Summarise procurement process

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Reference no: EM133024378 , Length: word count:500

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Summarise the pages for procurement process in 500 words.

Processing payment involves several steps: selecting a payment method and a bank, deciding which invoices arc ready for payment, calculating payment amounts, posting the payment documents, and printing the payment medium. When making payments manually, the user will select the payment method and the hank and will provide the vendor number and the amount of the pay¬mcnt. The system will then display a list of open invoices for that vendor. The user will next select the invoices that are to be paid. Any applicable discounts based on payment terms arc then applied. For example, if the payment term is 2%/10Net 303 and payment is being made within the 10 days specified in the terms, the system will apply a 2% discount. Once the payment is posted in the general ledger, the actual payment can he sent. If payment is made electronically, the system will automatically send the payment. If it is to be made via a printed check, the user will print and send the check to the vendor.

If the company has an automated payment program, then the program will retrieve and process all of the invoices that are due for payment using the parameters specified in the payment program. Users typically become involved only if there are exceptions that require special resolution.

Reference no: EM133024378

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len3024378

11/6/2021 2:19:39 AM

I am attaching the EText screenshot of procurement process I just need you to summarise the pages which I am attaching for procurement process in 500 words . There is no need of external links only summarise the screenshot attached below.

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