Answer / Sumit Kudesia

The workflow of Accounts Payable (AP), Accounts Receivable (AR), Sales, and Purchases generally involves the following steps:

AP Workflow:
1. Invoice receipt
2. Invoice verification and coding
3. Matching invoice with purchase order and receiving report
4. Approval of payment request by manager
5. Payment processing (check writing or electronic funds transfer)
6. Record update in accounting system
7. Remittance advice sending to vendor

AR Workflow:
1. Invoice creation for customer sales
2. Customer receipt of invoice and payment
3. Recording payment in accounting system
4. Credit memo issuance (if applicable)
5. Record update in accounting system
6. Statement of Account generation
7. Remittance advice sending to customer

Sales Workflow:
1. Order receipt from customers
2. Checking inventory availability
3. Order confirmation with delivery schedule
4. Preparation of invoice and shipping documents
5. Delivery of goods to customer
6. Invoice submission for payment
7. Record update in accounting system

Purchase Workflow:
1. Requisition for goods/services from employees
2. Approval of requisition by manager
3. Vendor selection
4. Purchase order creation and sending to vendor
5. Receipt of goods/services
6. Verification of receipt against purchase order
7. Invoice receipt
8. Approval of payment request by manager
9. Payment processing (check writing or electronic funds transfer)
10. Record update in accounting system

2. O2C cycle with which accounts get effected

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