Purchase_cycle - Purchase Ordering All orders for and...

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Purchase Ordering Inventories Receipt & invoicing Accounting Recording, accounting and credit control - All orders for, and expenditure on, goods & services are properly authorised , are for the actually received, & for the company - Orders are only made to authorised suppliers - Orders are made at competitive prices • All expenditure is authorised & for goods actually received • All expenditure is recorded correctly in the nominal & PL • All credit notes received are recorded in the nominal & PL • All entries in the PL are made to the correct PL a/ c Cut-off applied correctly to the PL • G&S received are used for the org.'s purposes & not private • G&S are only accepted if they have been ordered with authorised order • All G&S received are accurately recorded Liabilities recognised for all G&S received • All due credits are to claim • Receipt of G&S is necessary to establish a liability • Central policy for choice of suppliers • Evidence required of requirements for purchase
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