Question 1 – Written Answers
Your task is to choose an organisation and based on this organisation, answer the following questions. You may also choose to use the information in case study provided in the link https://www.flatworldsolutions.com/financial-services/success-stories/case-study-accounts-payables.php
- Identify the legislation and industry codes of practice relevant to the payment systems in the organisation.
- List and describe the organisational procedures for evaluating and authorising payment requests.
- Describe the types of payment requests and associated documentation handled by the organisation.
- Describe how payments are coded and allocated in the organisational system.
- Do a reconciliation of payments with Accounts payable register?
- Check whether we have claimed the discounts available for prompt payment allowed by the suppliers if we are entitled for a 5% discount for cash payments if we have paid 33250 in month 1 and 48936 in month 2?
- Prepare sample Creditors list based on due date of payments with 30 days 60 days and 90 days? Select the letter you consider to be the nearest correct alternative.