Accounts Invoice Processing Checklist

An efficient approach to managing an organization's accounts payable functions can substantially lessen the load on the finance department. This checklist, prepared by [Your Name], will guide you on tasks to have a smoother operation.

Setting Up Vendor Account and Details

• Ensure vendor details are accurate

• Validate vendor authenticity

• Establish effective communication channels with vendors

• Set up payment terms and conditions

• Update Vendor details into the system

Invoice Processing and Payments

• Receive, verify, and log invoices into the system

• Confirm invoice amounts and details with purchase orders

• Process invoice payments in a timely manner

• Close out invoice in the system after payment

• Send payment notification to Vendor

Document Management

• Organize and store all accounts payable documents

• Ensure retrieval process of documents is easy and efficient

• Catalog document details within a tracking system

• Create backup copies of documents as necessary

• Destroy documents in accordance to the organization's policy

Dispute Resolution

• Track and escalate any issues with Vendors

• Manage dispute resolution process with Vendors

• Document outcome of the dispute resolution

• Follow-up with Vendors after resolution

• Make necessary changes in the system post-resolution

Reporting and Auditing

• Prepare regular reports on accounts payable status

• Analyze accounts payable transactions

• Participate in financial audits relating to accounts payable

• Implement audit findings and recommendations

• Provide necessary documents during audits

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