Accounts payable best practices by Mary S Schaeffer

By Mary S Schaeffer

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

*101 practices tested and explained

* top practices delineated for each

* nearly most sensible practices pointed out for these circumstances the place most sensible practices can't be used

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

* Worst practices highlighted

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Avoid using the check request date whenever possible. Date format should be MMDDYY. Handwritten changes to the true invoice number should not be utilized. 15 Accounts Payable Best Practices Note: The invoice-coding standard should be coordinated with the master vendor file coding/naming policy. Ideally, the two should handle the same issue in the same manner. Almost Best Practices ⅷ ⅷ If no invoice-coding standard exists, use the standard naming convention used when setting up master vendor files.

The move toward electronic payments primarily through the ACH Thus, check printing may become less of a problem in the upcoming years. Worst Practices Worst practices include not taking the appropriate steps to guard both the check stock and the check-printing equipment. Several years ago an auditor noticed that his client had left the check-printing machine out in the open with the signature plate in the machine. Luckily for his client, he was an honest man. To make his point, he printed a check for $1 million made out to himself and left it on the controller’s desk with a little note.

They return these invoices demanding that the supplier correct them and when the invoice is prepared to their satisfaction, they pay it. While this approach does hold great appeal, it is not one that will work in most organizations. 18 Invoices Reality Check for Accounts Payable Don’t expect that the form will put an end to vendors’ complaints. It will simply eliminate one round of calls and one round of investigations as the information typically provided in that round will have been provided on the form.

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