Ensure throughout the month that Accounts Payable (“A/P”) procedures (where applicable for your business) are followed.
Of special note are these A/P checklist items:
- Post All Vouchers – Make sure all supplier invoices have been entered and posted. This includes goods and services received during the month. Optional Workflow step: “Approve” before releasing for payment, depending on your system configuration.
- Release Vouchers in Un-Released Voucher Queue – Review and release any vouchers as needed.
- Post Employee Expense Claims – Verify that all employee expense reimbursements have been entered, submitted, approved and posted during the period to ensure accurate accounting.
- Post Direct Payment or Print Checks to pay your (approved) released Vouchers (supplier invoices) – Run the check printing process to pay outstanding vouchers, as required. Verify the check date is within the current period.
- Bill Recurring POs – Post Vouchers for recurring purchase orders, such as lease or utility bills, to ensure expenses are recognized monthly.
- PO Receive Queue – Reference AP Workflow; verify that all items received have corresponding vouchers entered in the system.
- PO Vouchered Queue – Reference AP Workflow; verify all vouchered items are posted and investigate any discrepancies between received and billed amounts.