FINANCIAL DOCUMENTATION & PROCESS CONTROL POLICY

1. Objective

This Policy establishes the minimum documentation, approval, processing, and control requirements for procurement, operational purchases, reimbursements, and payment-related transactions across the Company.

The purpose of this Policy is to strengthen governance, accountability, payment traceability, processing consistency, and financial control throughout the payment process chain.

2. Scope

This Policy applies to all payment-related transactions submitted for processing, including:

• purchase order-based payments;
• contract-based payments;
• supplier and contractor payments;
• reimbursement claims;
• non-purchase order transactions; and
• other operational payment requests.

3. Guiding Principles

All payment transactions shall be supported by complete, accurate, approved, and verifiable documentation prior to processing.

Submission of a request does not transfer responsibility for documentation completeness, operational accuracy, or approval compliance to downstream reviewers.

Responsibilities falling under the originating department shall continue to be governed by its respective approved SOP, workflow, or internal process.

This Policy and related documentation requirements may be reviewed and updated from time to time, and the latest approved requirements in effect at the time of processing shall apply.

4. Payment Process Flow

Requestor / Operations
↓
Purchase Request & Internal Approval
↓
Procurement / Purchasing
- Vendor coordination
- PO issuance
- Supporting document collection
↓
Submission of Complete Supporting Documents
↓
Accounts Department
- Documentation verification
- PV preparation
- Transaction recording
- Bank transaction initiation
↓
Finance Department
- Independent review
- Financial validation
- Approval control
- Bank authorisation
↓
Payment Release
↓
Remittance Advice Issuance

Transactions requiring clarification, missing documentation, or unresolved discrepancies may be returned to the responsible department prior to further processing.

5. Departmental Responsibilities

5.1 Requestor / Originating Department

Responsible for:
• initiating purchase or payment requests;
• providing business justification and operational support;
• obtaining required approvals;
• confirming receipt or completion of goods/services;
• ensuring submitted information is accurate and complete; and
• complying with its approved SOP or workflow.

5.2 Procurement / Purchasing Department

Responsible for:
• coordinating procurement activities;
• issuing approved Purchase Orders;
• obtaining supplier supporting documents;
• ensuring procurement documents are complete and properly referenced; and
• forwarding complete documentation for payment processing.

5.3 Legal & Compliance Department

Responsible for:
• coordinating with requesting department for contract preparation;
• ensuring terms and conditions are accurately and properly documented; 
• maintaining legal documentation standards;
• forwarding endorsed contract to relevant departments

5.4 Accounts Department

Responsible for:
• reviewing submitted documents for completeness and consistency;
• verifying alignment between invoices, PO, contracts, DN, GRN, approvals, and supporting records;
• preparing Payment Vouchers;
• recording financial transactions; and
• initiating bank transactions for approved payments.

Accounts performs verification and processing control functions and is not responsible for sourcing or reconstructing missing supporting documents on behalf of originating departments.

5.5 Finance Department

Responsible for:
• performing independent financial validation;
• reviewing payment legitimacy and approval compliance;
• checking contractual and financial alignment where applicable;
• approving payment transactions within authority limits;
• authorising bank transactions; and
• coordinating remittance advice after payment processing.

Finance approval does not replace operational ownership, procurement responsibility, or documentation accountability.

6. Minimum Documentation Requirements

6.1 Purchase Order-Based Transactions

• Approved Purchase Request
• Approved Purchase Order
• Supplier Invoice
• Delivery note
• Delivery docket
• Goods receipt note
• Supporting Approval
• Contract / Agreement, where applicable

6.2 Contract-Based Transactions

• Signed Contract / Agreement
• Invoice / Progress Claim
• Completion Confirmation or Certification
• Supporting Approval
• Milestone verification, where applicable

6.3 Reimbursement Claims

• Original Receipt or Supporting Evidence
• Business Purpose / Justification
• Authorised Approval
• Supporting operational documents, where applicable

6.4 Non-PO Transactions

• Written business justification
• Supporting approval
• Invoice or billing document
• Relevant operational evidence
• Additional supporting documents where applicable

7. Financial Documentation Matrix  & Submission Guide

General Notes

1.       The documents listed above represent the minimum supporting documents required before a request can proceed for review and processing.

2.       Additional supporting documents may be requested depending on the nature, value, complexity, contractual requirement, tax implication, operational requirement, or audit requirement of the transaction.

3.       Transactions remain subject to approved budget allocation, spending authority, and applicable approval limits where required. Submission of supporting documents does not override budget control, approval hierarchy, or financial authority requirements.

4.       Submission of documents does not automatically guarantee payment on next payment cycle. Processing remains subject to document completeness, approval validation, transaction readiness, banking availability, payment prioritisation, cashflow planning, and operational processing capacity.

5.       Incomplete, unclear, inconsistent, or unsupported submissions may be returned for clarification, correction, or regularisation prior to processing.

6.       Operational urgency, supplier follow-up, delayed submission, verbal instructions, messaging confirmations, or informal communication do not replace formal approval and supporting documentation requirements.

7.       The submitting/coordinating department remains responsible for the completeness, accuracy, legitimacy, and timely submission of supporting documents related to the transaction.

8. Transaction Readiness & Processing

A transaction shall only be considered payment ready when:
• all required supporting documents are complete;
• approvals are fully obtained;
• invoice details and supporting references are consistent;
• discrepancies are resolved;
• operational and procurement requirements are satisfied; and
• financial control requirements are met.

Submission alone does not constitute payment readiness.

9. Service Level Agreement (SLA)

The SLA applies only to payment transactions submitted with complete, accurate, and properly approved supporting documentation.

Processing timelines shall commence only when a transaction is deemed payment ready.

Transactions with incomplete supporting documents, pending approvals, unresolved discrepancies, or outstanding clarification requirements shall be subject to processing suspension, and the applicable SLA shall resume only upon full resolution of the outstanding matters.

Accounts and Finance shall process payment transactions within reasonable operational timelines and according to the Company’s scheduled payment cycle, subject to:
• document verification;
• approval validation;
• transaction readiness;
• payment prioritisation;
• banking availability;
• cashflow planning; and
• operational processing capacity.

10. Scheduled Payment Cycle & Cut-Off

Payments shall be processed based on the Company’s approved payment cycle and operational processing schedule.

Transactions submitted before the designated cut-off time shall be considered for the next scheduled payment cycle, subject to successful document verification, approval validation, transaction readiness, banking availability, payment prioritisation, cashflow planning, and operational processing capacity.

The scheduled payment cycle serves as a processing framework and shall not be interpreted as an automatic payment commitment.

Payment submissions received after the designated cut-off time may be deferred to the next payment cycle.

11. Clarification & Exception Handling

Transactions requiring clarification or additional supporting documents may be returned to the responsible department prior to processing.

Urgent requests may be accommodated where operationally necessary and subject to appropriate approval. However, all required procedures, approvals, and supporting documentation must be regularised immediately thereafter through the standard process.

Urgency, supplier follow-up, delayed submission, incomplete documentation, verbal approval, informal instruction, or messaging confirmation shall not replace or override the Company’s documentation, verification, approval, and financial control requirements.