Accounts payable best practices by Mary S Schaeffer

By Mary S Schaeffer

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

*101 practices tested and explained

* most sensible practices delineated for each

* virtually top practices pointed out for these cases the place most sensible practices can't be used

* dialogue of matters proper to the money owed payable functionality for every factor

* Worst practices highlighted

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Sample text

The normal way that this is handled is to mail the check to the payee. In fact, some may wonder why there is a separate section for this topic. The answer is that sometimes the person requesting the check will request that the check be returned to him or her for final distribution. Typically, there are three semi-legitimate reasons that this request is made: 1. The requestor wants to make sure that the check is mailed correctly. 2. The requestor is a salesperson who wants to deliver the check to the customer and try and pick up another order at the same time.

Alternatively, it can be e-mailed to the person at the vendor doing the cash applications. Almost Best Practices A low-tech approach, especially useful with payments made by check is to develop a form that lists the most common reasons for short payments. Then the AP associate can simply check off the appropriate field and attach it to the check. These forms should be developed based on the company’s past history and industry. They should be periodically reviewed to ensure that they contain all relevant factors.

40 Checks ⅷ ⅷ ⅷ Access to the check stock should be severely limited. The closet should be reinforced—and not of the type that a crook could easily hack into. The lock on the door should be substantial and not easily picked with a hairpin or clothes hanger. Ideally, the check storage closet should not be in close proximity to the printer. If someone breaks in, especially on a long weekend, don’t make it too easy for him or her. Sufficient segregation of duties should be incorporated into the various tasks associated with the check production cycle, so the individuals with access to the check storage closet do not also have the authority to print checks.

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