Work Practice ALL

8/17/2019 Work Practice ALL

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General Work Practice—IFS FINANCE

Table of Content:

WORK PROCESS TO FOLLOW:----------------------------------------------------------------21. LC CREATION:-----------------------------------------------------------------------------------------2

2. SIGHT DRAFT CREATION:--------------------------------------------------------------------------4

3. SUPPLIER PAYMENT SCHEDULE:----------------------------------------------------------------54. PAYMENT FOR LC CHARGES/SD CHARGES:--------------------------------------------------8

5. ANK GUARANTEE CREATION:------------------------------------------------------------------!

". CREATION OF LIAILITY ON RECEIPT OF GOODS:---------------------------------------1#$. PAYMENT AGAINST THE E%ISTING LIAILITY:-------------------------------------------11

8. CREATION OF DEIT IN&OICE 'LD(:-----------------------------------------------------------12

!. KNOCKING OF AD&ANCE/LC/SD PAYMENTS WITH THE LIAILITIES:-------------141#. CREATION OF LIAILITY WITH DEDUCTION APPLICALE:------------------------15

11. TDS IN CASE OF AD&ANCE PAYMENTS:--------------------------------------------------1$12. EMPLOYEES AD&ANCE PAYMENTS:-------------------------------------------------------1!

13. AD)USTMENT OF THE EMPLOYEE AD&ANCE PAYMENTS:--------------------------2#14. PERIODIC )OURNAL &OUCHERS:-----------------------------------------------------------21

CHECK LIST TO FOLLOW:---------------------------------------------------------------------22

1. LC CREATION:----------------------------------------------------------------------------------------222. SIGHT DRAFT CREATION:------------------------------------------------------------------------22

3. SUPPLIER PAYMENT SCHEDULE:--------------------------------------------------------------23

4. PAYMENT FOR LC CHARGES/SD CHARGES:------------------------------------------------235. ANK GUARANTEE CREATION:----------------------------------------------------------------24

". CREATION OF LIAILITY ON RECEIPT OF GOODS:---------------------------------------24

$. PAYMENT AGAINST THE E%ISTING LIAILITY:-------------------------------------------258. KNOCKING OF AD&ANCE/LC/SD PAYMENTS WITH THE LIAILITIES:-------------25

!. CREATION OF LIAILITY WITH TDS APPLICALE:---------------------------------------2"

1#. CREATION OF DEIT IN&OICE 'LD(:--------------------------------------------------------2"

11. EMPLOYEES AD&ANCE PAYMENTS/AD)USTMENTS:---------------------------------2$15. TDS IN CASE OF AD&ANCE PAYMENTS:--------------------------------------------------2$

28/#4/2#1" 1 *+ 2"


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WORK PROCESS TO FOLLOW:

1. LC CREATION:

Check List:

• LC Number

• PO number with Payment Term as ‘LC’.

• LC Value not ecee!in" PO Value.

• #sance Perio!.

• $u%%lier &ank name an! a!!ress.

• Ne"otiate! 'chan"e (ate.

P, R00 +*, C,0* *+ L, *+ C,60:

• T P,7 O,6, 0 ,0,6 * 0 S9 R69 0 PO S7,.

• P;70? P,7 O,6, 0 PO S7,.

P)T*: Payment+&ank (e%ortin" ,ata+LC 'ntry $creen.

T F06 0 *+ L, *+ C,60.

$te%s:

1. C07@ - or New * , ,0,6 +06.2. E, LC 0 @ ,* -/ or LOV.

5. E, $u%%lier &ank M;.". E, )mount +06 * *+ LC ?. LC ? 7* 76 ? *+

P,7 O,6,.$. #sance Perio! 6 *06 E7 , , * ,6. ; D+ 0 0

E7 R D+06 0 C,,7; M,.

8. S? *, 707@ -10.!. A 0 0>, 0 S7,.

1#. T S *+ L, *+ C,60 0 be New2.

28/#4/2#1" 2 *+ 2"


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11. C 0 ,>7 *+ P,0*6 LC & C,,7; R S>>0, @ S>>0,

A66, 6 PO N,.

14. T L, *+ C,60 0 S9 I0;


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0. SIGHT DRAFT CREATION:

Check List:

• 3ssue ,ate

• PO number with Payment Term as ‘$,’.

• ,ue ,ate not less than system !ate.

• (elease amount ecee!in" PO amount.

• (elease !ate not less than !ue !ate.


P, R00 +*, C,0* *+ S0 D,+:

• T P,7 O,6, 0 ,0,6 * 0 S9 R69 0 PO S7,.

• P;70? P,7 O,6, 0 PO S7,.

P)T*: Payment+&ank (e%ortin" ,ata+$i"ht ,raft 'ntry $creen.

T F06


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9. SUPPLIER PAYMENT SCHEDULE:

Check List:

• )ctual release amount not less than %lan release amount.

• PO number with Payment Term as a%%licable.

• Payment Pro%osal )!8ice in state ‘)%%ro8e!’.

• o!e of %ayment.

• Ne"otiate!+)%%licable 'chan"e (ate.

• Correct 8oucher ,ate.

• (e7uire! Narration fille!.

•

Payment &ank $electe!.• Pre5Postin" entere! as re7uire!.

P, R00 +*, , *+ >;>0, >;,0 S>>0, P;,.

6. H6, 0 >,*?06 0+*,,*>*.

=. C, 0 6 , P.A P,+0 ,* LO&.

/. S7 ,0,6 M*6 *+ P;


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>. The abo8e can be use! for the !isbursement of the )!8ances a"ainst Purchase Or!ers.

1?. The &ank @uarantee can be entere! usin" the LOV if re7uire! before the release of

)!8ance Payment.

11. $a8e the line after selection for the &ank @uarantee relate! to the PO has been ma!e.10. &ank @uarantee selecte! is re7uire! to be in the $tate O%en2 before any %ayment

for the same can be release!.

19. $a8e the Line.

1


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9


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>,*? ,7*,6.

18. I 6, (& 6 >,0 Voucher (e%ort.

28/#4/2#1" 8 *+ 2"


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. BANK GUARANTEE CREATION:

Check List:

• PO number.

• )8ailable &@

• &@ Value.

• &@ '%iry ,ate.

P, R00 +*, 7,0* *+ G ,* @ G, S7,:

• T P,7 O,6, 0 ,0,6 * 0 S9 R69 0 PO S7,.

P)T*: Payment+&ank (e%ortin" ,ata+$i"ht ,raft 'ntry $creen.

T F06


10/26


11/26


34. T &*7, C,0* ,.

35. C07@ * OK.

3". I H6, RM +*, &*7, R>*,.

=. PAYMENT AGAINST THE EXISTING LIABILITY:

Check List:

• Creation of Liability.

• )uthoriFation for the Payment.

• Plan %ay !ate.

• Payment Term.

• Voucher ,ate.• atchin" the 3n8oice.

P, R00 +*, ;>0, MP;6 6


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1". I H6, (& +*, &*7, R>*,.

/. CREATION OF DEBIT INVOICE (LD):

Check List:

• PO number.

• 3n8oice 3, as L,2.

•

3n8oice+,C Number with %refi ‘L,5‘• Payment Term.

• Pre Postin".

• @ross amount with a D5E i8e si"n.

•

P, R00 +*, 7,0 D0 N* 'LD( ,* S>>0, I?*07 E,; S7,:

• T P,7 O,6, 0 ,0,6 * 0 S9 R69 0 PO S7,.

• G**6 , 77>6 6


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1". $a8e or -10.

1$. The I?*07 0 P,0. 3n the *ea!er (& for Post Voucher.

2#. T &*7, C,0* ,.

21. C07@ * OK.22. I H6, RM +*, &*7, R>*,.

>. KNOCKING OF ADVANCE/LC/SD PAYMENTS WITH THE LIABILITIES:

Check List:

• )!8ance+LC+$, Payments ma!e.



• atchin" the )!8ances a"ainst the 3n8oices.

P, R00 +*, @*7@0 A6?7 0 L0000 ,* S>>0, O++S7,:

• T P,7 O,6, 0 ,0,6 * 0 S9 R69 0 PO S7,.

• G**6 , 77>6 6


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1?. CREATION OF LIABILITY WITH DEDUCTION APPLICABLE:

Check List:

• PO number.

• Voucher ,ate.

• Payment Term.

• ;uantity acce%te!.

• )%%licable Char"es DT,$E.

• Pre Postin".

• $tate ‘Preliminary’.

P, R00 +*, 7,0 000; +*, ? *+ **6 ,70?6 0 D670*

>>07 ,* S>>0, I?*07 E,; S7,:

• T P,7 O,6, 0 ,0,6 * 0 S9 R69 0 PO S7,.

• G**6 , 77>6 6


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3". S7 0 6 (& +*, ,e!uctions * 7 T,$.

3$. C07@ New or - ? ; 6+ 0 >>, 3n8oice Value.

38. LOV +*, T,$ ;> 76 * Ven!or 0 Ven!or aster.3!. $a8e or -10 ,7*,6.

4#. Close 06*.

41. I H6, (& +*, ‘atch (ecei%ts @ate 'ntry’.42. A S7, 0 *>.

43. E, >>,*?6 0; 0 ,0,6 7*


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11. TDS IN CASE OF ADVANCE PAYMENTS:

Check List:

• PO number.

• Voucher ,ate.

• Payment Term.

• ;uantity acce%te!.

• )%%licable Char"es DT,$E.

• Pre Postin".

P, R00 +*, 7,0 A6?7 P;>07 ,* S>>0, P;, 0 C,6B.

3. &,0+; P;>,0 S>>0, P;* P;* P;>,.". H6, 0 >,*?06 0+*,,*>*.

$. C, 0 6 , P.A P,+0 ,* LO&.8. S7 ,0,6 M*6 *+ P;


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!. TDS 0 >>07 * 0, P;>079.

1!. E, taable amount 0 ‘Plan )mount’ F06 0 H6,.2#. I 0 ? F5 +*, New 6 LOV +*, A>>07 T,$ T;>.

21. C Voucher ,ate 0+ R0,6.

22. S? *, -10.23. S7 L0 0 S>>0, P;0, P;>,.

25. A7 P; D 0 &*7, D +*, P;


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38. S7 L0 6 RM +*, Voucher (e%ort’.

3!. R*7@ *+ P;


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13. E,


20/26


1


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CHECK LIST TO FOLLOW:

1. LC CREATION:

Check List:

• LC Number

• PO number with Payment Term as ‘LC’.

• LC Value not ecee!in" PO Value.

• #sance Perio!.

• $u%%lier &ank name an! a!!ress.

•

Ne"otiate! 'chan"e (ate.

. SIGHT DRAFT CREATION:

Check List:

• 3ssue ,ate

• PO number with Payment Term as ‘$,’.

• ,ue ,ate not less than system !ate.

• (elease amount ecee!in" PO amount.

• (elease !ate not less than !ue !ate.


P, R00 +*, C,0* *+ S0 D,+:

28/#4/2#1" 21 *+ 2"


22/26


• T P,7 O,6, 0 ,0,6 * 0 S9 R69 0 PO S7,.

• P;70? P,7 O,6, 0 PO S7,.

!. SUPPLIER PAYMENT SCHEDULE:

Check List:

• )ctual release amount not less than %lan release amount.

• PO number with Payment Term as a%%licable.

• Payment Pro%osal )!8ice in state ‘)%%ro8e!’.

• o!e of %ayment.

• Ne"otiate!+)%%licable 'chan"e (ate.

• Correct 8oucher ,ate.

•(e7uire! Narration fille!.

• Payment &ank $electe!.

• Pre5Postin" entere! as re7uire!.

P, R00 +*, , *+ >;>0, >;


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• Voucher ,ate.

• Payment ,ate.

• Tet as re7uire!.

• Value to be cre!ite!.

•

)ccount Co!e.• Co!e %arts as re7uire!.

P, R00 +*, **@0 *+ 7, 0 LC/SD ,* M06 P;


24/26


P, R00 +*, 7,0 000; +*, ? *+ **6 ,70?6 ,* S>>0,

I?*07 E,; S7,:

• T P,7 O,6, 0 ,0,6 * 0 S9 R69 0 PO S7,.

• G**6 , 77>6 6


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• )!8ance+LC+$, Payments ma!e.



•

atchin" the )!8ances a"ainst the 3n8oices.

P, R00 +*, @*7@0 A6?7 0 L0000 ,* S>>0, O++

S7,:

• T P,7 O,6, 0 ,0,6 * 0 S9 R69 0 PO S7,.

• G**6 , 77>6 6


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Check List:

• PO number.

• 3n8oice 3, as L,2.

• 3n8oice+,C Number with %refi ‘L,5‘

• Payment Term.

• Pre Postin".

• @ross amount with a D5E i8e si"n.

•

P, R00 +*, 7,0 D0 N* 'LD( ,* S>>0, I?*07 E,; S7,:

• T P,7 O,6, 0 ,0,6 * 0 S9 R69 0 PO S7,.

• G**6 , 77>6 6

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Work Practice ALL