Your checklists (
0
)
AI Checklist Generator
From the makers of
Manifestly Checklists
Sign in
Email address
Email me a magic link
Home
> account payable
account payable
Vendor Setup
Verify vendor information and documentation
Complete W-9 or W-8BEN form as applicable
Obtain necessary approvals for vendor onboarding
Enter vendor details into the accounting system
Invoice Receipt
Ensure invoices are addressed to the correct department
Verify invoice receipt against purchase orders (if applicable)
Confirm that the invoice matches the agreed-upon terms
Invoice Approval
Route invoices to the appropriate approvers
Track approval status and follow up as necessary
Verify that approvals are documented and retained
Payment Processing
Match invoices to purchase orders and receipts
Prepare payment batches based on due dates
Review payment terms and discounts available
Obtain necessary approvals before processing payments
Here are some additional steps you could include in the Payment Processing section of your accounts payable checklist
Verify the accuracy of invoice amounts against the matched purchase orders and receipts
Ensure all supporting documentation is attached to the payment request
Confirm that payment methods align with company policies (e.g., ACH, checks)
Schedule payment dates to optimize cash flow and take advantage of discounts
Execute payments through the appropriate financial systems or platforms
Communicate with vendors regarding payment schedules and any issues
Maintain a record of all processed payments for future reference
Monitor and resolve any discrepancies or issues that arise during payment processing
Update the accounts payable ledger to reflect payments made
Generate and distribute remittance advice to vendors after payments are processed
Review and analyze payment trends to identify opportunities for efficiency improvements
Record Keeping
Enter payment details into the accounting system
Maintain organized records of invoices and payments
Ensure compliance with retention policies and audit requirements
Reconciliation
Reconcile accounts payable ledger with vendor statements
Investigate and resolve discrepancies promptly
Prepare reports for management review
Month-End Closing
Review outstanding invoices and accruals
Ensure all transactions are recorded for the period
Prepare accounts payable reports for financial statements
Compliance and Audit
Ensure adherence to company policies and procedures
Prepare documentation for internal and external audits
Review and update accounts payable processes as needed
Download CSV
Download JSON
Download Markdown
Use in Manifestly
Use in Manifestly