Company Payment Set-Up and Counter-Signing Procedure

Example here is for making a Burning Seed Town Council payment on behalf of the Red Earth City Pty Ltd company:

1) The person setting up the payment for approval does so at the Bendigo Bank online account area; after the details have been completed in the Xero on-line accounting software account, with respective invoices uploaded.

2) That person then emails ALL the signatory group of advising of the need for the payment, which is effectively a requested for the payment for counter-signing.

3) The person countersigning has the opportunity to scrutinise the payment to check:

a) The correct authorisation of the payment has been obtained, where its either:

   i)  Being made from a BSTC authorised budget, or  
   ii) BSTC resolution

b) The payment is being correctly set up in Xero with corresponding Invoices for direct company payment or reimbursement receipts.

c) Check a payee's Invoice complies with ATO requirements for Tax Invoices.

**** This is particularly important as the REC P/L company is trading over $75,000 annually and is a registered GST Tax Collector.

4) When the person countersigning is satisfied the requirements for making a payment are met they then log into the Bendigo Bank online account area and proceed with the 2 Step authorisation procedure:

a) Confirm the Payment

b) Approve the confirmed payment for Processing

5) After this is completed the person counter-signing then has the final task of replying by email to the signatory group:

"This is done."

**** This reply is important as it notifies ALL of the signatory group (particularly the person who has initially set up the payment) that it has been completed and all the necessary processes undertaken.

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