Paying in excess to the vendor – Do you allow this?

If you are the managing agent, the operational staff prepare all payment voucher manually and making out the payment to the vendor and then you, as the accountant, take up the entries weeks later.

You will have this problem.
1. This is double work
2. The amount is 369.40 but issued out as 396.40 or worst 3690.40
3. You are giving your supplier a better cash flow
4. Additional work to undo the error

The correct way is to directly enter into the Realtimme Cloud payment system by the operational staff, and offset against any outstanding supplier invoice and print out a payment voucher directly
In this way, you will totally prevent overpayment

Writer : Choo Hong Peng,
Chartered Accountant, Singapore

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