Workflow Templates: Accounts Payable Checklist

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Accounts Payable Checklist

Invoice Receipt and Verification

Receive invoices from vendors through designated channels.

Verify invoice details against purchase orders and delivery notes.

Check for any discrepancies and resolve them with the vendor.

Ensure that the invoice is not a duplicate by checking the system records.

Document the verified invoice in the accounts payable system.

Invoice Approval Process

Forward verified invoices to the relevant department for approval.

Ensure that the approver reviews and signs off on the invoice.

Check that the approval aligns with the company's authorization matrix.

Record the approval details in the accounts payable system.

Follow up on any pending approvals to prevent delays.

Payment Processing

Prepare payment batches according to the payment schedule.

Verify bank account details and payment amounts before processing.

Process payments through the designated payment method (e.g., EFT, checks).

Update the accounts payable system with payment details.

Reconcile the payments against the bank statements.

Vendor Management

Maintain updated vendor records, including contact and banking information.

Regularly review and resolve any outstanding issues with vendors.

Ensure compliance with vendor contract terms and conditions.

Conduct periodic vendor performance evaluations.

Communicate payment schedules and any changes to vendors.

Record Keeping and Reporting

Ensure that all accounts payable transactions are accurately recorded.

Generate and review accounts payable aging reports.

Prepare monthly reconciliations of accounts payable balances.

Maintain supporting documentation for all payable transactions.

Comply with internal and external audit requirements.

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