Making payments to suppliers is a key part of the CONTROL ACCOUNTS, JOURNALS and the BANKING SYSTEM course.
You are part way through the CONTROL ACCOUNTS, JOURNALS and the BANKING SYSTEM course and you should have read the pages listed below before reading this page:
Welcome to Making Payments to Suppliers.
It is important as an Accountant or Bookkeeper that you understand the practicalities of making payments to suppliers . You need to be aware of the different ways of making payments a business can undertake:
The Accounting Trainee should know what checks to undertake to ensure that the right amount of money is paid and to the right person.
The Accounting Trainee should know the companies internal procedures for making payments to suppliers, the procedures for one-off payments by cheque on capital expenditure.
How regular monthly payments for insurance and energy payments through standing orders and direct debits are made.
Another important aspect of making payments is the payments of wages by variable BACS direct credit systems.
Handling and making payments with cash is another important aspect of the Accounting Trainees job, as cash is often a target for theft!
Accounting trainee examiners will expect you to:
-know what a cheque requisition form is
-know what a bank giro credit is
-know what is meant by AUDDIS
-know what is meant by CHAPS
-the differences between the drawer and payee of a cheque
-differences between a debit card and a credit card
-understand what is meant by a dishonoured cheque
-define and prepare cheques and paying-in slips
-define a bank draft
-know what is meant by EFTPOS
The link to Amazon for the recommended reading on Making Payments to suppliers is:
Now let’s test your knowledge of making payments to suppliers- go to the test below.
QUIZ: MAKING PAYMENTS to SUPPLIERS
Leaderboard for making payments1. Kai G-30 Points
2. Amber-27 Points
3. Mongolian-27 Points
4. -27 Points
5. -27 Points