Download Controller and CFO's Guide to Accounts Payable by Mary S. Schaeffer PDF

By Mary S. Schaeffer

Refreshingly candid and witty in tone, Controller and CFO's advisor to money owed Payable is needed examining for any specialist eager to comprehend extra approximately their organization's AP operations. It proclaims that AP is not any longer a back-office functionality and underscores the truth that right awareness needs to be paid to this important division so as to run a number one area and aggressive corporation.

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When the credit memo shows up, the purchasing professional approves it for payment and the associate in accounts payable processes it. With this action, the amount owed to your company now doubles. Yes, that’s right; a few processors out there will pay credits. Make sure your accounts payable staff is educated about credits. 39 Core Functions GETTING APPROVALS As alluded to in the prior chapter, sometimes accounts payable has problems getting invoices approved for payment in a timely manner. Typically, invoices are forwarded to the purchaser for approval before going through the three-way match.

Another ugly scenario plays out more than occasionally. Here’s what happens: Start by recognizing the fact that reviewing an invoice for payment and approving it are pretty low tasks on most purchasing executives’ priority lists. So invoices sometimes sit for a long time without being reviewed. Then when the purchasing manager gets the call from the vendor looking for payment, he goes into action. Not wanting to admit that he is the hold-up, he approves the invoice for payment (without much review) and puts it in the interoffice mail.

This is a good idea because it 40 Invoice Handling helps delineate when invoices were received in case of a dispute. It also helps establish a timeline of when invoices arrived where. Now, we will stipulate that just because an invoice is stamped in on a given date, does not mean that it was sent out for approval that same day. But it does help show, once invoices are returned to accounts payable, if there is adequate time for processing. Sometimes the invoice gets back in plenty of time, but the procedures, discussed in the following chapter, related to getting the check signed and out the door, bog down the process.

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