Overview

This Standard is about processing payments for a production. It includes dealing with documentation from suppliers, preparing and making payments for invoices, wages and salaries, petty cash and Value Added Tax.

This will also involve making calculations and checking records of expenditure are correct and deducting available discounts.  You are required to code and record entries in the appropriate ledgers in the production system.  You also communicate with suppliers both verbally and in writing.

You will also be responsible for preparing VAT returns, compliance with current legislation concerning VAT returns, in some cases overseas VAT legislation, and that you seek guidance from HM Revenue & Customs as required.

 

Performance Criteria

You must be able to:

  1. Check suppliers’ invoices and credit notes against delivery notes, ordering documentation and evidence that goods or services have been received
  2. Calculate totals and balances and check with suppliers’ invoices
  3. Identify and deduct discounts if available
  4. Code and record entries in the appropriate ledger
  5. Identify discrepancies and either resolve them or escalate to the designated person
  6. Communicate with suppliers regarding accounts
  7. Use progress reports / daily reports to track costs
  8. Obtain proof of employee’s right to work in the UK
  9. Calculate payments from relevant documentation
  10. Schedule payments and ensure they are authorised by the designated people
  11. Schedule payments in order to gain optimum value in terms of supply from individual suppliers
  12. Refer queries to the appropriate person
  13. Maintain security and confidentiality in line with production requirements
  14. Make payments in accordance with production processes, methods and timescales
  15. Enter payments into accounting records according to production and system procedures
  16. Complete VAT returns using data from the accounting systems and submit within the statutory time limits
  17. Identify and calculate inputs and outputs
  18. Seek guidance from HMRC when required

 

Knowledge Criteria

You need to know and understand:

  1. How to code data and operate the accounting system
  2. The setting up of card accounts, automated payments: CHAPS, BACS, direct debits, standing orders, and international transfers
  3. How to prepare payment documentation
  4. Production procedures to handle and store money securely
  5. The standard units of inputs and outputs
  6. How to open credit accounts with suppliers and supplying trading references
  7. How to deal with suppliers when you have cash-flow problems
  8. The types of transactions and documents involved for a production
  9. Legislation relating to contract law, Sale of Goods Act, data protection and document retention policies
  10. Legislation relating to VAT (UK EEC, and Non EEC): the classification of types of supply; registration requirements; the form of VAT invoices; tax points
  11. The general principles of VAT and sources of information
  12. administration of VAT: enforcement, special VAT schemes, annual accounting, cash accounting, bad debt relief
  13. Types of discounts
  14. Legal requirements relating to cheques, including crossings and endorsements
  15. Tax rules specific to the screen industry including withholding tax
  16. Union agreements how these affect budget and cash-flow
  17. Principles of double entry bookkeeping
  18. The production’s accounting systems, administrative systems procedures and relationship between these and the ledger
  19. The ways in which the accounting systems of a production are affected by its organisational structure, its administrative systems and procedures
  20. VAT returns required by HMRC (and overseas VAT bodies) and that this requirement must be built into administrative and accounting systems and procedures
  21. the basis of the relationship between the production and HMRC
  22. Organisational procedures for authorisation and coding of purchase invoices, payments and filing source information