GFBES Spending Chain- Accts Payable
Questions and Answers | Latest Update |
2024/2025 | 100% Verified
How does the accounts payable process begin?
The process begins when a purchase order is issued and goods or services are received,
which generates an invoice from the vendor.
What rol...
✔✔ The process begins when a purchase order is issued and goods or services are received,
which generates an invoice from the vendor.
What role does invoice verification play in accounts payable?
✔✔ Invoice verification ensures that the details on the invoice match the purchase order and
receipt of goods before payment is processed.
What is a three-way match in accounts payable?
✔✔ A three-way match involves comparing the purchase order, invoice, and receiving report to
ensure all documents are consistent before payment.
Why is timely processing of invoices important?
✔✔ Timely processing helps avoid late fees, maintains good vendor relationships, and ensures
that financial records are accurate.
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, What is the purpose of a payment voucher in accounts payable?
✔✔ A payment voucher authorizes the payment of an invoice and provides a record of the
transaction for accounting purposes.
How can discrepancies between invoices and purchase orders be resolved?
✔✔ Discrepancies can be resolved by investigating the source of the mismatch, such as incorrect
pricing or quantities, and making necessary corrections.
What are common reasons for delayed payments in accounts payable?
✔✔ Common reasons include missing or incorrect invoices, approval delays, or issues with
purchase order matching.
How does the accounts payable department handle disputes with vendors?
✔✔ Disputes are handled by reviewing documentation, communicating with the vendor, and
resolving any issues related to pricing, delivery, or terms.
What steps are involved in processing a vendor payment?
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