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Question by  Josie67 (13)

What are standard accounts payable procedures?

I need to learn the basics of accounts payable in order to help my daughter whom is taking an accounting class.


Answer by  EM82 (18)

The principes of accounts payable procedures consist of performig a match. That means that once an invoice has arrived it needs to match the PO before it is entered into the system. Once it is entered it needs to be paid according to terms. Checks need to be reconciled after that.


Answer by  cupper3 (21)

In a small organization Purchase Orders are not really needed, as you or your daughter will know what is obtained. As a result, you want to ensure that you actually received what you are charged for, and then record that as a payable.


Answer by  Kurt (4579)

Every bill entered into AP is a debit with an offsetting credit to AP. The vendor, invoice amount, description, invoice date, and the general ledger account number are standard.


Answer by  Kattie (598)

To put it simply Accounts Payable are expenses that companies need to pay. These include things like rent, electricity, water, phone, and other monthly bills a company may have.


Answer by  annie869 (11)

Have original invoice with amount and goods purchase or purchase order form obtain the proof of the purchase goods had been delievered verify the delieveried quanities agreed with the invoice. obtain the approval of payment from upper managers books the invoice amount to the accouting system, computer or paper. cashier to pay the invoice.

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