Accounts Payable Monthly Duties

What is the cut-off date for the Accounts Payable Clerk?  Collect all invoices from all departments review for signatures, amounts, purchase order (if utilized by the organization) and post after obtaining approval.  For a successful close, this position must meet the cutoff date and remain consistent.

Are all invoices posted in the correct month, Checkpoint run the accounts payable schedule, are there corrections to be made, if the answer is yes, correct this step before proceeding for the month end.

What is the organization’s process for comparing expenses?

Time to review expenses, utilizing the process in place at the dealership level I one is available.  Checkpoint time to set up monthly accruals, Suggestion:  Set up a schedule for accruals only, whether it’s in the DMS system or Excel Utilizing the Accounts Payable schedule reconcile the vendor statement to the general ledger account, note all variances and resolve as directed.

After completing month end duties, it’s time for the first check run of the month.

Pull all invoices posted and statements received reconcile to the general ledger.

Place all reconciled files in one place.

Contact vendors for missing statements, upon receipts, repeat the above steps.

Create the check run.

Attach a reconciliation page to each check if not paid in full.

Once checks are reviewed for accuracy and signatures, time to mail checks.

Time to file all documents and prepare for the new month.

Accounts Payable notes for year-end

Year-end notes and prepping for the New Year

–    Prepare current year end files for scanning and storage

–    Prepare data to mail out letters for missing and new W-9’s that are needed

–    Accessing the accounts payable files on the Data management system is the year-end or tax information accurate,

–    Checkpoint verify the tax id number or social security number assigned to the vendor account, verify the email, address and phone number

–    1099’s are due out by mail by January 31st of each New Year