Workflow Templates: Accounts Payable checklist

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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

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