Workflow Templates: Accounts Payable Ledger Checklist

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Accounts Payable Ledger Checklist

Invoice Processing

Ensure all received invoices are promptly recorded into the accounting system.

Verify that the details on the invoice match the purchase order, including quantity, price, and terms.

Approve invoices only after cross-checking with delivery receipts and order confirmations.

Payments Scheduling

Review the accounts payable aging report to prioritize payments based on due dates.

Confirm that all discounts for early payments are taken advantage of when possible.

Prepare and process payment batches, ensuring that the cash flow is managed efficiently.

Vendor Reconciliation

Regularly reconcile vendor statements with the accounts payable ledger to ensure accuracy.

Investigate and resolve any discrepancies found during reconciliation promptly.

Maintain clear communication with vendors regarding any disputed invoices or payments.

Compliance and Controls

Adhere to internal controls and segregation of duties to prevent fraud.

Ensure that all payments are made in accordance with company policies and procedures.

Keep all supporting documentation organized and readily available for audits.

Periodic Reviews

Conduct periodic reviews of the accounts payable ledger to ensure transactions are categorized properly.

Analyze accounts payable turnover ratio to assess the efficiency of the payment process.

Regularly update the list of authorized vendors and review it for any necessary changes.

Reporting and Analysis

Generate monthly reports detailing accounts payable activity and outstanding liabilities.

Provide detailed explanations for significant variances from the budget or forecasts.

Use financial analysis to inform management of potential cash flow issues.

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