Activities of Accounts Compliance Procedure (AACP) is very important to fill-up the daily work for an accountant. Which mean each accountant are falling in challenges day by day for up-coming ERP implementation or didn’t proper feedback from supporting department. So, Activities of Accounts Compliance Procedure (AACP) is most important any organization and the organization has at least one accountant.
Activities of Accounts Compliance Procedure (AACP) is helping to maintained all voucher input in accounting system in daily basis. If the AACP is work smoothly, the organization or enterprise achieved day by day his advantage. If you are fall in problem for maintaining your account with AACP. Please fell free contract with us for better improvement.
Activities of Accounts Compliance Procedure (AACP) is too much related with SOP (Stander Operation Procedure). Now we can say that the modern approach AACP replace with SOP. The below SOP on Purchase and others related department activity procedure for your easy reference coming soon.
Bills of Exchange is a Documentary Acceptance payment method. We know most of you are familiar with the process as you have operated this payment method in Bangladesh in the past and the feedback from all bank was that they accepted BOE in the same way they accept Letter of Credit.
| Letter of Credit |
Below is a simple step guide of how the payment method works:
- Supplier submits BOE, along with original payment documents to their bank.
- Suppliers bank submits BOE, and copy payment documents to Buyers Bank.
- Buyers bank submit BOE, and copy payment documents to Buyer for approval.
- Buyer approve BOE, on standard terms As sight/60/90 days.
- Buyer bank informs the suppliers bank that Buyer have accepted the BOE on standard terms.
- Suppliers bank release payment documentation including Bill of Lading to Buyer.
- On due date Buyer bank takes the money out of Buyer account and pays to the suppliers bank.
Throughout the BOE process Buyer bank acts on behalf of the suppliers bank and on due date they take the money from Buyers account, like a Direct Debit payment, rather than Buyer having to make the payment.