Accounts Payable Checklist Template

Upon receiving an invoice from a vendor, determine the accuracy and completeness of the invoice. Verify the vendor's name, billing address, invoice number, payment terms, and itemized details. Ensure that the received amount matches the agreed-upon amount and that all relevant supporting documents are attached. Notify the vendor immediately of any discrepancies or missing information.

Thoroughly review the invoice to ensure that all the provided information is accurate and complete. Double-check the vendor's name, billing address, invoice number, payment terms, and itemized details. Verify the arithmetic calculations and confirm that all charges are valid and relevant. Pay attention to any potential discrepancies or irregularities and address them promptly.

Transfer the relevant information from the received invoice to the accounting system. Ensure accurate data entry of the vendor's name, billing address, invoice number, invoice date, payment terms, and itemized details. Enter the invoice amount according to the provided currency and include any applicable taxes or discounts. Double-check the entered information for accuracy before proceeding.

Allocate the invoice amount to the appropriate budget category or account. Identify the relevant budget codes or account numbers and properly categorize the expenses. Ensure that the assigned budget aligns with the nature of the expense and complies with the established financial guidelines and policies.

Before proceeding with payment, verify if there are any duplicate invoices from the same vendor. Search for invoices with matching vendor name, invoice number, and invoice amount. In case of duplicate invoices, investigate further to determine the reason and resolve the duplication issue to avoid overpayment or any potential discrepancies.

Determine the payment date for the invoice based on the agreed-upon payment terms and the organization's cash flow requirements. Take into account any early payment discounts or late payment penalties. Communicate the scheduled payment date with relevant stakeholders, including the vendor and the finance team, to maintain transparency and adhere to the established payment processes.

Create a payment report summarizing the details of the invoice payment. Include the vendor's name, invoice number, payment amount, payment date, and any other relevant information. Ensure accuracy in the report by double-checking the data before finalizing it. Share the payment report with the finance team or other relevant stakeholders for documentation and tracking purposes.

Perform a reconciliation of accounts payable to ensure that all invoices have been accurately recorded, accounted for, and processed. Compare the outstanding invoices with the recorded payments and identify any discrepancies. Investigate and resolve any missing or mismatched records to maintain accurate financial records and avoid any potential financial misstatements.

Based on the payment method, prepare the necessary instruments for payment. If the payment method is by cheque, fill out the cheque with the accurate payment amount, relevant details, and necessary signatures. If the payment method is online, initiate the payment process using the designated payment platform or method. Double-check the payment details to ensure accuracy before proceeding with the payment.

Initiate the process to send the payment to the vendor using the selected payment method. If the payment method is by cheque, mail the cheque to the vendor's designated address. If the payment method is online, complete the transaction and ensure that the payment is successfully sent. Maintain a record or confirmation of the payment for future reference and tracking purposes.

Record the payment details in the vendor's account to reflect the payment made. Update the vendor's payment history, including the invoice details, payment date, and payment amount. Maintain accurate and up-to-date records to facilitate future reference and maintain transparency in vendor transactions.

Update the status of the invoice in the accounting system to indicate that the payment has been made. Set the invoice status as 'Paid' or use an equivalent status to reflect the completed payment. Ensure accuracy in updating the invoice status to maintain accurate and up-to-date financial records.

Organize and store the invoice in a designated file or digital system for ease of access, future reference, and documentation purposes. Use appropriate naming conventions or categories to ensure the invoice can be easily retrieved when needed. Maintain confidentiality and security of the invoices as per the organization's policies.

As part of the month-end closing activities, review the outstanding invoices, reconcile the accounts payable, and ensure all necessary payments are made. Generate financial reports summarizing the payables, including any outstanding invoices and payment status. Communicate with the finance team for any specific month-end closing requirements or additional tasks to maintain accurate financial statements.

Generate a comprehensive accounts report summarizing the accounts payable activities for a specific period. Include details of outstanding invoices, paid invoices, payment dates, vendor information, and any other relevant information. Compile the report in a format that is clear, concise, and easily understandable for management or stakeholders. Share the report with the relevant departments or individuals as per the established reporting schedule.