AP Check list

Ensure the following are properly setup for the P to P Life Cycle. ( mainly payables as purchasing is covered)

-       All Payment terms

-       Financial Options

-       Payable options

-       All Currencies and Suppliers ( incl. 1099 suppliers)

-       Employee expense report templates for covering all expenses like meals, car rental, air fare etc.,

-       All Invoice taxes, USE taxes, VAT taxes and Withholding taxes

-       Invoice accounting & payment accounting ( at issue time or clearing time or both)

-       Customised reports

-       Check for transfer to GL and to Cash management

-       All payment formats and payment documents

-       All bank accounts – Internal and Supplier

-       If bank to bank transfer, check for Electronic data interface.

-       All distribution sets for distributing the header amount to various beneficiary departments.

-       Special calendars for Recurring Invoice,Withholding taxes and Payment terms.

-       Check for automated Evaluated Receipt settlement for Pay on Receipt and Pay on use ( Self billing)

-       Tolerances for Quantity, price, tax, exchange rates etc.,

-       Standard attachments to Requisitions, Purchase orders, etc.

-       Check for Jobs, positions, hierarchies, approval groups, approval assignments, document types and buyers.

-       Look up codes for Quote approval reasons, Inspection codes, reply via, acceptance types, freight terms, FOB, UN numbers, hazard class etc.,

-       Invoice hold and release names.

-       Check account generators for Charge, accrual, budget and variance accounts defaulting into purchase orders.

-       Ensure period opening of GL, Inv, PO and Payable modules.

Perform the following tests before calling the client

-       Make a check by creating a std invoice with diff currency and pay thro’ payment work bench. Verify the Supplier’s book of accounts for both Invoice and payment accounting.

-       Check for PO default and Quick match for both PO match and Receipt match options selected in Purchase orders.

-       Check for pre-payment and adjustment against unpaid invoices.

-       Check for Debit memo, credit memo and mixed invoices and verify our liability getting reduced in the outstanding dues to supplier.

-       Check for price correction and matching to another invoice.

-       Check for distribution getting created by manual entry, PO match, Receipt match, Invoice match and by matching methods ( Distribution set, allocation, invoice validation process[at the time of withholding tax entry] and Price correction)

-       Check for taxes incl. WHT getting created in distributions

-       Check batch payments.

-       Printing of cheques.

Creation of automatic Interest invoice for delayed payments.