Once raw materials are ordered from vendors for jobs, the purchase order is entered into the accounts

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Once raw materials are ordered from vendors for jobs, the purchase order is entered into the accounts payable system. Classify each of the following steps in an accounts payable invoice payment process as bot-ready or manual.
1. Open hard-copy postal mail from suppliers.
2. Assign a bar code to each invoice received.
3. Scan each bar-coded invoice.
4. Save each scanned invoice in the accounts payable software system.
5. Create a work item in the accounts payable software system by entering the information from each bar-coded invoice including invoice number, purchase order number, date, quantity, and price.
6. Match each invoice to the related purchase order in the Excel purchase order file.
7. If the invoice does not match the purchase order, an accounts payable supervisor investigates that invoice.
8. Match each invoice to the related receiving report located in the receiving report file.
9. If the receiving report does not match the invoice, an accounts payable supervisor investigates the discrepancy.
10. Match the vendor name and address on each invoice with the approved master vendor list in the accounts payable system.
11. If the vendor is not on the approved master vendor list, approval from a purchasing department supervisor is needed.
12. If the purchase order has been matched, the receiving report has been matched, and the vendor is on the approved master vendor list, the calculations on the invoice are accuracy checked.
13. If the invoice calculations are correct, the invoice is scheduled for payment.
14. If the invoice calculations are not correct, a supervisor investigates and reroutes the invoice for correction by the vendor.
15. Electronic payments are generated for approved invoices.
16. Each vendor is e-mailed a notice that a payment has been processed.

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Managerial Accounting

ISBN: 9780137858514

7th Edition

Authors: Karen W. Braun, Wendy M. Tietz

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