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,
Sarah
Hi Sarah,
ReplyDeleteWhen 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.
Florian