ACCOUNTS PAYABLE

Control Objective: To ensure that accounts payable are supported by appropriate
documentation, are promptly paid and properly recorded.

Procedures

* All approved invoices must be filed in the "Unpaid Invoices" folder.

* The Executive Director or Bookkeeper shall record all invoices in the accounts
payable ledger immediately upon receipt, and place the invoices in the unpaid
open invoice file.

* The Executive Director or staff person shall compare vendors' statements with
the open invoice file to ensure that all outstanding invoices have been received
and processed.

* All invoices from unfamiliar or unusual vendors must be reviewed by the Executive
Director for approval.

* All payments shall be immediately recorded in the accounts payable ledger by the
Executive Director or bookkeeper.

* A listing of unpaid invoices shall be prepared by the Executive Director on a
monthly basis. The listing shall be reconciled with the general ledger by a staff
person on a monthly basis.

Note: Refer to the Payments window in Peachtree Accounting for recording cash
disbursements without purchase orders or vendor credit arrangements. See the next
section, Purchase Orders, Purchase Orders/Receive Inventory, and Payments - the
"Apply to Invoices" tab (128a, 128b, & 128c) where purchase order tracking is explained.

Manual Contents Page

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