Anda di halaman 1dari 2

3A: Rectify discrepancies

This section covers the following performance criteria:


Correct and authorised invoices are processed for payment and entered into
financial records as required
Creditor inquiries are resolved within scope of authority or referred to
appropriate personnel in accordance with workplace procedures

Correct and authorised invoices are processed for payment


and entered into financial records as required

Once an invoice has been checked and approved, it can be paid and the transaction
entered into the financial records. How invoices are paid will depend on the policies
and practices of each company but can include payment via company credit card,
company cheque, and electronic funds transfer.

Hard copy records are typically stamped with the word paid or has this written onto it to
provide a visual indication that payment has been completed. All transactions should
have a transaction number/cheque number and date written onto the invoice to speed
up answering any queries about payment

Recording the invoice payment


To maintain accuracy of financial records each invoce payment should be recorded.
This enables the business to track their expenditure and monitor their cash flow.

How the records are created will depend on the specific finance system that is being
used and a payments clerk should always refer to their company's policies and
procedures for guidance.

As a general guide, the following information should be recorded:


date of invoice payment
date of supply
supply details
supplier name and/or business ABN
method of payment/bank account details
amount paid GST paid
person authorising payment
person making payment
any notes relating to the transaction eg discrepencies/issues etc

ABN and GST


The GST applies to most goods and services but not all companies need to collect it.
When a supplier is collecting the GST on behalf of the Australian Taxation Office then
they must be registered to do so. Whether or not GST is included in the invoice will
affect how it is recorded in a financial transaction system. The GST information must be
recorded correctly as it might affect whether your business is able to claim back the GST
that they have paid.
If a supplier is not registered for GST then the full amount of the invoice should be
recorded in the relevant expense column. If the invoice is for more than $75.00 it is
generally recommended that the supplier's ABN is also recorded.

If the supplier is registered for GST then the amount entered in the relevant expense
column is the net (not including) of GST amount (usually 10/11ths of the GST
inclusive price). This is the case whether the tax invoice has the appropriate
entries or not.

Software packages
There is a wide range of accounting and financial practice software that companies can
use to help make the record keeping of paid invoices easier. These systems include well-
known brands such as MYOB and QuickBooks, as well as software that is specific to
particular industries. When using any financial software program a payments clerk
should undertake relevant training, including reading the online and hard copy user
guides that come with the software, and having coaching/ support from colleagues.

Now complete the learning task below. (called task 9


in the activities tab)

1. What information should be recorded in regards to paying an invoice? List at least 10


pieces of information you should record when payment of an invoice occurs
. __________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.

2. How does the GST impact on making payments for goods and /or services? Comment
on the value of the invoice and the need to collect and pay to the Tax Office any GST
collections.
. __________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.