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Arma, Jeanevive L.
Azores, Dennice E.
Martin, Nicole M.
Masongsong, Jayka C.
Mayor, Jessica D.
Salamanca, Danica Mae C.
- process in which businesses inquire, request,
receive, and then pay for raw goods and services.
PURCHASE-TO-PAYMENT PROCESS
INTERNAL CONTROL :
1. Treat the supplier as partner and not vendors.
2. On time payment
3. Build relationship that is stronger and deep.
4. Price is what you pay, value is what you get
5. Detailed Agreement
INTERNAL CONTROL:
SELECTION RISK : 1. Require supplier to sign a code of conduct every
1. Financial Stability year
2. Operation 2.Ensure the vendor set-up process incorporates
3. Too much or too little information in the fiscal Duty segregation.
document. 3.Implement Check validation of select Vendor
payment
4. Develop an integrated supplier database
5. Back up suppliers for primary materials
PURCHASE REQUISITION
Controls:
1. Designate somebody as the central authority for handling the purchase of
goods. This individual should understand and be familiar of all purchasing
activity as well as understand purchasing policies and procedures.
2. Set purchase price limits and ensure purchases remain within transaction
limits and charges are not split into multiple transactions to avoid
exceeding.
INTERNAL CONTROL:
INTERNAL CONTROL:
• Security of Assets: - secure materials in a safe location.
- periodically count your inventory and compare the results with the
amounts shown on control records.
• The vendor can invoice the customer at any time after the
items are shipped. By using an electronic invoicing solution,
the P2P process can be streamlined so that the information is
entered into the customer's accounts payable system.
• When the items are received, matched against the invoice and
purchase order, the invoice processing can commence.
ACCOUNTS
PAYABLE/PAYMENT STATUS