Expenditure cycle Flashcards
1Requisitioner
Prepare pre-numbered requisition
Obtain approvals needed
send the original copy to purchasing
inspect goods when received from the receiving department, sign receiving report upon receipt of goods
2Purchasing
receive approved requisition
contact approved vendor
issued pre-numbered purchase order to:
Original goes to the vendor
Blind copy to Receiving
Copy to AP
File copy
5Accounting
receive purchase summary
post to GL
reconcile GL and AP
reconcile vendors monthly statements and AP master file
4Accounts payable
receive vendor invoice
match documents
cehck mathematical accuraccy
prepare prenumbered voucher
account for the numerical sequence of vouchers
data entry
prepare purchase jounal
Update AP master file
daily purchase summary
reconcile daily purchase summary
3Receiving
receive goods from the vendor
inspect goods, all shipments received must have a PO
prepare received report
Match details of the order received with a blind copy of PO and indicate the quantity received
send goods to requisitioning department, obtain signature
Distribute received report