06-14-2011, 05:02 PM
1-Prodcurement dept. ( Purchasing dept)
As soon as goods / inventory recieved, Store keeper will update store ledgers and prepare GRN ( Goods receving notes)and ask for invoice from supplier to complete source documentS to forward Accoutns dept to update payable account of supplier.
At this stage Account payable wont be updated as there is no complete source documents recieved yet from purchasing dept.
2-Account dept will recieve source document including ( P.O alreadly recieved, GRN copy, Invoice with taxes invoices attaced and duly approved by the store and procurement dept heads)
Now Account payable will be updated and payment process may take place as per company policy.
As soon as goods / inventory recieved, Store keeper will update store ledgers and prepare GRN ( Goods receving notes)and ask for invoice from supplier to complete source documentS to forward Accoutns dept to update payable account of supplier.
At this stage Account payable wont be updated as there is no complete source documents recieved yet from purchasing dept.
2-Account dept will recieve source document including ( P.O alreadly recieved, GRN copy, Invoice with taxes invoices attaced and duly approved by the store and procurement dept heads)
Now Account payable will be updated and payment process may take place as per company policy.
