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Purchase and Payment Cycle - Coggle Diagram
Purchase and Payment Cycle
Functions
Ordering
Requisitions
Approved suppliers
Price Lists
Purchase Orders
Receiving
Copy of P.O
Delivery Note
Goods Received Note
Recording
Supplier Invoice
Copy of PO
Copy of GRN
DN
Purchases Jnl
Control Objectives Payment Cycle
Validity, all payments to creditors are valid and support by proper docs
Authorisation, all payments are authorised according to policy
Completeness, all valid payments are recorded and nothing omitted
Accuracy, payments made are correct & arithmetically correct
Recording, all payments are recorded correctly
Classification, all payments are classified to correct creditors account
Test of controls Payment cycle
Validity - auth cheque req, creditors recon, paid chq, supporting docs
Authorisation - All payments
Completeness - nothing ommited
Accuracy - all is correct
Recording - all is recorded accurately
Classification - all payments allocated correctly