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Accounts Payable

Vendor Setup and Maintenance

Obtain required vendor information including name, address, tax ID, and contact details.

Verify vendor information for accuracy and authenticity.

Create vendor records in the accounting system.

Regularly update vendor information as needed.

Invoice Processing

Receive invoices from vendors.

Review invoices for accuracy, including item descriptions, quantities, and prices.

Match invoices with purchase orders and receiving documents.

Obtain necessary approvals for invoice payment.

Input invoice details into the accounting system.

Allocate expenses to appropriate accounts and cost centers.

Resolve any discrepancies or issues with vendors or internal departments.

Maintain proper documentation and filing of invoices.

Payment Processing

Prepare payment batches according to payment terms and due dates.

Verify accuracy of payment amounts.

Obtain necessary approvals for payment release.

Initiate payment transfers or issue checks.

Record payment details in the accounting system.

Reconcile payments with bank statements.

Address any payment inquiries or issues from vendors.

Expense Reimbursements and Employee Payments

Receive employee expense reports and reimbursement requests.

Review expense reports for policy compliance and supporting documentation.

Verify accuracy of expense amounts and calculations.

Obtain necessary approvals for reimbursement.

Process expense reimbursements via direct deposit or check issuance.

Record expense reimbursements in the accounting system.

Handle any employee payment requests or inquiries.

Vendor Relations and Communication

Maintain positive relationships with vendors.

Respond to vendor inquiries and resolve issues promptly.

Communicate any changes in payment terms or processes to vendors.

Negotiate and track vendor discounts or early payment incentives.

Conduct periodic vendor performance evaluations.

Seek opportunities for cost savings or process improvement with vendors.

Compliance and Reporting

Ensure compliance with applicable tax regulations and reporting requirements.

Prepare and file necessary tax forms such as 1099s.

Generate regular accounts payable reports for management review.

Participate in financial audits and provide requested documentation.

Monitor and maintain internal controls to prevent fraud or errors.

Month-End and Year-End Procedures

Perform month-end closing procedures for accounts payable.

Reconcile accounts payable balances with general ledger.

Prepare accruals for any outstanding invoices or expenses.

Provide necessary information for financial statement preparation.

Assist with year-end financial audits and reporting.

Note: This checklist may vary depending on the specific requirements and processes of each software development organization.

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