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Payables Approval Checklist

1. Invoice Receipt and Verification

Confirm receipt of invoice from vendor.

Check invoice against purchase order (PO) for accuracy.

Verify that the goods/services were received satisfactorily.

Ensure the invoice is properly authorized by the respective department.

Here are some additional steps that could be included in the "1. Invoice Receipt and Verification" section of the New Payables Approval Checklist

Record the invoice receipt date in the accounting system

Check for any discrepancies in quantities or pricing between the invoice and the purchase order

Ensure that the invoice includes all necessary details, such as invoice number, date, vendor information, and payment terms

Verify that tax calculations (e.g., sales tax, VAT) are accurate and compliant with regulations

Confirm that the invoice is not a duplicate by checking against previously received invoices

Assess whether the invoice aligns with the agreed-upon payment terms and conditions outlined in the contract

Notify relevant stakeholders if any issues or discrepancies are found during the verification process

Maintain a record of any communications with the vendor regarding invoice discrepancies or queries

Ensure that the invoice is coded correctly for accounting and budget tracking purposes

Attach any required supporting documentation (e.g., delivery receipts, service completion certificates) to the invoice for verification

2. Invoice Data Entry

Enter invoice details into the accounting system.

Ensure all relevant fields are filled accurately (e.g., invoice number, date, amount).

Attach supporting documents (e.g., PO, delivery receipts) in the system.

3. Approval Workflow

Route the invoice to the appropriate manager for approval.

Track approval status to ensure timely processing.

Follow up with approvers if invoice is pending for an extended period.

4. Payment Processing

Confirm that the invoice has been approved before initiating payment.

Schedule payment according to agreed-upon terms.

Select payment method (e.g., check, ACH, wire transfer) based on vendor preference.

5. Documentation and Record Keeping

Maintain a copy of the invoice and payment confirmation for audit purposes.

Ensure all documentation is organized and easily accessible.

Update the accounts payable ledger to reflect payment made.

6. Review and Reconciliation

Conduct regular audits of the payables process to ensure compliance.

Reconcile accounts payable with vendor statements.

Investigate and resolve any discrepancies found during reconciliation.

7. Reporting and Analysis

Generate reports on outstanding payables and payment cycles.

Analyze payment trends and vendor performance.

Review cash flow implications of payables management.

By following this checklist, financial services organizations can ensure a streamlined and compliant payables approval process.

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