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Accounts Payable checklist
Invoice Processing
Receive and date stamp incoming invoices
Verify invoice details including supplier name, date, and invoice number
Match invoices to purchase orders and delivery receipts
Account Verification
Confirm account coding and approvals are correct
Reconcile supplier statements with account balances
Validate that expenditures are within budget and properly authorized
Payment Processing
Set up new vendor accounts and maintain vendor information
Schedule and prepare payments in accordance with payment terms
Issue payments via check, ACH, wire transfer, or credit card
Internal Controls
Review and update accounts payable policies and procedures
Conduct regular audits of accounts payable transactions
Ensure separation of duties in invoice processing and payments
Record Keeping
Maintain accurate and organized accounts payable files
Ensure proper documentation is retained for audits
Archive paid invoices and related documents as per company policy
Communication and Discrepancies
Address inquiries and resolve issues from vendors and internal departments
Investigate and correct discrepancies in invoices and payments
Provide regular reports on accounts payable status to management
