Accountining information Discussion Board Week 3.docx

Warehouse manager who reports to vice president of

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Warehouse Manager , who reports to Vice President of Manufacturing . The Inventory Stores Department , which also reports to the Warehouse Manager , is responsible for the storage of the goods. The receipt of goods must be communicated to the inventory control function to update inventory records A receiving report is not typically used for receipt of services. Receipt of services is typically documented by supervisory approval of the supplier’s invoice Paying For Goods and Services The third main activity in the expenditure cycle is paying vendors. There are two basic sub- processes involved in the payment process: Approval of vendor invoices and
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Actual payment of the invoices. Approve Vendor Invoices for Payment Approval of vendor invoices is done by the accounts payable department, which reports to the controller. The legal obligation to pay arises when goods are received; but most companies pay only after receiving and approving the invoice. Pay Approved Invoices The final activity in the expenditure cycle is the payment of approved invoices The cashier reviews the voucher package , approves the payment, prepares the check for payment and signs the check.
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  • Fall '08
  • Staff
  • Payment, Supply chain management terms, invoice

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