Professional Documents
Culture Documents
Once an invoice has been checked and approved, it can be paid and the transaction
entered into the financial records. How invoices are paid will depend on the policies
and practices of each company but can include payment via company credit card,
company cheque, and electronic funds transfer.
Hard copy records are typically stamped with the word paid or has this written onto it to
provide a visual indication that payment has been completed. All transactions should
have a transaction number/cheque number and date written onto the invoice to speed
up answering any queries about payment
How the records are created will depend on the specific finance system that is being
used and a payments clerk should always refer to their company's policies and
procedures for guidance.
If the supplier is registered for GST then the amount entered in the relevant expense
column is the net (not including) of GST amount (usually 10/11ths of the GST
inclusive price). This is the case whether the tax invoice has the appropriate
entries or not.
Software packages
There is a wide range of accounting and financial practice software that companies can
use to help make the record keeping of paid invoices easier. These systems include well-
known brands such as MYOB and QuickBooks, as well as software that is specific to
particular industries. When using any financial software program a payments clerk
should undertake relevant training, including reading the online and hard copy user
guides that come with the software, and having coaching/ support from colleagues.
2. How does the GST impact on making payments for goods and /or services? Comment
on the value of the invoice and the need to collect and pay to the Tax Office any GST
collections.
. __________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.