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Payment Process By NEERAJ SINDHU

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Neeraj Sindhu

The document outlines the typical payment process for a company. It involves 6 key steps: 1) creating a purchase requisition listing needed goods, 2) issuing a purchase order specifying product details, 3) checking goods receipts against the order, 4) obtaining a work completion certificate once the order is fulfilled, 5) reviewing bills and payments in a payment advice, and 6) preparing the final payment once all steps are complete. The process ensures orders are properly documented, fulfilled as specified, and paid accurately.

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Payment Proces S T U D E N T O F B M U R O H T A K BY :-NEERAJ SINDHU B.TECH, MBA (FINANCE & MARKETING)
payment Process
Payment order Sequence I. Purchase requisition II. Purchase order / service order III. Goods receipts notes IV. Work completion certificate V. Bills payment advice
Purchase requisition In this the company will make a list of what type of product or good should be purchased from were and why. Then the company will forward this requirement for the further process .
Purchase order/ Service order In the purchase order we need to make a receipt according to the our/company requirement. This receipt consist of types of goods Quantity, Quality and vendor name. Date of order , order no. every contract has difference T&C .
Goods receipts notes In the receipts notes we have to check goods quantity and quality. After the checking we also need to give physical certificate. The quantity of goods are matching PO or not. Check order no and order date. Price matching with PO
Work completion certificate At the last user department give the work completion certificate after the completion of the order or work. Check the goods and service at the work time. If we dont give the work completion certificate then the payment process would be on hold.
Bills payment advice In the bill payment advice we check the all types of advance pay and pending pay. Add the transportation cost If we give the order from foreign country then we can pay demurrage charge according to time and weight. Due date and order no. Tally the invoice amount and the actual amount. T &C apply.
Ready to pay After this the payment order is ready for the payment. If in case any sequence order doesnt satisfy then the payment order is not ready for the payment.
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Payment Process By NEERAJ SINDHU

  • 1. Payment Proces S T U D E N T O F B M U R O H T A K BY :-NEERAJ SINDHU B.TECH, MBA (FINANCE & MARKETING)
  • 3. Payment order Sequence I. Purchase requisition II. Purchase order / service order III. Goods receipts notes IV. Work completion certificate V. Bills payment advice
  • 4. Purchase requisition In this the company will make a list of what type of product or good should be purchased from were and why. Then the company will forward this requirement for the further process .
  • 5. Purchase order/ Service order In the purchase order we need to make a receipt according to the our/company requirement. This receipt consist of types of goods Quantity, Quality and vendor name. Date of order , order no. every contract has difference T&C .
  • 6. Goods receipts notes In the receipts notes we have to check goods quantity and quality. After the checking we also need to give physical certificate. The quantity of goods are matching PO or not. Check order no and order date. Price matching with PO
  • 7. Work completion certificate At the last user department give the work completion certificate after the completion of the order or work. Check the goods and service at the work time. If we dont give the work completion certificate then the payment process would be on hold.
  • 8. Bills payment advice In the bill payment advice we check the all types of advance pay and pending pay. Add the transportation cost If we give the order from foreign country then we can pay demurrage charge according to time and weight. Due date and order no. Tally the invoice amount and the actual amount. T &C apply.
  • 9. Ready to pay After this the payment order is ready for the payment. If in case any sequence order doesnt satisfy then the payment order is not ready for the payment.