Accounts Payable

WHAT IS ACCOUNTS PAYABLE?

Payables refer to the process of managing and issuing payments owed to vendors for goods or services provided. This function is essential to maintaining good vendor relationships and ensuring accurate financial records.

Accounts payables process includes three main steps:

1.      Posting Invoices – Entering vendor invoices into the accounting system.

2.      Reconciling Statements – Verifying that vendor statements match recorded invoices and payments.

3.      Paying Bills – Issuing payments to vendors by the due date.

The Payables Clerk is responsible for:

·         Validating the accuracy of invoices.

·         Ensuring expenses are recorded in the correct accounts.

·         Process payments in a timely and efficient manner.

SIMPLE POSTING INVOICES PROCESS