Task 3
On reconciling your Accounts Payable Statements of outstanding balances, there is a discrepancy/incorrect entry between purchase statement activity and the invoices.
Make a record in the space below of any discrepancy /incorrect entry that you have identified. Ensure that you specify the type of error.
Answer:
Identify the error and correction required
Enter the correct record entries of the Accounts Payable Ledger and total balance below according to organisational Happy Pictures policies, procedures, and guidelines.
Accounts Payable Ledger – Canvas & Co Ltd
Date Particulars Debit Credit Balance
01/12/2021 Balance 2,100 Cr
02/12/2021 Purchase Invoice # 11 (incl GST)
08/12/2021 Purchase Invoice # 12 (incl GST)
20/12/2021 Purchase Invoice # 13 (incl GST)
Task 4
Which designated personnel should you request for authorisation invoice payment up to $10,000 according to the organisational policy and what is the procedure if you identify any discrepancies between monies owed and purchase activity statement.
Answer:
After contacting and amending the corrected statements of outstanding balances from suppliers above, on 22 December Happy Pictures decide to prepare the cheque requisition slip and pay Canvas & Co for the total amount outstanding.
Task 5
Obtain statements of total outstanding balances and prepare creditor total outstanding payment in the cheque requisition slip below and obtain authorisation for the cheque requisition to process the payment from designated personnel according to the company policy and procedures.