Accounts payable are those records which consists of the monies that the business owes people and is required to pay them before the trading year ends or one year whichever is shorter. It might be the business’s suppliers, creditors. The business is required to keep records of its accounts payables so as to keep track of what it owes so that incase of any disputes they have their own records to use for making follow ups. They are also kept to help keep track of creditors account and ensure they are paid in due time. Business Training in Kenya has more articles
Control Procedures over Accounts Payable
The control procedures on accounts payable include:
Orders: Requisition notes for purchase should be authorized, all orders should be authorized by a responsible official whose authority limits should be redefined, all major items should be authorized by the board, all orders should be recorded on official documents showing suppliers names, quantities ordered and prices, copies of orders should be retained to determine any deliveries, reorder levels and quantities should be present and preferably recorded in advance on the requisition note.
Receipt of goods: Goods inwards centre should be identified to deal with the receipt of all goods, all goods should be checked for quality and quantity, goods received note should be checked against ledger purchases, orders and procedures should exist to notify the suppliers of under and over indulgence, goods received notes should be raised only when goods are accepted. A responsible official should sign them.
Invoicing Returns: Purchase invoices received should be stamped and given unique serial numbers, purchase invoices should be matched with goods received notes and should not be processed until this is done, each invoice should be checked against the corresponding order and the goods received note and casts and extensions be checked, invoices should be approved for payment by an official independent ordering of ordering and receipt of goods function, the invoice sequential numbers should be checked against purchase daybook details. VAT should be separated from purchases. Maintain batch control total, keep a record of goods returned and check the credit notes received from suppliers.
Compliance Tests over Accounts Payable (Purchases)
The Current Issues Affecting HR Business Kenya is very crucial aspect of Human Resource Management. Manpower Planning in Kenya can be defined as the coherent and strategic approach to management of people working in the organization who individually and collectively contribute to the achievement of objectives. Manpower Planning in Kenya is the starring function of all managers and it involves the policies and practices need to carry out the Human Resource aspect of a management position. Our article on Business Training in Kenya has more.
Current Issues Affecting HR in Business Kenya
The Current Issues Affecting HR in Business Kenya includes;
- Work Ethics
- Limited Training Resources,
- Recognition of Human Resource Management,
- Trade Unions,
- Retrenchment and Downsizing,
- Limited Research Work
The Structure of the Economy in Kenya is very essential for investors, businesses men and the general public at large. It helps analyze how the country is developing and the way forward. It also helps the government and economic analysts to understand on the areas to correct for future development of the country.
Aspects that Affect the Structure of the Economy in Kenya
There are various aspects that affect the Structure of the Economy in Kenya. They include;
Agriculture as one of the Aspects that Affect Structure of the Economy in Kenya
Agriculture is one of the Aspects that Affect Structure of the Economy in Kenya. Agriculture accounts for about 24 per cent of the Gross Domestic Product and continues to dominate the Kenyan economy. The country has varied ecological zones; a wide range of crops are cultivated and livestock reared. Traditionally, the biggest foreign exchange earners have been tea and coffee, but tourism and horticulture are becoming increasingly important. Consignments of fresh vegetables, fruits and cut flowers are air freighted daily to various destinations around the world.
Employing Workers in Kenya describes that though labor relations in Kenya are generally sound and the Kenyan labor market is more flexible than that of most African countries, a package of five new labor laws enacted just weeks before the election represents to employers a difficult and costly turn of events. The practical implications of a number of new worker-friendly provisions, including increased allowances for leave and disability, remain highly contested.
Again, however, the great majority of Kenya’s workforce is employed outside of the formal sector, so the actual reach of the labor market laws and institutions discussed here extends to a small fraction of the economy. This highlights how essential it is for Kenya to shape and administer its labor and other regulatory reforms with the goal of minimizing barriers that keep microenterprises and their workers locked into the informal economy. Such workers need social protections at least as much as those in the formal sector.
Kenya’s New Labor Law Regime of Employing Workers in Kenya
Kenya’s new labor law regime of Employing Workers in Kenya states just weeks prior to the election, a set of five draft laws pertaining to labor relations were seized from the drawing board where they had been in development for at least five years and, to the delight of the nation’s labor unions, were quickly debated and enacted. The five new laws are a mix of basic labor principles that bring Kenya into line with international labor standards, and additional provisions that make formal employment in Kenya a very generous proposition.
Five New Labor Rules for Employing Workers in Kenya
The five new Labor rules for Employing Workers in Kenya are as follows;
- Employment Act,
- Labor Relations Act,
- Labor Institutions Act,
- Work Injury Benefits Act,
- Occupational Health and Safety Act