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Evaluated Receipt Settlement Invoice Procedures July 1, 2016Document Number: PUR4002 Revision: 23.0 PUR_4002_PR_ERS_INVOICE_PROC Written By: Dock NelsonReviewed by: Tim McMahanRevision Date: July

How to fill out evaluated receipt settlement

How to fill out evaluated receipt settlement:

1. Start by gathering all relevant documents, including purchase orders, invoices, and receipts.
2. Review the purchase order to ensure that all items listed are accurately represented. Check for any discrepancies or errors.
3. Match the items received with the purchase order. Ensure that the quantity, description, and price match accordingly.
4. Compare the received items with the invoice. Again, verify that the quantity, description, and price match with the items received.
5. Make note of any discrepancies or differences between the purchase order, receipt, and invoice. These should be addressed with the supplier or vendor.
6. Calculate the total amount to be paid based on the evaluated receipt settlement. This should be the accurate amount for the items received and accepted.
7. Submit the evaluated receipt settlement form to the necessary department or person for processing and payment.

Who needs evaluated receipt settlement:

1. Any company or organization that engages in purchasing goods or services from vendors or suppliers may need to use evaluated receipt settlement.
2. Retailers, manufacturers, and other businesses that receive shipments of goods regularly often rely on evaluated receipt settlement to ensure accurate payment for the items received.
3. Evaluated receipt settlement is also useful for accounting departments and financial personnel who handle the payment and reconciliation of invoices.

In summary, evaluated receipt settlement is a crucial process for accurately reconciling purchases, ensuring that the items received match the purchase order and invoice. It helps companies avoid overpayment or underpayment for goods or services received.

For pdfFiller’s FAQs

What is evaluated receipt settlement?

Evaluated Receipt Settlement (ERS) is a method of invoice-less processing and payment. Goods receipt and invoice receipt are combined into a single process.

Who is required to file evaluated receipt settlement?

Suppliers and vendors who have an agreement with the buyer to use the ERS method of processing invoices are required to file evaluated receipt settlement.

How to fill out evaluated receipt settlement?

To fill out evaluated receipt settlement, suppliers need to provide accurate information about the goods delivered, the quantity, quality, and the agreed upon price to the buyer.

What is the purpose of evaluated receipt settlement?

The purpose of evaluated receipt settlement is to streamline the invoicing and payment process, reduce paperwork, and improve efficiency in the supply chain.

What information must be reported on evaluated receipt settlement?

Information such as the date of delivery, quantity of goods received, unit price, total cost, and any other relevant information must be reported on evaluated receipt settlement.

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