How do we process your invoice for payment?

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.

  1. Verifying and tracking information
  2. Data entry and ledger coding
  3. Forwarding and receiving approval
  4. Verifying full compliance with P.O. Requirements
    1. Contractor´s name must be the same at your invoice header.
    2. Contractor´s name must be the same at informed banking account.
    3. Your invoice must inform beneficiary´s name; beneficiary´s address (POBox not accepted); beneficiary email address.
    4. Your invoice must inform P.O. Number
    5. Your invoice must inform Beneficiary Bank Name
    6. Your invoice must inform Beneficiary Bank Address
    7. Your invoice must inform Beneficiary Bank SWIFT
    8. Your invoice must inform your final account number (Beneficiary account number) or IBAN number.
    9. Your invoice must present your credit same as stated at P.O. in US$ Dollars (we do not accept any other currency).
    10. Your invoice must be presented free of any tax or surcharge cost.
    11. We pay the cost of SWIFT wire and our bank fees only.

Essential elements each invoice must include

Finance Department.