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> ACCOUNTS PAYABLE
ACCOUNTS PAYABLE
INVOICE RECEIPT AND REVIEW
Verify that the invoice is from an authorized vendor.
Check the invoice date and ensure it is within the acceptable time frame.
Confirm the invoice amount matches the purchase order (if applicable).
Review the invoice for accuracy and completeness (e.g., correct quantities, descriptions).
Ensure proper approval signatures are obtained.
DATA ENTRY
Enter the invoice details into the accounting system.
Assign the appropriate account codes to the invoice.
Attach any supporting documents (e.g., purchase orders, delivery receipts).
Double-check entries for accuracy before finalizing.
PAYMENT PROCESSING
Determine the payment terms and due date.
Schedule payment according to cash flow and due dates.
Prepare payment authorization documentation.
Obtain necessary approvals for the payment.
RECONCILIATION
Regularly reconcile accounts payable ledger with vendor statements.
Investigate any discrepancies between the accounts payable records and vendor statements.
Ensure all invoices have been accounted for in the reconciliation process.
REPORTING AND ANALYSIS
Generate accounts payable aging reports.
Analyze payment trends and vendor performance.
Review cash flow impact of accounts payable.
Report any outstanding issues or discrepancies to management.
COMPLIANCE AND RECORD KEEPING
Ensure compliance with company policies and regulatory requirements.
Maintain accurate and organized records of all invoices and payments.
Schedule periodic audits of accounts payable processes.
Implement a retention policy for financial documents.
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