By Mary S Schaeffer
One hundred and one top Practices for money owed Payable by means of Mary S. Schaeffer
*101 practices tested and explained
* most sensible practices delineated for each
* nearly most sensible practices pointed out for these circumstances the place most sensible practices can't be used
* dialogue of issues correct to the bills payable functionality for every factor
* Worst practices highlighted
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Extra resources for Accounts payable best practices
3. The requestor has some other business relationship with the payee and wants to solidify that relationship. While the reasons may appear reasonable at ﬁrst glance, they are overridden by several other concerns, including the following: ⅷ It is extremely inefﬁcient and time consuming to return checks to the requestor. Few people outside Accounts Payable realize how disruptive the practice is. 42 Checks ⅷ ⅷ The door for employee fraud is opened wide whenever checks are returned to anyone other than the payee.
FUTURE ENHANCEMENTS Heard is always looking for ways to make existing processes work better. Another reason for allowing the tolerances was that the boards are plant speciﬁc, not supplier speciﬁc. The variation and mix of merchandise being purchased is best served by a supplier-speciﬁc tolerance. Heard plans to address this issue in the near term, which he deﬁnes as within the next three to four years, depending on information technology (IT) resources. Why so long? “Once a system functions, enhancements such as this take a back seat to implementations in progress.
For example: Subscriptions. For subscriptions that do not have an invoice number, use the subscriber’s last name + ﬁrst name initial + date of the statement in MMDDYY format. VALID SmithJ010102 ⅷ 14 Invoices ⅷ ⅷ ⅷ ⅷ ⅷ ⅷ Hotel invoices. For hotel bills that don’t have an invoice number, use the folio number + the last day of the stay in MMDDYY format. VALID 55246010102 Tuition, seminars, or conferences. For these items that don’t have an invoice number, use the attendee’s last name + ﬁrst name initial + the last day of the event in date format MMDDYY.
Accounts payable best practices by Mary S Schaeffer