Examine the supplier or contractor information to ensure that the information you have is accurate. This includes the vendor's name and address, as well as any account number or other number that identifies the payee. Inaccuracies in any of these areas can cause you to pay the wrong vendor or send payment to an incorrect address. Make note of the invoice date and number and check your accounts payable or other financial records to confirm that the invoice has not yet been paid. Check individual entries on the invoice to determine if any of the charges have been paid already.

Examine the supplier or contractor information to ensure that the information you have is accurate. This includes the vendor's name and address, as well as any account number or other number that identifies the payee. Inaccuracies in any of these areas can cause you to pay the wrong vendor or send payment to an incorrect address. Make Sure the Invoice is Unpaid Make note of the invoice date and number and check your accounts payable or other financial records to confirm that the invoice has not yet been paid. Check individual entries on the invoice to determine if any of the charges have been paid already.

Steps to take before approving an invoice for payment :- Step 1 Check the description of work performed to be sure it reflects what was completed. Some vendors might invoice you for work that has not yet been completed. Even worse, you might find listed on one invoice work that was paid for from a different invoice. Step 2 Check with the project manager or department head to be sure the work was completed satisfactorily. If a vendor has botched an assignment, it is advisable to withhold payment until the work has been brought up to standard. Step 3 Look at the dates that appear in line items on the invoice. Check those dates against dates of past invoices in another effort to guard against being billed for the same work twice. Step 4 Look at the name, address and Tax ID number of the vendor to be sure it matches your contractor paperwork. If any of the information does not match, contact the vendor for an explanation. Any vendor name or address change is crucial data. An unrecognizable tax ID number may be a typo or reflect a change in vendor ownership. But there is always the chance that the vendor is involved in financial shenanigans. While it may not be your responsibility to take action in such an instance, it is best to be forewarned.

Hie Kruthika, **Steps to take before approving an invoice for payment :-** Step 1 Check the description of work performed to be sure it reflects what was completed. Some vendors might invoice you for work that has not yet been completed. Even worse, you might find listed on one invoice work that was paid for from a different invoice. Step 2 Check with the project manager or department head to be sure the work was completed satisfactorily. If a vendor has botched an assignment, it is advisable to withhold payment until the work has been brought up to standard. Step 3 Look at the dates that appear in line items on the invoice. Check those dates against dates of past invoices in another effort to guard against being billed for the same work twice. Step 4 Look at the name, address and Tax ID number of the vendor to be sure it matches your contractor paperwork. If any of the information does not match, contact the vendor for an explanation. Any vendor name or address change is crucial data. An unrecognizable tax ID number may be a typo or reflect a change in vendor ownership. But there is always the chance that the vendor is involved in financial shenanigans. While it may not be your responsibility to take action in such an instance, it is best to be forewarned.

Following steps should be taken.. ► Validate the invoice once it is matched for checking any holds.. ► If workflow is implemented , initiate approval for the invoice. Once the invoice is approved/Approval not required(status in case WF is not implemented) you can go for payments. ► Create accounting after approval of invoice.. Finally for payments u need to format, build. Thanks

"Dear Friend, as far as your query is concerned that What steps would you take before approving an invoice for payment? Let me informed that Making sure the invoices you pay are accurate is essential to keeping your company's budget in order. Otherwise, you could find yourself overpaying for supplies and services -- or even paying for things you never received. Having a standard procedure for approving invoices helps you avoid these costly mistakes. Having a streamlined process also lets you pay vendors and contractors faster, fostering goodwill and better business relationships. Check Vendor Information Examine the supplier or contractor information to ensure that the information you have is accurate. This includes the vendor's name and address, as well as any account number or other number that identifies the payee. Inaccuracies in any of these areas can cause you to pay the wrong vendor or send payment to an incorrect address. Make Sure the Invoice is Unpaid Make note of the invoice date and number and check your accounts payable or other financial records to confirm that the invoice has not yet been paid. Check individual entries on the invoice to determine if any of the charges have been paid already. Verify the Invoice with Documentation Use purchase orders, receipts, contractor time sheets and other forms of documentation to confirm that the amounts on the invoice match your records. This includes verifying quantities and checking to make sure the prices for products or services are consistent with the agreed upon amounts. Double-check the math to ensure accuracy. Clarify Descriepancies Consult with managers and other employees to resolve any discrepancies you come across. If you can't figure things out on your end, contact the supplier or contractor to get things sorted out. Hope answer was helpful to you Regards, Arjun Pratap Singh "