By Mary S Schaeffer
One zero one most sensible Practices for debts Payable by way of Mary S. Schaeffer
*101 practices tested and explained
* top practices delineated for each
* virtually top practices pointed out for these situations the place most sensible practices can't be used
* dialogue of issues proper to the money owed payable functionality for every factor
* Worst practices highlighted
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Extra resources for 101 Best Practices for Accounts Payable
In this hypothetical case, the audit firm gets a 25% contingency fee, leaving the client with $750,000 of the $1 million. But, if the firm is not hired, how much will the client recover? How much does it cost not to hire the audit firm? If you are saying nothing, I do not agree. I believe it cost the client $750,000 that will never be recovered unless an audit firm is hired. This brings up one last issue, or dirty little secret, related to recovery audits. ” About 1 in 100 vendors will return a duplicate payment without any prompting.
This issue should be kept in mind when hiring the audit firm. If you don’t want them recovering funds from the state, tell them this is NOT to be part of the audit. ” Chapter 2: Master Vendor File The master vendor file is critical in the operation of an accounts payable function. When overlooked, poor practices lead to weakened internal controls, potential duplicate payments and the increased possibility of fraud, especially internal fraud. In this chapter we cover the following: * Who Has Access * Master Vendor File Set-up * Using Naming Conventions * Making Changes to the Master Vendor File * Master Vendor File Cleanup * Self-service Master Vendor Files Issue: Who Has Access to the Master Vendor File While it is definitely easier for the staff processing invoices for payment if they can add vendors to the master vendor file whenever they get an invoice from a new vendor that practice is an invitation to trouble.
Most companies limit this ability by rank, job responsibility, type of purchase, and sometimes even the dollar amount. In the best of circumstances, the board of directors should have given these approvers authority and accounts payable should have copies of these board authorizations. Copies of the list, if it exists in paper format, should be given only to those who need it, and in all cases should be filed away carefully. The list should not be hung on the wall for easy reference or left lying on a desk where anyone walking by could see it and easily make a copy.