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Optimizing Financial Document Flow Process

Learn about the sequence of financial documents in the procurement process, from purchase orders to delivery notes and goods received notes. Discover the benefits of using computers for document management.

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Optimizing Financial Document Flow Process

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  1. Investigating the flow of financial documents 1

  2. The sequence of documents Stage 1 – obtaining the goods • Buyer makes outorder form listing goods and prices • Seller despatches goods with delivery note • Buyer signs delivery note as proof of delivery and returns one copy • Buyer may make out Goods Received Note listing items received and checked

  3. The order form To: Computer Supplies Supplier No: 123 10 Bexley Way Order No: 456 HIGHTOWN Date: 6 June 2002 HG4 7PT Delivery: 10 June Signed:Jackie EdwardsDesignation:Manager

  4. The order form – key points • Is always on buyer’s headed paper – giving name of firm, address, telephone no, fax, website and VAT registration no (if applicable) • Must be signed to be ‘official’ • Must give accurate details of quantity, description, item code and price • Does not include VAT • Does not include total amount

  5. The delivery note To: Jones and Kelly Date: 10 June 2002 Riverside Walk HIGHTOWN HG2 8PP

  6. The delivery note – key points • Is on seller’s headed paper • Contains no prices • Buyer signs and keeps one copy • Buyer should comment if goods or package is damaged Received in good condition (or comment here): Goods received but not checked Signed:Jackie EdwardsDate:27 June 2002 Please print name here:JACKIE EDWARDS

  7. Goods received note Supplier: Computer Supplies GRN No: 1234/12 10 Bexley Way GRN date: 11.6.02 HIGHTOWN Carrier: Comp Supp Supplier A/c No: 123 Del note date: 10.6.02 Checker:David Evans

  8. Goods received note – key points • Often called a GRN • Is an internal document • Records items received and any discrepancies/faults • Copies always sent to accounts and purchases. Accounts then know whether bill should be paid or not.

  9. Using computers to order goods • Orders are often recorded on computer • Order forms can be produced on computer • GRNs can be produced on computer • Transactions are ‘logged’ under supplier’s account number.

  10. Benefits of using computers • Forms are quicker to produce • Cost of all orders (and total amount of all orders) is easily obtained • Information is available to all relevant staff simultaneously • Details of any transaction are easily obtained • Delays or problems can be quickly identified

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