Vouching - Purchase
This query is : Resolved
Divya Karthik
(Querist)
02 August 2010
Can any one pls tell me what matters are to be looked into while vouching import purchases?What forms are to be looked into?
Urgent ...pls
Urgent ...pls
03 August 2010
Verification of purchase rates as per rate contract or Purchase order.
The rate contract/PO should be authorised by appropriate authority as per the internal control measures and auhorisation limits set up by the client.Moreover it should be supported by tenders or quotation from several suppliers and reason for choice of a particular supplier over the others should be justified.
The GRN linked to the purchase invoice should be checked.If there is any short receipt or damage in goods received,the appopriate debit entry should be quantified and passed by raising a debit note on the supplier.
Often the payment is made in advance in case of imports.In such cases actions taken by client towards recovery of short supply from the foreign vendor or insurance claims towards damages to be scrutinised.
You may select few import consignments and check all the activities involved in completion of the import which are,
Payment in advance-How the intimation towards advance payment comes from the procurement department.
Payment of customs duty,bill of entry once the consignment lands
Payment to different agents like clearing and forwarding agents,freight forwarder,bill of lading,transporters.
The forex gain and loss effect on import should be appropriately accounted.
The rate contract/PO should be authorised by appropriate authority as per the internal control measures and auhorisation limits set up by the client.Moreover it should be supported by tenders or quotation from several suppliers and reason for choice of a particular supplier over the others should be justified.
The GRN linked to the purchase invoice should be checked.If there is any short receipt or damage in goods received,the appopriate debit entry should be quantified and passed by raising a debit note on the supplier.
Often the payment is made in advance in case of imports.In such cases actions taken by client towards recovery of short supply from the foreign vendor or insurance claims towards damages to be scrutinised.
You may select few import consignments and check all the activities involved in completion of the import which are,
Payment in advance-How the intimation towards advance payment comes from the procurement department.
Payment of customs duty,bill of entry once the consignment lands
Payment to different agents like clearing and forwarding agents,freight forwarder,bill of lading,transporters.
The forex gain and loss effect on import should be appropriately accounted.
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