Manage your business finances effectively with our Accounts Payable Spreadsheet Template, enabling systematic record-keeping, payment tracking, and financial reviews.
1
Gather all invoices, receipts, and bills
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Input supplier information including name, contact details, and address
3
Input invoice number and date
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Input invoice amount due
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Input the date of payment
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Identify and input payment method
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Input the payment period
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Calculate the total payment due
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Approval: Accountant review of entered data
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Input the Bank account details
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Calculate and input any late fees or interest
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Update overall balance after payment
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Correlate invoices to PO and receiving documents
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Record any noted discrepancies
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Calculate remaining balance after payment if any
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Approval: Financial Manager review of spreadsheet
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If approved, mark invoice as paid
18
Archive invoice and related documents digitally and physically
19
Update monthly expense report
Gather all invoices, receipts, and bills
In this task, collect all the invoices, receipts, and bills from suppliers. These documents are essential for tracking the payment process and ensuring accuracy in accounts payable. Make sure to organize them properly and keep them easily accessible.
Input supplier information including name, contact details, and address
For each supplier, input their name, contact details, and address. This information is crucial for maintaining communication and ensuring accurate payment processing. Include their email, phone number, and any other relevant information.
Input invoice number and date
Enter the invoice number and its date for each supplier. This information helps in identifying and tracking invoices accurately. It ensures proper record-keeping and avoids any confusion during the payment process.
Input invoice amount due
Specify the amount due for each invoice from the supplier. This ensures accurate payment calculation and helps in monitoring overall accounts payable. Double-check the amount to avoid any errors in payment processing.
Input the date of payment
Enter the date when the payment is made to the supplier. This information is important for tracking payment timelines and managing cash flow. Make sure to record the payment date accurately.
Identify and input payment method
Identify the payment method used for each invoice payment. This can include methods like check, credit card, bank transfer, etc. Accurately inputting the payment method helps in record-keeping and reconciliation.
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Check
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Credit Card
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Bank Transfer
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Cash
5
Online Payment
Input the payment period
Specify the payment period for each invoice. This can be the due date or the agreed-upon payment terms with the supplier. Accurate input of the payment period helps in managing cash flow and avoiding late payment penalties.
Calculate the total payment due
Calculate the total amount due for payment by considering all the invoices from the supplier. This ensures accurate payment processing and avoids any underpayment or overpayment. Use the provided formula or calculator to calculate the total payment due.
Approval: Accountant review of entered data
Will be submitted for approval:
Input supplier information including name, contact details, and address
Will be submitted
Input invoice number and date
Will be submitted
Input invoice amount due
Will be submitted
Input the date of payment
Will be submitted
Identify and input payment method
Will be submitted
Input the payment period
Will be submitted
Calculate the total payment due
Will be submitted
Input the Bank account details
Enter the bank account details to be used for payment to the supplier. This includes the bank account number, name, and other relevant information. Ensure accuracy in input to avoid any payment processing issues.
Calculate and input any late fees or interest
If there are any late fees or interest applicable to the payment, calculate them accurately. This helps in avoiding any discrepancies and ensures proper payment processing. Input the calculated late fees or interest amount for each invoice.
Update overall balance after payment
Update the overall balance after making the payment for each invoice. This helps in maintaining an accurate accounts payable balance and tracking payment status. Calculate the remaining balance by deducting the payment amount from the total amount due.
Correlate invoices to PO and receiving documents
Correlate the invoices with the corresponding Purchase Orders (PO) and receiving documents. This ensures proper matching of invoices with the goods or services received. Maintain proper documentation to avoid any discrepancies or payment issues.
Record any noted discrepancies
If there are any noted discrepancies or issues with the invoices, record them for further investigation and resolution. This helps in maintaining accurate records and resolving any payment disputes or discrepancies with suppliers.
Calculate remaining balance after payment if any
If there is any remaining balance after making the payment, calculate it accurately. This ensures correct accounts payable record-keeping and helps in tracking payment status. Input the calculated remaining balance for each invoice.
Approval: Financial Manager review of spreadsheet
If approved, mark invoice as paid
If the payment is approved and processed successfully, mark the invoice as paid. This indicates the completion of the payment process and helps in tracking the status of each invoice. Ensure accuracy in marking the invoice as paid.
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Paid
2
Not Paid
Archive invoice and related documents digitally and physically
Archive the invoice and related documents digitally and physically for future reference and compliance purposes. Proper archiving helps in maintaining organized records and ensures easy retrieval when required.
Update monthly expense report
Update the monthly expense report with the payment details for each invoice. This ensures accurate expense tracking and helps in financial analysis and planning. Include the payment amount, date, and any relevant information in the monthly expense report.
