Workflow Templates: Invoice Processing Checklist

Confirm that the invoice has been received in the correct department or by the designated personnel

Check that the invoice includes all necessary information such as date, invoice number, supplier details, and a description of goods or services

Verify that the invoice matches the purchase order or contract terms, including pricing, quantities, and delivery conditions

Ensure the invoice has the necessary approvals according to the organization's internal policies

Match the invoice with the corresponding receiving report or proof of delivery

Enter the invoice details into the accounting system and code it to the appropriate accounts

Review the invoice payment terms and schedule the payment accordingly to take advantage of any early payment discounts or to meet due dates

Prepare the payment in the chosen format (e.g., check, electronic transfer) and obtain necessary approvals before execution

Record the payment in the accounting system and reconcile it with the appropriate bank account

Retain copies of invoices, payment proofs, and related documents according to the organization's document retention policy

Ensure that all invoice processing steps adhere to internal control requirements and external regulatory standards

Conduct periodic audits of the invoice processing system to detect any irregularities or inefficiencies

Establish and maintain open lines of communication with vendors regarding invoice and payment inquiries

Investigate and resolve any discrepancies between the invoice, purchase order, and goods or services received

Keep a record of any disputed invoices and the steps taken to resolve them, including any credits received or adjustments made

Invoice Processing Checklist