{"id":8950,"date":"2016-11-21T10:48:12","date_gmt":"2016-11-21T10:48:12","guid":{"rendered":"https:\/\/www.process.st\/templates\/accounts-payable-process\/"},"modified":"2024-02-28T20:50:32","modified_gmt":"2024-02-28T20:50:32","slug":"accounts-payable-process","status":"publish","type":"post","link":"https:\/\/www.process.st\/templates\/accounts-payable-process\/","title":{"rendered":"Accounts Payable Process"},"content":{"rendered":"<section id=\"introduction\">\n<h2>Introduction:<\/h2>\n<div class=\"image-content\">\n<figure> <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/iaCuXPesrnsTlKV0zD9FjA.png\" alt=\"Introduction:\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/iaCuXPesrnsTlKV0zD9FjA.png\"> <\/a><br \/>\n  <\/figure>\n<\/p><\/div>\n<div class=\"text-content\">\n<p>The purpose of accounts payable is to<strong> provide checks and balances for all outgoing payments<\/strong> to vendors for their goods or services.&nbsp;<\/p>\n<p>The aim of this process is to make certain that <strong>only bills which are legitimate are paid<\/strong>, and sufficient <strong>security is built into the process<\/strong>.&nbsp;<\/p>\n<p>Three <a href=\"http:\/\/www.accountingcoach.com\/accounts-payable\/explanation\/2\" rel=\"nofollow noopener\" target=\"_blank\">key factors to be checked when preparing to make payments<\/a>:<\/p>\n<ul>\n<li>what the company had ordered<\/li>\n<li>what the company has received<\/li>\n<li>all unit costs and calculations are correct.&nbsp;<\/li>\n<\/ul>\n<p>To provide <strong>inbuilt security<\/strong>, this checklist is optimized to an accounting department where the process can be <strong>split across 4 different people<\/strong>. If you are a sole trader or a smaller operation, you can adapt this checklist to suit your needs.&nbsp;<\/p>\n<p>It is important to<a href=\"https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/ca\/Documents\/finance\/ca-en-FA-strategies-for-optimizing-your-accounts-payable.pdf\" rel=\"nofollow noopener\" target=\"_blank\"> keep your process secure<\/a> to avoid double payment of bills, non-payment of bills, fraudulent payments, and payments of incorrect invoices.<\/p>\n<p><strong>Watch this video<\/strong> for more information:<\/p>\n<\/p><\/div>\n<div class=\"video-content\">\n<div class=\"iframe-container\"> <iframe src=\"https:\/\/www.youtube.com\/embed\/zhSYI1eihKs?modestbranding=1&amp;showinfo=0\" frameborder=\"0\" allowfullscreen=\"true\"> <\/iframe>\n  <\/div>\n<div class=\"description\">\n    TechnoFunc - Introduction to Accounts Payable Process\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"purchase-order\">\n<h2>Purchase order:<\/h2>\n<\/section>\n<section id=\"enter-purchase-order-details\">\n<h2>Enter purchase order details<\/h2>\n<div class=\"text-content\">\n<p>Your purchase order is the<strong> document you prepare for the vendor to outline the goods or services you are looking to receive<\/strong>. This should contain all the&nbsp;<a href=\"http:\/\/blog.procurify.com\/2013\/09\/23\/all-you-ever-needed-to-know-about-purchase-orders\/\" rel=\"nofollow noopener\" target=\"_blank\">relevant information pertaining to the order.&nbsp;<\/a><\/p>\n<p>This document outlines your needs and<strong> will be compared later in the process to the receiving order<\/strong>, which outlines what was provided.<strong> It will also be compared to the invoice<\/strong> which should note what you are being billed for.<\/p>\n<p class=\"style-info\">The key to a successful accounts payable process is to have <strong>matching information<\/strong> clearly displayed across all documents.<\/p>\n<p>Use the <strong>form fields provided below<\/strong> to record the vendor's details and contents of the purchase order.<\/p>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\"> <label> Your company name <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"text-content\">\n<h4>Vendor details<\/h4>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\"> <label> Vendor - Company name <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\"> <label> Vendor contact - First name <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\"> <label> Vendor contact - Last name <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\"> <label> Vendor contact - Phone number <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"text-content\">\n<h4>Receiving department contact info<\/h4>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\"> <label> Receiving department contact - First name <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\"> <label> Receiving department contact - Last name <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"text-content\">\n<h4>Purchase order details<\/h4>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\"> <label> Purchase order number <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"date-field-content form-field-content\">\n<div class=\"form-group\"> <label> Send date <\/label> <\/p>\n<div class=\"date-container\"> <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-calendar btn-icon\"><\/i> Date will be set here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"date-field-content form-field-content\">\n<div class=\"form-group\"> <label> Date of delivery <\/label> <\/p>\n<div class=\"date-container\"> <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-calendar btn-icon\"><\/i> Date will be set here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"textarea-field-content form-field-content\">\n<div class=\"form-group\"> <label> Goods or services being purchased <\/label> <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea>\n  <\/div>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\"> <label> Quantity <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\"> <label> Unit price <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"date-field-content form-field-content\">\n<div class=\"form-group\"> <label> Date of payment <\/label> <\/p>\n<div class=\"date-container\"> <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-calendar btn-icon\"><\/i> Date will be set here <\/button>\n   <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"textarea-field-content form-field-content\">\n<div class=\"form-group\"> <label> Shipping or delivery information <\/label> <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea>\n  <\/div>\n<\/p><\/div>\n<div class=\"textarea-field-content form-field-content\">\n<div class=\"form-group\"> <label> Further notes <\/label> <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea>\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"send-to-the-vendor-accounting-department\">\n<h2>Send to the vendor accounting department<\/h2>\n<div class=\"text-content\">\n<p>Use the <strong>email widget below<\/strong> to send the purchasing order to the vendor so they can prepare the delivery of the goods or services your company is purchasing.<\/p>\n<p class=\"style-danger\"><strong>Do not forget to attach the purchase order<\/strong> to the email template below<\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"send-to-the-receiving-department\">\n<h2>Send to the receiving department<\/h2>\n<div class=\"text-content\">\n<p>Use the <strong>email widget below<\/strong> to send the purchasing order to the receiving department so they know what they should be expecting and have a reference for the goods or services received.<\/p>\n<p>For instance, this may be needed at the warehouse where the goods will arrive.<\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"send-to-the-senior-accountant-in-your-department\">\n<h2>Send to the senior accountant in your department<\/h2>\n<div class=\"text-content\">\n<p>Use the <strong>email widget below<\/strong> to send the purchasing order to the accounts payable department for internal transparency.<\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"file-a-copy-for-internal-records\">\n<h2>File a copy for internal records<\/h2>\n<div class=\"text-content\">\n<p><strong>File a copy of the purchase order for your own records.<\/strong><\/p>\n<p class=\"style-warning\">It is recommended to file both a <strong>digital and physical copy<\/strong> of the purchase order.<\/p>\n<\/p><\/div>\n<div class=\"image-content\">\n<figure> <a href=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/q1vm0KWI9Zs9hEIs9nNFxg.jpg\" alt=\"File your records carefully when running the accounts payable process\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.process.st\/templates\/wp-content\/uploads\/2024\/02\/q1vm0KWI9Zs9hEIs9nNFxg.jpg\"> <\/a><figcaption>\n     File your records carefully when running the accounts payable process<br \/>\n   <\/figcaption><\/figure>\n<\/p><\/div>\n<\/section>\n<section id=\"receiving-report\">\n<h2>Receiving report:<\/h2>\n<\/section>\n<section id=\"create-a-receiving-report\">\n<h2>Create a receiving report<\/h2>\n<div class=\"text-content\">\n<p>The receiving report is drawn up to show <strong>what goods or services have been delivered by the vendor<\/strong>.&nbsp;<\/p>\n<p>Create this report by recording <a href=\"http:\/\/www.accountingtools.com\/receiving-report\" rel=\"nofollow noopener\" target=\"_blank\">all the necessary information about the order<\/a>.&nbsp;<\/p>\n<p>Make sure the person responsible&nbsp;for receiving the order provides you with all the information listed in the checklist below.<\/p>\n<p><strong>Use the sub-checklist&nbsp;below<\/strong> to check that all key areas have been recorded.&nbsp;<\/p>\n<p class=\"style-info\"><strong>Download<\/strong> a free receiving report template below.<\/p>\n<\/p><\/div>\n<div class=\"multi-select-content form-field-content\">\n<ul class=\"items\">\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       1\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Date and time of delivery\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       2\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Name of the shipping company\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       3\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Name of each item received\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       4\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Quantity of each item delivered\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       5\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      The purchase order number\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       6\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Condition of the goods on arrival\n    <\/div>\n<\/li>\n<\/ul><\/div>\n<\/section>\n<section id=\"document-validation\">\n<h2>Document validation:<\/h2>\n<\/section>\n<section id=\"gather-the-receiving-report-po-and-vendors-invoice\">\n<h2>Gather the receiving report, PO, and vendors invoice<\/h2>\n<div class=\"text-content\">\n<p>Contact the relevant people to <strong>gather all the documents pertinent to this transaction<\/strong>.&nbsp;<\/p>\n<p>You will need the:<\/p>\n<ul>\n<li>receiving report<\/li>\n<li>purchase order<\/li>\n<li>vendors invoice<\/li>\n<\/ul>\n<p><strong>Use the form field below<\/strong> to record you have received these documents.<\/p>\n<\/p><\/div>\n<div class=\"multi-choice-content form-field-content\">\n<div class=\"form-group\"> <label> Documents received <\/label> <select disabled class=\"form-control\"><option value=\"\">Multiple options can be selected from this list<\/option><\/select>\n  <\/div>\n<ul class=\"items\">\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       1\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Receiving report\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       2\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Purchase order\n    <\/div>\n<\/li>\n<li class=\"item\">\n<div class=\"step-number-container\">\n<div class=\"step-number\">\n       3\n     <\/div>\n<\/p><\/div>\n<div class=\"step-checkbox-container\">\n<div class=\"step-checkbox\"><\/div>\n<\/p><\/div>\n<div class=\"item-name-static\">\n      Vendors invoice\n    <\/div>\n<\/li>\n<\/ul><\/div>\n<\/section>\n<section id=\"double-check-a-threeway-match\">\n<h2>Double check a three-way match<\/h2>\n<div class=\"text-content\">\n<p>A three-way match is a simple process of <strong>comparing the information across a range of different documents.<\/strong><\/p>\n<p class=\"style-warning\">It is important to<a href=\"http:\/\/www.accountingcoach.com\/blog\/what-is-three-way-match\" rel=\"nofollow noopener\" target=\"_blank\"> check every metric on all the documents<\/a>. Any discrepancies can lead to problems in the payment, such as over-payment or double payments.<\/p>\n<p>Use the drop-down to record that the information matches across the documents.<\/p>\n<\/p><\/div>\n<div class=\"select-field-content form-field-content\">\n<div class=\"form-group\"> <label> Does the information match across all documents? <\/label> <select disabled class=\"form-control\"><option value=\"An option will be selected here\">An option will be selected here<\/option><\/select>\n  <\/div>\n<\/p><\/div>\n<div class=\"text-content\">\n<p>For an overview of the three-way match and its importance, <strong>watch the video below<\/strong>.<\/p>\n<\/p><\/div>\n<div class=\"video-content\">\n<div class=\"iframe-container\"> <iframe src=\"https:\/\/www.youtube.com\/embed\/ArcihG_Ie3g?modestbranding=1&amp;showinfo=0\" frameborder=\"0\" allowfullscreen=\"true\"> <\/iframe>\n  <\/div>\n<div class=\"description\">\n    Three-way match in an accounts payable process\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"report-errors-to-relevant-team-member\">\n<h2>Report errors to relevant team member<\/h2>\n<div class=\"text-content\">\n<p>Record a <strong>description of the error<\/strong> and <strong>contact details<\/strong> of the relevant team member.&nbsp;<\/p>\n<p><strong>Use the email widget below<\/strong> to reach out and get the issue resolved as soon as possible.&nbsp;<\/p>\n<\/p><\/div>\n<div class=\"textarea-field-content form-field-content\">\n<div class=\"form-group\"> <label> Description of problem(s) identified during document validation <\/label> <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea>\n  <\/div>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\"> <label> Team member - First name <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<div class=\"text-field-content form-field-content\">\n<div class=\"form-group\"> <label> Team member - Last name <\/label><br \/>\n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n<\/p><\/div>\n<\/section>\n<section id=\"confirm-all-documents-have-been-amended\">\n<h2>Confirm all documents have been amended<\/h2>\n<div class=\"text-content\">\n<p>Once you have notified you team member of inaccurate information, work with them to<strong> ensure all necessary adjustments have been made<\/strong> and the documentation is accurate.&nbsp;<\/p>\n<p class=\"style-danger\"><strong>Do not move on<\/strong> to the following tasks without being <strong>absolutely certain<\/strong> that all information is accurate.&nbsp;<\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"payment\">\n<h2>Payment:<\/h2>\n<\/section>\n<section id=\"enter-the-invoice-into-the-accounts-payable-account\">\n<h2>Enter the invoice into the accounts payable account<\/h2>\n<div class=\"text-content\">\n<p>Now that all checks in the process have been undertaken, <strong>enter the invoice into the accounts payable account<\/strong>.&nbsp;<\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"check-dates-to-avoid-penalty-charges\">\n<h2>Check dates to avoid penalty charges<\/h2>\n<div class=\"text-content\">\n<p>Some companies will charge<strong> interest or late fees<\/strong> for payments paid <strong>after the first 30 days<\/strong>.&nbsp;<\/p>\n<p>Make sure you pay the vendor at the earliest date. If this system is working effectively you can try to <strong>negotiate discounts in the future for early payments<\/strong>.&nbsp;<\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"schedule-the-payment\">\n<h2>Schedule the payment<\/h2>\n<div class=\"text-content\">\n<p>Arrange for the payment to the receiving party to be scheduled.<\/p>\n<p><strong>Use the email widget to inform the vendor<\/strong> that you have scheduled the payment.<\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"stamp-all-documents\">\n<h2>Stamp all documents<\/h2>\n<div class=\"text-content\">\n<p>Stamp all documents either <strong>physically with paper copies or using a digital system<\/strong>.<\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"create-voucher-for-the-documents\">\n<h2>Create voucher for the documents<\/h2>\n<div class=\"text-content\">\n<p>A voucher is a system used by some accountancy departments to <strong>document the internal process<\/strong> the payment had gone through.<\/p>\n<p>The voucher acts as a <strong>cover sheet on a completed payment<\/strong>. You can record the details of <strong>who worked on what stages of the payment processing<\/strong>, in case the information is needed for future reference.&nbsp;<\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"store-in-paid-voucherinvoice-file\">\n<h2>Store in paid voucher\/invoice file<\/h2>\n<div class=\"text-content\">\n<p>Store your completed documents along with their accompanying voucher in<strong> your paid voucher\/invoice file.&nbsp;<\/strong><\/p>\n<p>You can do this digitally or in paper form.&nbsp;<\/p>\n<p>Once you have stored the information, you have completed the checklist.<\/p>\n<p><strong>Click on the completed button below<\/strong> to record the process as complete.<\/p>\n<\/p><\/div>\n<\/section>\n<section id=\"sources\">\n<h2>Sources:<\/h2>\n<div class=\"text-content\">\n<ul>\n<li><a href=\"http:\/\/www.accountingcoach.com\/accounts-payable\/explanation\/2\" rel=\"nofollow noopener\" target=\"_blank\">Accounting Coach - Accounts Payable Process<br \/><\/a><\/li>\n<li><a href=\"http:\/\/www.accountingtools.com\/receiving-report\" rel=\"nofollow noopener\" target=\"_blank\">Accounting Tools - Receiving Report<\/a><\/li>\n<li><a href=\"http:\/\/www.procurement.gatech.edu\/sites\/default\/documents\/VendorPayments.pdf\" rel=\"nofollow noopener\" target=\"_blank\">Georgia Tech - Accounts Payable Overview<\/a><\/li>\n<li><a href=\"https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/ca\/Documents\/finance\/ca-en-FA-strategies-for-optimizing-your-accounts-payable.pdf\" rel=\"nofollow noopener\" target=\"_blank\">Deloitte - Strategies for optimizing your accounts payable<\/a><\/li>\n<li><a href=\"https:\/\/www.youtube.com\/watch?v=zhSYI1eihKs\" rel=\"nofollow noopener\" target=\"_blank\">TechnoFunc - Introduction to Accounts Payable Process<\/a><\/li>\n<li><a href=\"http:\/\/www.beginner-bookkeeping.com\/accounts-payable-procedures.html\" rel=\"nofollow noopener\" target=\"_blank\">Beginner Bookkeeping - Accounts Payable Procedure<\/a><\/li>\n<li><a href=\"http:\/\/blog.procurify.com\/2013\/09\/23\/all-you-ever-needed-to-know-about-purchase-orders\/\" rel=\"nofollow noopener\" target=\"_blank\">Procurify - All you ever need to know about purchase orders<\/a><\/li>\n<li><a href=\"http:\/\/smallbusiness.chron.com\/purchase-order-work-40933.html\" rel=\"nofollow noopener\" target=\"_blank\">Chron - Purchase Order Work<\/a><\/li>\n<\/ul><\/div>\n<\/section>\n<section id=\"related-checklists\">\n<h2>Related checklists:<\/h2>\n<div class=\"text-content\">\n<ul>\n<li><a href=\"https:\/\/www.process.st\/templates\/accounting-onboarding-procedures\/\" rel=\"nofollow\">Accounting Onboarding Procedures<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/creating-an-invoice\/\" rel=\"nofollow\">Creating an Invoice<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/bank-reconciliation-template\/\" rel=\"nofollow\">Bank Reconciliation Template<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/expense-management-process\/\" rel=\"nofollow\">Expense Management Process<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/accounts-receivable-process\/\" rel=\"nofollow\">Accounts Receivable Process<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/income-profit-and-loss-statement-process\/\" rel=\"nofollow\">Income (Profit and Loss) Statement Process<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/cash-flow-report\" rel=\"nofollow\">Cash Flow Report<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/balance-sheet-statement-preparation-checklist\" rel=\"nofollow\">Balance Sheet Statement Preparation Checklist<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/business-tax-preparation-checklist\" rel=\"nofollow\">Business Tax Preparation Checklist<\/a><\/li>\n<li><a href=\"https:\/\/www.process.st\/templates\/annual-financial-report-template\/\" rel=\"nofollow\">Annual Financial Report Template<\/a><\/li>\n<\/ul><\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Introduction: The purpose of accounts payable is to provide checks and balances for all outgoing payments to vendors for their goods or services.&nbsp; The aim of this process is to make certain that only bills which are legitimate are paid, and sufficient security is built into the process.&nbsp; Three key factors to be checked when [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":8951,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"cover_icon_emoji":"","cover_icon_url":"","tasks_count":"23","template_description":"Handle outgoing payments in an efficient and compliant manner.","template_id":"pFD0qRMSB0yfMzi-iwdKDg","task_0":"Introduction:","task_slug_0":"introduction","task_1":"Purchase order:","task_slug_1":"purchase-order","task_2":"Enter purchase 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