompaloompa NT 8889

Price GST Total GST


Date of supply Description of supply GST
Exclusive Inclusive
Repairs to Vehicle NNN76NT
16 Feb 20XX o/n 003 $1,080.00 $108.00 $1,188.00
Fuel o/n 123
16 Feb 20XX $61.60 $6.16 $67.76
Trailer repairs IH 55668 o/n
20 Feb 20XX 188 $800.00 $80.00 $880.00
19-20 Feb 20XX Tyres KYL 769 o/n 222
$506.90 $50.70 $557.60
23-7 Feb 20XX Panel beating repairs
vehicle JUB i3EE $1,500.00 $150.00 $1,650.00
o/n 300
Subtotals $5,821.50 $582.15 $6,403.65
TOTAL AMOUNT PAYABLE $6,403.65

Total includes GST of $582.15

Please direct deposit payment into ANZ Bank


Branch: Wasted Money
BSB: 165 152
Account No: 14 61616
Account name: Specialist Mechanical Services Terms: Strictly 7
days

The payments clerk should check each invoice that has been received is in order and is the
responsibility of the company to pay.

Common parts of an invoice that should be checked include:


goods/ services were ordered/ requested
goods/ services were all delivered/ provided
purchase order given on the invoice matches the company records of purchase orders
purchase of the goods and services were authorised by the appropriate person in the
business .
goods and services were received and were of satisfactory quantity and quality
invoiced amount is the same as the price quoted
subtotals and totals are correct
Goods and Services Tax (GST), if applicable, has been calculated correctly
discounts, if applicable, have been applied
invoice has not already been paid
company sending the invoice is a legitimate (real) trading partner

A payments clerk will use a range of methods to perform the verifications and they often relate to
a more comprehensive ordering process. For example, in order to check that the goods/ services
were actually ordered many companies use a purchase order system. A purchase order is a
written sales contract between the business (the purchaser) and a specific seller. It sets out the
exact nature of goods/ services that are required and specifies the payment terms, delivery dates,
item identification, quantities, shipping terms and any other obligations and conditions for both
parties.

Purchase orders are usually individually printed, numbered documents which are generated
by the business's financial management system. Once an invoice has been received the
payments clerk can match the purchase order number quoted on it to the purchase order
number in the finance system and check that the details match.

Where the payments clerk needs to check that the goods/ servicesconfirm that the goods and
services have been delivered correctly.

To make the reconciliation of order and invoice process quicker and more streamlined many
businesses keep the details of their regular creditors on file.

These business details can include:


Registered business name.
Trading names.
Australian Business Number (ABN). and/or
Australian Company Number (ACN).

When reconciling invoices from companies who are regular suppliers, the payments clerk just has
to consult a master list, whereas with new suppliers, these details might need to be recorded into
the system. Regardless of the process used, a payments clerk must always follow the procedures
set down by their company.

Now complete the learning task below. (called task 6 in the


activities tab)

Identify four risks in paying an invoice without having thoroughly checked it.

1. _________________________________________________________________________________________
_________________________________________________________________________________________
2. ________________________________________________________________________________________
__________________________________________________________________________________________
3. ________________________________________________________________________________________
__________________________________________________________________________________________
4. ______________________________________________________________________________________
____________________________________________________________________________________________

1. Create a checklist for display on the office wall to help staff remember the different aspects of an
invoice that should be checked before authorizing an invoice for payment List at least eight areas
where an invoice should be checked.