Vendor Booking Process


  1. Registration of Vendor by Finance Department
  2. Purchase Order Generation
  3. Submission of Claim
  4. Verification of Documents by Finance Department
  5. Payment Process
    Tophawks has list of approved vendors, any product or service can only be procured from the approved vendors. If good/service is not available, a new vendor can be registered by contacting the Finance Department
    –  Only specialized vendor should be used for procurement of goods/services
    –  Vendors must be engaged directly i.e., No Sub- contracting is allowed
    – Issuing a PO is mandatory
    –  Any work done by a vendor, without a valid Purchase Order issued through Back- office can be considered a personal liability of the employee
    –  A Valid PO is signed by the authorized person from Finance Department

a) Vendor Registration/PO Generation Process
 
– For registering a new vendor in the system, Quotations from at least 3 vendors are required for analyzing the best price. The same needs to be shared with the Procurement Team.

– Procurement Team will do the negotiation at their end and will select the vendor with best possible price. Post that vendor registration will be done as per the vendor selected by the
Procurement Team
– For a PO Generation Request, Quotation needs to be shared with Procurement Team. Procurement Team is also having a vendor database with them. After getting the PO request they will do the negotiation/vendor selection at their part and will select the vendor at a negotiated price
– After getting a request for PO, the same will be generated within 2 days
– Vendor registration form signed by the vendor along with the details
– Vendor PAN Card
– Cancelled Cheque with name of vendor printed. In case of Proprietor firm where firm name differs from account holders name, letter from bank should be provided co-relating the
name on cheque and proprietor.
– GSTIN Certificate should be shared (if registered under GST Act)
 
b) Vendor Verification/Submission Timelines
 
– Vendor payment request should be filed by 5 th  of subsequent month for the previous month
– Post approval cover note to be submitted by 13th (tax invoice in case of GST charged with CP GSTIN on it along with the cover note)
– Vendor advances to be cleared within 7 business days of payment
– In case of payment through credit card, invoices should be mandatory submitted with Finance within 15 days of payment
– Post submission of the vendor claim, the verification TAT is 10 days from the date of hard copy receiving
– Payment will be processed to the vendor as per the credit period mentioned in the Purchase Order/Agreement with the vendor
 
c) Verification Guidelines (Vendors)
 
– To process a vendor claim – Original Invoice, Valid PO & Valid Delivery Challan is required
– Proof of execution (POE) like photos, description, rate card/list etc. are required with the vendor claim. (POE’s varies from product to product)
– Original Invoice is mandatory with complete details like contact details, GST number, date of purchase, rate & quantity of the product
– Complete Tax Bifurcation of the amount
– It must be signed by the authorized person
– Delivery Challan Signed by the person should mention the quantity, date and time of receiving