Supplier Payment Management |
  
|
Supplier Payment Management |
|
Supplier Payment Management is where you pay your suppliers. The process of paying vendors is one of the final steps in the Purchase to Pay cycle. Briefly, when a company orders goods from a supplier it raises a Purchase Order (PO), when the goods or services arrive they will receive an invoice from the supplier. If the goods or service matches the PO the details of the invoice are entered into the Account Payable system.
Remittance advice is a letter sent by a customer to a supplier to inform the supplier that their invoice has been paid. If the customer is paying by cheque, the remittance advice often accompanies the cheque. The advice may consist of a literal letter (e.g., "Gentlemen: Your shipment of the 10th inst was received in good order; accompanying is our remittance of $52.47 per invoice No 83046") or of a voucher attached to the side or top of the cheque.
Remittance advices are not mandatory, however they are seen as a courtesy because they help the accounts-receivable department to match invoices with payments. The remittance advice should therefore specify the invoice numbers for which payment is tendered.
Companies choosing to use a 3-way match process are comparing three documents – the vendor's invoice, the purchase order, and the proof of delivery report – to identify any discrepancies or incorrect information. Right mouse click on a purchase invoice to display goods receipt notes or service receipts note for purchase invoice.
1.Exit or Cancel the current process.
2.Enter the Payment Date.
3.Filter Condition for purchase invoice grid.
Here you can select the filters to display invoices that satisfy a certain condition.
4.Payment Amount.
Enter the amount to be paid. If paying in full enter the full amount or enter a partial amount for partial payments.
5.Payment reference.
A payment reference must be entered. This could be a cheque number, a bank payment reference etc.
6.1st and 2nd Approval.
Payment require this two tick box to be checked. You can setup ERPSirius to have separate staff on 1st and 2nd approval.
7.Prints a list of 1st and 2nd approved payments that will be made to suppliers.
8.Process Payment.
Save the payment details and prints the optional remittance advice. Payments are reflected in the Supplier accounts.
Goods Receipt or Job Details
Right mouse click on Purchase Invoice grid item to see Goods Receipt or Job Details. You can also double click on Job or Purchase Order number to see more details regarding the purchase invoice.