C06 - SBP - Vendor Bills

The Vendor Bills process involves reviewing, verifying, and processing invoices received from vendors for goods or services rendered to the organization. This process ensures accurate financial record-keeping, timely payment processing, and adherence to budgetary constraints. Key activities in this process include:

1. Invoice Receipt: Receiving invoices from vendors through electronic or physical channels, ensuring completeness and accuracy of documentation.
2. Invoice Verification: Reviewing invoice details against purchase orders, contracts, and receiving records to confirm accuracy of billed amounts, quantities, and terms.
3. Approval Workflow: Routing invoices through appropriate approval channels, obtaining necessary authorizations, and ensuring compliance with internal controls.
4. Payment Processing: Initiating payments to vendors based on approved invoices and established payment terms, including scheduling payments for timely disbursement.
5. Discrepancy Resolution: Resolving discrepancies such as pricing errors, quantity discrepancies, or billing disputes through communication with vendors or internal stakeholders.
6. Documentation and Filing: Maintaining organized records of vendor invoices, approvals, and payment transactions for auditing and financial reporting purposes.