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Question by  Ziggy50 (34)

What is Full Cycle Accounts Payable?

I have a job interview and that's one of the topics for discussion.


Answer by  writergalfriday (325)

This terms relates to vendor transactions. First, the account or bookkeeper verifies the vendor's original invoice, purchase order and receiving slip. Next, a check is prepared and mailed to the vendor. Lastly, records of the transaction are then kept for tax purposes or if any discrepancies occur.


Answer by  martshtml (300)

The full cycle accounts payable is an accounting term that refers to the amount that arises after receiving of services.


Answer by  PShark (12)

Accounting has assets, liabilities and retained earnings. Under liabilities are your payables which are the accounts to which you owe money such as your suppliers, employees and your bank.


Answer by  AnnVandeVanter (21)

Verify purchase order, receiving document, and ORIGINAL vendor's invoice agree. Ensure receiving document was signed and dated by authorized person. Check is accurately prepared and mailed. Maintain records for retention.


Answer by  Lordschild (1398)

This refers to the process of matching a company's purchase order to the shipping company's invoice with the receiving records. If all these records agree then payment is made.

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