Accounts Payable Duties
Gather all invoices on a daily basis from dealership managers or dealership personnel.
Gather all invoices on a daily basis received in the mail.
Review invoices for signature approval, items received in the mail will need authorization from managers to post to the Data management system.
Does the organization require purchase orders for all purchases?
Record on each invoice the correct account number utilizing the organization’s chart of account and the assigned vendor number.
If the invoice is pre-coded upon receipt verify the recorded information is correct, if not correct the recorded data. Upon verification based on a signed purchase order or signed invoice.
Post invoices to the Data management system daily.
After posting, mark each invoice as posted with the current day.
All invoices posted and waiting for payment should be maintained in one area.
All statements received should be stored in some order for future payment
Request missing invoices from vendors
Print and post factory invoices daily, Checkpoint all non-reoccurring invoices needs a manager approval.
Checkpoint confirm the organization’s guideline for fixed assets and pre-paid invoices, note if it belongs in fixed assets or prepaid provide copies to the Office Manager or Accounting Manager.
As invoices are submitted for payment daily, review for signatures or approval for the purchase. Code the invoice using the dealerships recommended chart of accounts if it is pre-coded verify the account is correct.
Suggestion: If the organization does not utilize an automated purchase system, we recommend considering adding this safety measure to minimize loss and exposure.
Post invoices to the Data management system and maintain invoices in a holding area until it’s time for the reconciliation process (create a hyperlink to templates page) and final payment.
Contact Vendors and follow up on missing invoices, once received obtain approval for posting and payment.
Fixed assets and prepaid transactions need approval, provide the Office Manager or Accounting Manager copies for preference.
If the sublet schedule is assigned to the Accounts Payable Clerk, weekly the sublet schedule should be researched for any outstanding issues. Reconcile the sublet schedule weekly, discuss and resolve all the problems with the appropriate personnel in the organization.
– Contact vendor for missing invoices
– Resolve outstanding issues
Reconcile vendor accounts and pay according to the organization’s guidelines.
– Recommend paying vendors a minimum of twice a month (10th & 20th) some direct pays can be paid weekly, check the organization’s process or guidelines.
All utilities and regular re-occurring invoices can be paid as received or as part of the direct pay run to avoid late fees and cut-off notices.
With all payments attach a copy of items not paid and notate on the dealerships reconciliation sheet.
Reconcile Factory Postings
Upon receipt of all factory related invoices code and record in the Data management system. Obtain a copy of the general ledger balance and the weekly factory statement, reconcile the documents and notate all variances and necessary adjustments.
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