Get Accounts payable best practices PDF

By Mary S Schaeffer

ISBN-10: 0471667587

ISBN-13: 9780471667582

A hundred and one top Practices for bills Payable by way of Mary S. Schaeffer

*101 practices tested and explained

* top practices delineated for each

* virtually most sensible practices pointed out for these situations the place top practices can't be used

* dialogue of issues correct to the money owed payable functionality for every factor

* Worst practices highlighted

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Extra resources for Accounts payable best practices

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Sometimes, by looking at what is included on the invoice, a savvy AP associate will be able to figure out who the likely purchaser is and will then forward the invoice to that person for approval. 21 Accounts Payable Best Practices However, that is frequently not the case, especially in the case of generic goods like printer cartridges or paper for the copy machine. Often, the dollar amount involved is small and does not appear to be worth the time and effort to research who ordered the goods. Best Practices The best approach, although one that not every management team is comfortable with, is to send these unidentified invoices back to the sender, asking them to indicate who ordered the goods.

ACTUAL INV # P1001S19408C004 ⅷ INVALID INV S19408C004 VALID S19408C004 INVALID P1001S1940 Establish a standard invoice numbering scheme for recurring payments such as utilities, or monthly statements that don’t have a true invoice number. If the account or customer number is provided, begin the invoice number with the account number + the month + year as a suffix at the end in MMYY format. For weekly statement billings, also include the day so the invoice number will equal the account, or customer number + month + day + year suffix in the MMDDYY format.

The person who prints the checks, usually by controlling the software (through user IDs and passwords), should not have access to the check stock. Theoretically, when using a laser printer (which, by the way, are regular laser printers) a check run can be had any time a manual check is requested. Each company must make a determination of whether this is desirable and if it wishes to pursue that course. When checks are printed this way, the process usually includes use of a facsimile signature. Typically, this signature is included on a separate plate.

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Accounts payable best practices by Mary S Schaeffer


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