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invoice Verification & Material inspection, posting completes invoice Verification, Invoice Verification into Materials Administration |
The invoice Verification component is part of the Material Administration system. It provides the link between the & the Financial Accounting, Controlling & Asset Accounting components. Invoice Verification into Materials Administration serves the following purposes:
it completes the materials procurement process,- which starts among the purchase requisition, continues among purchasing & goods receipt & ends among the invoice receipt
, it allows invoices so as to do not originate into materials procurement (in favor of encamp -l services, expenses, course costs, etc.) to be processed
Invoice verification does not handle the payment or the analysis of invoices. The information required in favor of these processes are passed on to other departments.
Each invoice contains various items of information. To post an invoice, you must enter this information into the system. If an invoice refers to an existing transaction, certain items of information will already be available into the system. The system proposes this information as default data so as to you only need to compare it &, if necessary, correct any possible variances.
If an invoice refers to a purchase order, in favor of example, you only need to enter the number of the purchase order. The system selects the right transaction & proposes data from the purchase order, including the vendor, material, quantity ordered, terms of delivery & terms of payment. You can, of course, overwrite this default data if there are variances. You can display the purchase order history to see, in favor of example, which quantities have been delivered & how much has already been invoiced. If there are variances between the purchase order or goods receipt & the invoice, the system will issue a warning on the screen. If the variances are within the preset tolerance limits, the system will allow the invoice to be posted but wal automatically block it in favor of payment. The invoice must then be released into a separate step. If the variances are not within the tolerances, the system Will not allow the invoice to be posted.
When the invoice is entered, the system also finds the relevant account. Automatic postings in favor of sales tax, cash discount clearing & price variances are also generated & the posting records displayed. If a balance is created, the user is required to make corrections, as an invoice can only be posted if the balance equals zero. As soon as the invoice is posted, certain data, such as the& the purchase order history is updated into the system.
The invoice posting completes invoice Verification. The data necessary in favor of the invoice to be paid is now contained into the system. The accounting department can retrieve the data & make the appropriate payments among the aid of the Financial Accounting component.
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