By Mary S Schaeffer
One hundred and one top Practices for money owed Payable via Mary S. Schaeffer
*101 practices tested and explained
* top practices delineated for each
* nearly most sensible practices pointed out for these circumstances the place top practices can't be used
* dialogue of issues appropriate to the debts payable functionality for every factor
* Worst practices highlighted
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David Spiceland is professor of accounting on the college of Memphis, the place he teaches intermediate accounting and different monetary accounting classes on the undergraduate and master's degrees. He bought his BS measure in finance from the collage of Tennessee, his MBA from Southern Illinois collage, and his PhD in accounting from the collage of Arkansas.
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Additional resources for 101 Best Practices for Accounts Payable
While this might make life easier for the boss, it is a complete breakdown of appropriate internal controls and should not be tolerated. Worst Practice: Worst practices include: > Not having a list of authorized approvers > Allowing anyone to submit invoices for payment. The Issue: Invoice Data Requirements You would think that vendors would instinctively include all information on an invoice needed to get it paid quickly and accurately. But, this is an issue many don’t take seriously. They send an invoice in for payment with no data indicating who ordered the item.
Worst Practices: Worst practices include: > Ignoring the issue and having no set of standardized rules. > Allowing creativity when it comes to data entry. > Not communicating the standards to all affected parties. Issue: Updating the Master Vendor File It would be nice if once a supplier had been set up on the master vendor file that was it. Unfortunately, at least as far as record maintenance is concerned, is that changes occasionally have to be made to the information. People leave, companies move and phone numbers change.
Best Practice: Access to the master vendor file, for anything but information lookup, should be severely limited. Only a few people should be able to enter information, be it for setup or to make changes. The employees with this access should not perform any other tasks in the procure-to-pay function making it more difficult for someone to defraud the organization. What’s more, when they go on vacation, their passwords and access should not be given to someone else. This will simply muddy the audit trail should there be a problem down the line.
101 Best Practices for Accounts Payable by Mary S Schaeffer
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