Final answer:
The purchase to pay process follows the sequence of requirements determination, purchase order processing, goods receipt, invoice verification, and finally payment processing using methods such as checks.
Step-by-step explanation:
The correct sequence of the purchase to pay process is as follows: first, requirements determination is performed where the need for a good or service is identified; next is purchase order processing, where a purchase order is created and approved; following this, goods receipt occurs when the goods or services are received and inspected; the fourth step is invoice verification, where the invoice received is checked and matched against the purchase order and goods receipt; and finally, payment processing is completed, where the invoice is paid according to the agreed terms.
Using a check for payment involves writing a document that orders a bank to pay a specific amount of money from a person's account to the company or individual named on the check. The store gets the money when the check is processed by the banking system, and the funds are transferred from the payer's account to the store's account. An overdraft occurs when someone withdraws more money from their bank account than is available.