Paying suppliers is a key part of the free processing bookkeeping transactions course, Accounting Trainees and Bookkeepers must know procedures involved.
You are part way through the FREE ‘Processing Bookkeeping Transactions’ course and you should have read the pages listed below before reading this page:
Welcome to paying suppliers.
An Accounting Trainee or Bookkeeper must know how to Prepare payments to suppliers, it is a very important aspect of the their job. Accounting examiners will expect you to have a thorough understanding of the purchasing process within the accounting system.
You need to be thoroughly familiar with the purchasing process and know how the following documents fit into the accounting system:
Goods received note(GRN)
Purchase Credit note
You need to understand the procedures for checking and reconciling statements of account against the entries in the purchase ledger.
You need to be able to prepare accurate remittance advice notes for making payments by BACS or by cheque.
Reconciliation is an important aspect of preparing payments to suppliers. Do not be put off by the big word “reconciliation”, all it means is looking at the suppliers documents and comparing them with our internal accounts and tying up any differences and discrepancies.
Now let’s see what you know about paying suppliers – try the quiz below.
Here is the link to Amazon for the course books:
QUIZ: Paying Suppliers
Leaderboard for Prepare Payments to Suppliers1. Mohamed Finos-30 Points
2. -30 Points
3. -30 Points
4. MIH01-30 Points
5. -30 Points