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author's profile photo Former Member
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Former Member

Invoice verification procedure

Posted on Aug 11, 2009 at 06:16 PM 19 Views

Hi,

Invoice verification is done by MM department,

-Does FI do any further verification on these MM verfified invoices?

-What is the control that FI have on these invoices?

Could you please suggest the best practice scenario in which FI has control on the verification process of invoice.

At what point of time SOX testing is done for better controls?

Thanks and Regards

Shodhan

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    author's profile photo Former Member
    Former Member
    Posted on Aug 12, 2009 at 04:52 AM
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    Hi,

    if you ask general. this is the answer

    First of all tell as about the invoice?

    is it invoice for customer or invoice for vendor?

    ok for example if it is invoice for customer mean A/R department will take place to check

    the cash discount, tax, and other payment procedure.

    if it is invoice for vendor in sense AP department will take place in order to check the

    payment procedure and terms.

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  • author's profile photo Former Member
    Former Member
    Posted on Aug 12, 2009 at 04:46 AM
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    Hi,

    The job allocation has been done in such a way that MM is creating PO, releasing it, executing MIGO & MIRO and only payment is taken care by FI. It is Company's internal allocation of work which they can review and authorise FI to handle MIRO process so

    that the FI department can well verify the central and state taxes have been properly captured before making the payment. There

    is no Best practices involved here. There are few companies where the staff are handling multiple departmental work like

    MM-PP; PP-PM; MM-FI; PP-CO; FI-HR.

    Regards,

    Sadashivan

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