Based on the payment term in the contract, the enterprise must carry out payment procedures for the seller in cash or bank deposit After having a valid payment slip or a bank debt note, the accountant.
Based on the payment term in the contract, the enterprise must carry out payment procedures for the seller in cash or bank deposit After having a valid payment slip or a bank debt note, the accountant must record in the general ledger, details of the payable debt according to the right subjects, the right vouchers, and the paid invoices In this stage, the internal control process is only guaranteed when the person signing for approval is authorized, separating the accounting function from the signing function, and the payment process must be in the correct order Internal control activities are to ensure that the work steps in processing purchase and payment transactions are implemented properly and effectively The entity's control procedures and internal control objectives for the acquisition, recognition and settlement of accounts payable are shown below: Table 1.1 Internal Control Procedures for AP to Suppliers No Internal Control Objectives Ensure that the purchase Internal control procedures Regulation and inspection of the implementation of and payment transactions regulations on: are properly grounded - Numbering vouchers, commercial contracts, ordinal numbers of sales invoices; Content and responsibility for approving purchases; There are documents to prove the purchase and Ensure that accounts payable payment (stocking, shipping, ) Purchase and payment transactions must be approved in to accordance with the commercial contract and authorized sellers approved are properly Control procedures: review relevant seller records and order procedures