What are the four checks needed before authorizing a payment?

Before authorizing a payment, it is crucial to ensure that all documentation matches and that payments have the necessary authorization. This step involves verifying that invoices, receipts, or any other related documents correspond correctly with the details of the payment being made. It is essential to ensure that the details are accurate and that the payment has been properly approved by the relevant authority within the organization.

The process of payment authorization typically includes checking that the correct amount is being paid, confirming that the payment corresponds with authorized expenses, and ensuring that there are no discrepancies. Focusing on documentation and authorization helps prevent errors and fraudulent activities, thereby ensuring financial integrity and accountability within the organization's operations.

The other options, while they may be considerations in some contexts, do not encompass the critical checks needed specifically for payment authorization. For example, verifying bank account balances and calculating tax deductions are more relevant to financial management and accounting rather than directly relating to the authorization of individual payments. Similarly, confirming payments are made in cash is a method of transaction rather than a necessary check for all payment authorizations, especially since many transactions today are processed electronically.