Download PDF by Mary S Schaeffer: Accounts payable best practices

By Mary S Schaeffer

ISBN-10: 0471667587

ISBN-13: 9780471667582

One zero one most sensible Practices for money owed Payable by way of Mary S. Schaeffer

*101 practices tested and explained

* most sensible practices delineated for each

* nearly most sensible practices pointed out for these situations the place most sensible practices can't be used

* dialogue of issues suitable to the money owed payable functionality for every factor

* Worst practices highlighted

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Creating an invoice number using the account number when it bears any relation to the taxpayer identification number or a person’s Social Security number also can cause problems. There have been instances in which unscrupulous employees (yes, there are a few of those) have taken the Social Security numbers and used them in an unethical manner. CASE STUDY How One Pro Took Accounts Payable Out of the Picture when Resolving Customer Discrepancies Does your AP staff waste endless hours trying to resolve discrepancies with the Purchasing department?

32 Checks Since this type of check is typically of a continuous format, it is difficult, if not impossible, to rerun a check (in the same check run) if something goes wrong. When the checks are printed, notations should be made in the log regarding the first check number, the last check number, and the number of checks printed. Both the representative from Accounting (or Treasury) and IT should initial the log. If a check prints off center, jams, or has some other problem, it should be voided—either by writing VOID across the check in capital letters or by tearing off the MICR (magnetic ink character recognition) line.

27 2 Checks Although pundits have long predicted the demise of the paper check, they are still with us, causing Accounts Payable a myriad of headaches. Although the number of checks issued each year has finally begun to decline, they will be with AP for the foreseeable future. In this chapter, we investigate best check practices in the following areas: ⅷ ⅷ ⅷ ⅷ ⅷ ⅷ Check printing Check signing Check storage Distribution of checks Check fraud/positive pay Rush/ASAP or emergency checks CHECK PRINTING Background Companies print checks as frequently as every day and as infrequently as once or twice a month, depending on numerous factors, which can include 29 Accounts Payable Best Practices ⅷ ⅷ ⅷ ⅷ ⅷ ⅷ Corporate culture Cash management practices Number of checks printed Check-signing practices Check-printing practices Efficiencies in the invoice handling procedures As bizarre as it may seem, a few companies print checks only once or twice a month, not because that is an efficient way for them to run their business but because they feel it gives them greater control over their cash flow.

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Accounts payable best practices by Mary S Schaeffer


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