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1)
Purchase orders and packing slips are
matched in receiving. Receiving turns PO
in the system to a "--receiver"
invoice when received. 2)
Discrepancies are reported to the purchaser for
reconciliation.
All original matched paperwork is to be forwarded to
accounts payable. Discrepancies should be
resolved within 1-2 days. 3)
A/P files received paperwork in a "to be
matched" (with vendor invoice)
folder. This should be done within 1 day if
not the same day. 4)
Match up incoming vendor invoices with PO's on a daily basis
and then file them in a "to be processed"
folder. These invoices should be processed
within 1-2 days. It would be ideal if the
invoice could be processed immediately. 5)
Process invoices by entering invoice numbers, dates,
and any other changes to
the vendor invoice if needed. This will
make it a true payable in the system.
6)
File reconciled matching invoices and PO's in
the "to be paid" files. Invoices with discrepancies
need to be kept in the "to be
processed" file and the purchaser needs to
be notified. Purchaser needs to resolve the issue
within 1-2 days. 7)
Print a Vendor Aging by Date Due report (Payables
Due) once a week. An example would be to print
the Payables report every Wednesday. If the
report is based one week in advance you will be able
to pay invoices before they are late. 8)
Decide what needs to be paid and pull the vendor
invoices from the "to be paid" file for
payment. This will help assure that there is
paperwork and it hasn't been already paid. 9)
Print checks and match checks stubs to the vendor
invoices. Indicate on the vendor invoice the
check number, date, and paid amount. 10)
File the invoice, PO, and check stub that are
stapled (in the upper left) in the Vendors paid
invoice file.
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