RSM427H1 Lecture Notes - Lecture 11: Purchase Order, Accounts Payable
Document Summary
A/p supervisors and managers are assigned with different authority limits based on their responsibilities with processing accounts payable transactions. To make sure: the amounts more than k are approved by the managers, and the ones exceeds k are approved by the cfo. It department can make changes related to user group authorities. When an invoice is received, the a/p clerk will key the po number into the system, review the status of the purchase order (po) on jde and enter the invoice number and amount of the invoice. Po with quantity and serial (cid:374)u(cid:373)(cid:271)er that does(cid:374)"t (cid:373)at(cid:272)h with goods received are placed in the suspense account. Suspense receiving account is reviewed daily and resolved by the receiving. Supervisor who is the only one with access to this function. Operating effectiveness test procedures (provide (why do we have the control) Prevent unauthorized staff and personnel to process potentially large payments to accounts of third parties.
