Normaly in Companies,After entry is passed in Tally,It is opened a

  1. Pass Entry
  2. Open Voucher(Entry)
  3. Take printout of voucher(Alt+P in Tally)
  4. Attach Bill+PO+GRN
  5. Sign on Voucher
  6. Asst Mgr sign on Verified by Columns

Note:-

IN SAP,When accountant pass the entry,it parks (i.e.it does not yet affect the accounts).

Later when Asst mgr approves it,it gets posted

This feature is now also available in Tally erp 9 (called Audit Feature of Tally)

 

 Payment of Invoices

In some companies,Payment Day is assigned.

All the payment of invoices approved dring week are made .

Cheques are prepared by Accountant

These are signed as per Cheque Authorization Matrix

Payments upto Cheque Signed by
Upto 100000 CFO (Chief Financial Officer)
>100000 CFO+CEO (Chief Executive Officer)

The cheque signing authority should be different from the one who passes the entry in tally otherwise there are chances of fraud

They should also sample check the invoices before signing the cheque

The cheque signing power should also be intimated to banks  to ensure there is no fraud

 

Go Ad-free
CA Maninder Singh's photo - Co-founder, Teachoo

Made by

CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 14 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.