30 Checklists
of the
Invoice
Verification
@Saheena Ansari
The
Procurementholic
#saheena
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@Saheena Ansari
Invoice Information
Invoice Date: Verify that the invoice date is
current and matches the goods or services
received to date.
Invoice Number: Check that the invoice
number is unique and sequential.
Supplier Details: Confirm that the supplier's
name, address, and contact information are
correct.
Your Company Details: Ensure your company's
name, address, and contact information are
accurate.
Purchase Order (PO) Number: Validate that the
PO number (if applicable) matches the one
issued for the order.
Payment Terms: Check if the payment terms
(e.g., net 30 days) are in accordance with the
agreed-upon terms.
@Saheena Ansari
Order Details
Goods/Services Description: Confirm
that the description of goods or services
matches what was ordered and received.
Quantity: Verify that the quantity billed
matches the quantity received.
Unit Price: Ensure the unit price aligns
with the agreed-upon pricing.
Total Amount: Calculate the total
invoice amount accurately.
Supplier
Relationship
Communication: Maintain open
communication with suppliers regarding
invoice issues, payments, and inquiries
to foster positive supplier relationships.
@Saheena Ansari
Taxes and Fees
Sales Tax/VAT: Ensure the appropriate
sales tax or value-added tax (VAT) is
applied correctly.
Additional Fees: Check for additional fees,
such as shipping or handling charges, and
verify their accuracy.
Payment
Processing
Payment Initiation: Initiate payment only
after successful verification of the invoice.
@Saheena Ansari
Payment
Authorization
Authorization: Verify that the invoice
has been authorized for payment by the
appropriate personnel.
Purchase Order Match: Cross-reference
the invoice with the corresponding
purchase order (if applicable) to confirm
alignment.
Data Entry Accuracy
Data Entry Verification: Double-check
data entry to prevent manual errors in
recording invoice details.
@Saheena Ansari
Receipt Confirmation
Goods/Services Receipt: Confirm that the
goods or services have been received and
are in acceptable condition.
Inspection: If applicable, ensure that
satisfactory quality checks or inspections
have been performed.
Credit Terms
Early Payment Discounts: Determine if
any early payment discounts are
applicable and if they have been taken
advantage of.
Late Payment Penalties: Check if any
late payment penalties apply and have
been accounted for correctly.
@Saheena Ansari
Currency Conversion
(if applicable)
Exchange Rate: If dealing with multiple
currencies, verify that the exchange rate
used for conversion is accurate.
Documentation
Supporting Documents: Ensure that all
supporting documents, such as receipts,
packing slips, and contracts, are
attached and match the invoice details.
Record Keeping
Record Retention: Ensure invoices and
related documents are properly stored
and archived according to legal and
company policy requirements.
@Saheena Ansari
Approval Workflow
Workflow Compliance: Ensure that the
invoice has followed your organization's
approval workflow.
Discrepancies and
Disputes
Discrepancies: Document any
discrepancies or issues and
communicate them to the supplier for
resolution.
Dispute Resolution: Have a process for
resolving disputes and track the
progress until they are resolved.
@Saheena Ansari
Duplicate Checks
Duplicate Invoice Check: Verify that the
invoice is not a duplicate of a previously
processed one
Compliance
Regulatory Compliance: Ensure
compliance with applicable laws and
regulations regarding invoice processing.
Reporting and
Analytics
Data Analysis: Use invoice data for
reporting and analytics to identify
trends and opportunities for cost
savings or process improvements.
Customize it to suit your organization's
specific processes and requirements.
@Saheena Ansari
Repost #procurementholic
if this is useful : )
@Saheena Ansari
#saheena
Invoice verification: the checkpoint for making
sure we pay the right amount for the right
stuff, keeping our finances on track
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@Saheena Ansari
