In January 2020 UNICEF signed contract with supplier for delivery of the program supplies….

In January 2020 UNICEF signed contract with supplier for delivery of the program supplies. The contracted amount 300,000 USD. The program supplies to be delivered to UNICEF by April 30. UNICEF has to process payment in advance to supplier within 5 days after contract signed by both parties. In January 10 UNICEF processed advance payment to the supplier. Goods were delivered by April 25, 2020. The cost covered by grant GS1234XX. Based on this scenario you are requested to:
Process transaction for the advance payment indicating the GL account name
Process transaction to clear advance payment and record the expense against funding source
Describe condition when the cost can be booked as an expense and charged to the grant. Describe documents required for clearance of advance and recording the expenses.
(30 marks)
List three important things that required to be checked in order to process a vendor invoice.
(10 marks)
UNICEF has signed the contract with Implementing Partner; who are working with multi-donors. UNICEF has transferred to the Implementing Partner an advance fund for planed activities.
List the most important things that required to be checked in order to settle / liquidate the advance.
(10 marks)
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