The Process of Getting Paid at Nnpc

Topics: Accounts receivable, Invoice, Receipt Pages: 2 (639 words) Published: January 5, 2013
1) submit invoices for review by Project Manager (PM) or project team (PT). Ask the PM/PT To Check and See If the Invoices Are in the proper format; if not, ask the PM/PT to help make sure that the invoices are in the proper format. 2)Once the invoices are in proper format and have all the proper attachments, submit the set of invoices to the PM/PT for their approval. Depending on the NNPC department, a set of invoices which has been accepted will be either STAMPED or will have a handwritten ACKNOWLEDGMENT. 3)The PM/PT will check to ensure that the invoices do align properly and completely with the contract. Assuming they do, the PM/PT will issue a PAYMENT CERTIFICATE; this document will have spaces for several signatures including members of the PT and/or the PM. 4)The payment certificate will be sent for the approval of the GMD. In reality, the GMD’s technical office will approve the documents first; after reviewing the documents, a TA will RECOMMEND FOR APPROVAL. Once the GMD receives a document with the notation “recommend for approval,” he will write “approved” on that document. 5)The clerk at the GMD’s office will send the approved form plus the original invoice to the GED, F & A (finance and accounts); a copy of the invoice will go to the GED of the unit (for example, gas and power) from which the invoice emanated. The GED F & A will make a note “approved for further processing,” and minute the invoice on to the GGM (group general manager) Finance. This individual (that is, the GGM Finance) is the boss of the services department. 6)The GGM will make a note on the invoice (please process) and then forward the invoice on to the GM, Budget & Projects. This individual heads a team of young accountants who will raise Payment Vouchers (PVs). These individuals will have a copy of the contract; they will work out which accounts should be charged, and so on. 7)The GM budget & Projects will sign the Payment...
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