Workflow Templates: Payment Processing Checklist

Confirm that the invoice has been received from the vendor

Check that the invoice contains all necessary details: date, invoice number, vendor details, and itemized charges

Ensure the invoice matches the purchase order or the contract terms

Review the invoice for accuracy and completeness

Obtain necessary approvals from the designated authority within the organization

Ensure that the expense is within the budget and appropriately categorized

Enter invoice details into the accounting system

Select the appropriate payment method (e.g., bank transfer, check, credit card)

Schedule the payment, ensuring it aligns with the payment terms and due date

File the paid invoice and any related documents in the company’s record system

Update the vendor's account with payment details

Reconcile the payment with the bank statement to ensure accuracy

Ensure the payment complies with company policies and regulatory requirements

Prepare and file any necessary tax documentation related to the payment

Generate payment reports for internal and external auditing purposes

Payment Processing Checklist