Monday, 9 July 2012

Full Function Accounts Payable

Hi Platinum,

I went to an interview last week, and came across a question which is "Have you experience a full function of Accounts Payable".

My question is: is there something particularly should be paid attention when you process the payment? Also, what does a remittance advice look like (eg, the structure, the content)?

Best regards,


1 comment:

  1. Hi Sarah,

    When processing the payment, you should look out for the following:

    · Correct banking detail – always double check this as vendor might change the banking details, especially during the transition period when the business is sold to another party;

    · Using right reference – it could be the invoice number or account number. Vendors usually would specify such info as part of the payment requirement.

    · Sending out remittance advice – the vendor will do their bank rec so that both sides will keep the same outstanding records.

    · Doing bank rec more frequently – in this case, you will know whether the payment has been bounced back or gone to the right account;

    Also for reference, a remittance advice is a kind of a receipt after you make the payment. MYOB can generate a remittance advice for you so you don’t need to create your own format. you can open your MYOB file – Pruchases-Print/ Email remittance advice, and choose if you want to print or email remittance advice for the selected tax invoice.

    Hope that helps.