Invoice Processing Policy
The first part of the Accounts Payable (AP) process is receiving an invoice. Once you get an invoice, there’s a specific process that’s crucial to maintaining accurate financial records.
Since this process is quite involved, a company might opt to automate this system rather than process invoices manually. Automation can improve the visibility, productivity, accuracy and cost-effectiveness of a business’ invoicing process.
You must follow our Marine Circular MC-033 «Instruction to request you payment via wire transfer (SWIFT)«
The following are steps an Accounts Payable department follows to process an invoice.
- Verifying and tracking information
- Data entry and ledger coding
- Forwarding and receiving approval
- Verifying full compliance with P.O. Requirements
- Contractor´s name must be the same at your invoice header.
- Contractor´s name must be the same at informed banking account.
- Your invoice must inform beneficiary´s name; beneficiary´s address (POBox not accepted); beneficiary email address.
- Your invoice must inform P.O. Number
- Your invoice must inform Beneficiary Bank Name
- Your invoice must inform Beneficiary Bank Address
- Your invoice must inform Beneficiary Bank SWIFT
- Your invoice must inform your final account number (Beneficiary account number) or IBAN number.
- Your invoice must present your credit same as stated at P.O. in US$ Dollars (we do not accept any other currency).
- Your invoice must be presented free of any tax or surcharge cost.
- We pay the cost of SWIFT wire and our bank fees only.
Essential elements each invoice must include