paying suppliers – lesson 8

It's only fair to share...Share on Google+Pin on PinterestShare on LinkedInShare on Facebook




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:

PROCESSING BOOKKEEPING TRANSACTIONS COURSE: lesson 1

 

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:
Purchase order
Delivery note
Goods received note(GRN)
Purchase invoice
Purchase Credit note
Prepare Payments to Suppliers

 

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





Before attempting this quiz you should have read chapter 7 entitled "Prepare Payments to Suppliers" of your recommended textbook “Bookkeeping 1"
Please attempt all questions and then press the submit button at the end, you will then be taken to your results page.
 
Good luck!



Name


1
When the bookkeeper or Accounting trainee has checked the invoice, delivery note and credit note and everything is in order, he/she will then be in a position to pay the supplier's account in the ...................



2
Most suppliers will send a ......................... to each customer , listing sales, returns and payments.



3

It is very important that the bookkeeper or accounting trainee ................................. the items on the statement of account with the suplier's account in the purchase ledger


4
Discrepancies between the supplier's statement of account and purchase ledger account must be ...................................


5

A note sent to the supplier advising them that payment is to be made is called a ...........................


6
A ....................................... is a tying up of the suppliers documents with our own accounting records.



7
A difference between the supplier's documents and our accounting records is called a ...................................


8
BACS stands for Banks Automated ................................ Services



9
Invoices must be checked and ......................... before payment.


10
A remittance advice note is always dispatched with the delivery of goods.










Leaderboard for Prepare Payments to Suppliers

1. Mohamed Finos-30 Points
2. -30 Points
3. -30 Points
4. MIH01-30 Points
5. -30 Points

For a list of all the FREE courses on this site please click this link.

Leave a Reply