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Payment Procedures

Inter-branch payments
All inter-branch payments (weekly market shopping, raw materials and finished
goods purchased from the head office) should be processed by the accountant
as soon as the goods have been delivered to the branch.
The accountant must ensure that he has a signed copy of the invoice before
processing payment for raw materials and finished goods requisitioned from the
head office.
The accountant must ensure that the store keeper provides invoices and/or
receipts to verify the prices of goods purchased during the weekly market
shopping. An inter-branch payment would be made to the head office for the
weekly market shopping only after reconciliation has been carried out.
An internet transfer payment would be made from the branch account to the
head office account.
The corresponding entries should be entered into the accounting system.
All processed inter-branch invoices should be stamped and filed.
A reconciliation of all inter-branch transactions must be done at the end of each
month.
Payment for goods delivered by local suppliers

The head office accounts department is solely responsible for the payment of
goods delivered by local suppliers.
Payment can only be processed after the goods have been delivered (exception
for Danaplast) and upon the receipt of a verified invoice (after the invoice has
been signed by the storekeeper).
Once a signed invoice has been received the accountant is responsible for
verifying the information on the invoice (check that unit price quoted on invoice
= agreed price)
The invoice should be entered into the accounting system once it has been
verified.
Payment should be executed in line with the company payment policy (see
Appendix for detailed payment schedule for all vendors).
The payment of the invoice should be entered into the accounting system to
complete the transaction.
After payment has been processed the invoices should be stamped and kept in
the appropriate supplier file.

Payment for Imported goods

The procurement manager is responsible for the purchase and payment of


imported goods.
The procurement manager is responsible for liaising with shipping agent abroad
and paying the shipping charges.
All payments relating to the clearing of overseas goods would be settled by the
head office accounts department.
Clearing agent fees would be settled in line with the company payment
procedure upon presentation of an invoice that has been duly signed by the
store keeper and procurement officer.

In the event of any damages, the procurement officer should be notified


immediately and the payment to the clearing agent withheld until authorisation
has been granted by the procurement officer.

Payment for utilities

Payments relating to diesel and PHCN would be processed and settled by the
head office accounts department.
Payments relating to water and LAWMA would be paid from each branch.
Payments would only be processed upon receipt of an invoice which has been
dated and signed by the branch care taker and/or facilities manager (where
applicable).
Payments for LAWMA would be settled only upon receipt of the signed
visitation notes.
Once a signed invoice has been received, it should be checked by the
accountant and thereafter entered into the accounting system.
Payment should be executed in line with the company payment policy.
The payment of the invoice should be entered into the accounting system to
complete the transaction.

Payment for repairs and maintenance

Payments relating to repair and maintenance work where a maintenance


service agreement is in place, would be settled upfront upon presentation of an
approved invoice by the maintenance company. The invoice would need to
have been approved by the head office before the payment can be processed.
In certain instances, the accounts department would make available an advance
payment of 70% of the total invoice for repair/maintenance work. This refers to
cases where the technician/vendor requires a deposit for the purchase of
material or parts. The accountant is responsible for negotiating and agreeing
the invoiced price with the vendor.
In cases where a 70% advance has been given for repairs to be carried out, the
balance would only be paid upon receipt of an invoice that has been signed by
the facilities manager.
Payments relating to all other repairs and maintenance would only be processed
upon receipt of an invoice that has been dated and signed by the branch care
taker or by both the branch care taker and facilities manager (where
applicable).
Any invoices raised would need to be checked by the accountant and thereafter
entered into the accounting system.
Payment should be executed in line with the company payment policy.
The payment of the invoice should be entered into the accounting system to
complete the transaction.
After payment has been processed, the invoices should be stamped and kept in
the appropriate vendor file.

Note: All payments relating to facilities/ repairs and maintenance would


be processed by the accounts department. Payments would only be
processed upon receipt of an invoice that has been dated and signed by
either the branch care-taker or the branch care taker and facilities

manager (where applicable). Fees for repairs and maintenance (this does
not include maintenance service agreements) would need to be
negotiated by the facilities manager and approved by the accountant.