Account Payable Processing In Xero With Receipt Bank

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  • Published date: July 9, 2020
    • Navrangpura, Ahmedabad, Gujarat, India [ Ad Id - 100142 | Ad Views - 9 ]

Accounts payable are the amount a company owes that to its suppliers and vendors. So, it is a liability to the business that you need to clear off as soon as possible. However, the processing of payables is not an easy job. However, if not done correctly, it can easily and adversely affect the business. But thanks to the technology these days, there is various software available in the market for Account Payable Processing In Xero With Receipt Bank.

Working On the Accounts Payable Process

We cannot manage Accounts Payable in one or two steps. Rather, it has its own set of processing-cycle. We call this cycle ‘Accounts Payable Cycle’. We also know this account payable cycle as ‘Procedure to Pay’. Let’s learn more about this ‘Procedure To Pay’ cycle.

What Is ‘Procedure to Pay’?

The ‘Procedure To Play’ or P2P cycle belongs to the expenditure cycle of the company. It involves all the steps from the order of purchase to receiving the order and processing final payments. It includes 12 steps:

Determination of Goods Required:

The production departments detect the need for stock and the goods required.

Procurement Process: The purchase order is generated by the purchasing department if we have made only no similar orders.

Search for Suppliers: Potential Suppliers are short-listed or we contact the already tied vendors.

Request for Proposal: To receive a quotation from the supplier, requests for a proposal are sent to them.

Review Received Quotation: Review the quotation received from the suppliers that include price, quality of the product.

Negotiation: The company makes negotiations with the selected suppliers to lower the prices.

Purchase Order: The purchase order is sent to the supplier after having fixed everything.

Supplier Confirmation: The supplier sends confirmation that their order has been placed.

Supplier’s Duty: It is the duty of the supplier to send quality and non-damaged goods timely.

On Final Delivery Of Goods: The goods received are further checked that everything has been sent from the supplier that was ordered.

Invoice Entry: The entry of the invoice in the books of accounts that further starts the process of payments.

Payment: It processes payments in favour of suppliers on the due date.

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