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Hello.
below is an extract deficiency from ”108 Greystone”.
sir can u help me to come up with control recommendation. the recommendation in the kit is quite complicated.Purchase invoices and GRNs are manually matched, which is time consuming.
The manual processing of high a high volume of documents is prone to human error. Invalid
invoices may be processed as a result.This is what I have from the originally published answer – my words in [ ]:
“Purchase invoices are manually matched to a high volume of GRNs from the individual stores.
A manual checking process increases the risk of error, resulting in invoices being accepted or rejected erroneously [in error].
The checked GRNs should be logged onto [i.e. recorded in] the purchasing system, matched against the relevant order number; then, as the invoice is received this should be automatically matched.
The purchasing clerk should then review for any unmatched items.”got it thanks sir.
another question sir, how does the sales clerk confirm if the purchase invoice contains correct details of prices and discounts as the GRN does not contain these details
thanks .
I presume you mean purchases/buying clerk. Depending on the accounting system, the price might have been recorded on the purchase requisition or purchase order. Or there will be suppliers’ catalogues or price lists available for reference. Discount arrangements might be documented in the Ts & Cs of a contract with a supplier and/or included in the supplier’s master file as standing data.
for instance, suppose am payable/ purchase ledger clerk, i have received invoice form supplier and also i have received copy of GRN from the warehouse.
how can i confirm whether the supplier has invoiced using correct prices agreed in the purchase order before recording the invoice
thanks..
got it sir, but i have seen in the books that purchase order is prepared in three parts, one for supplier, one for warehouse, and third one for purchasing/ordering department. Meaning accounting department does not receive copy of purchase order.
thanks
“OR there will be suppliers’ catalogues or price lists available for reference.” i.e. in the absence of a PO. In “old” days, there would be a pile of catalogues and “RRP” (recommended retail price) lists. Nowadays, they can be filed on a computer – or looked up on the internet.
When YOU receive an invoice – how do you check the price you have been charged? Or have you never had to pay a bill?
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