Normaly in Companies,After entry is passed in Tally,It is opened a
- Pass Entry
- Open Voucher(Entry)
- Take printout of voucher(Alt+P in Tally)
- Attach Bill+PO+GRN
- Sign on Voucher
- Asst Mgr sign on Verified by Columns
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