Accounting Flowchart: Purchasing, Receiving, Payable and Payment

"An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller has provided the buyer.
Payment terms are usually stated on the invoice. These may specify that the buyer has a maximum number of days in which to pay, and is sometimes offered a discount if paid before the due date. The buyer could have already paid for the products or services listed on the invoice.
In the rental industry, an invoice must include a specific reference to the duration of the time being billed, so in addition to quantity, price and discount the invoicing amount is also based on duration. Generally each line of a rental invoice will refer to the actual hours, days, weeks, months, etc., being billed.
From the point of view of a seller, an invoice is a sales invoice. From the point of view of a buyer, an invoice is a purchase invoice. The document indicates the buyer and seller, but the term invoice indicates money is owed or owing. ...
Payment of invoices.
Organizations purchasing goods and services usually have a process in place for approving payment of invoices based on an employee's confirmation that the goods or services have been received.
Typically, when paying an invoice, a remittance advice will be sent to the supplier to inform them their invoice has been paid." [Invoice. Wikipedia]
The flow chart example "Invoice payment process" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Flowcharts solution from the area "What is a Diagram" of ConceptDraw Solution Park.

This accounting flowchart example was redrawn from the article "Accounting flowchart: Purchasing, Receiving, Payable and Payment" from the website "Accounting Financial Tax" www.accounting-financial-tax.com , with the kind permission of the author.
[ www.accounting-financial-tax.com/ 2010/ 04/ accounting-flowchart-purchasing-receiving-payable-and-payment/ ]
The example "Payment flowchart (for treasurer)" was created using the ConceptDraw PRO software extended with the Accounting Flowcharts solution from the Finance and Accounting area of ConceptDraw Solution Park.