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Account Payable Procedure

When your creditors demand his money and you issue the cheque on his demand. It is not account payable procedure. Account payable affects our working capital and cash flow. So, we have to make a good account payable procedure for saving our fund from wrong payment. Moreover, if we disburse our account payable on the time, it will encourage our suppliers, employees and service providers to give us more goods and service on credit. For paying accurate amount at accurate time, we need to follow accounts payable procedure.

1. To Check Past Received and Returned Goods 

It is part of duty of bookkeeper to check past purchased and returned goods for paying account payable. If service is provided, bookkeeper has to check the time of getting and returning goods. Difference will our service taken time. One this basis, bookkeeper can know the payable amount.

2. To Check Past Payments

As per your account payable policy, you may pay all amount within 60 or 90 days. At that time, you have to ensure that past payments are checked. For example, total account payable is $ 1000. You have paid advance $ 750. You have returned goods of $ 150. It means, now you have to pay $ 100.

3. Account Payable Audit 

Before paying large amount of account payable, you can help auditor for finding any accounting mistake in account payable. Any accounting mistake can increase or decrease this bill of our creditors. So, for making it accurate, auditor should check each voucher entry and ledger accounts and bank accounts relating to past payments to account payable. During the time of account payable audit, auditor can find also cheating cases. False payments may increase the liability of account payable.

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Accounting Education: Account Payable Procedure
Account Payable Procedure
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Accounting Education
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