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Account Payment Training

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By Author: Abigail F.
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Accounts payable can be defined as the domain or list of documents made by company or organization used to make payments to their employees and vendors.

Accounts payable can be defined as the domain or list of documents made by company or organization used to make payments to their employees and vendors. It is necessary that the information on the documents or a list is complete and correctly filled out because the company can then ensure payments are processed accurately and efficiently.

The inner workings of an account payable system aren’t so complex. A typical accounts payment document is created in the account payable department and then sent to the approval department. The initiating departments have to send a hardcopy to accounts payable for each account payment transaction. Account payment is sometimes viewed as a task requiring only very basic input skills. Fraud can occur because is money involved. It is critical that the accounting department thoroughly understands the company’s policies and controls.
In the event of an error, you have several options for making correction depending upon ...
... the status of the document when the error is discovered. Here are some possible solutions:

First, re-open the document and attach a note with a brief explanation requesting the accounting department to reject the payable document.
Second, the entire document may be reversed. This is accomplished by reentering the same information that appeared in the erred document.

The accounts payable documents:
a)Accounts payable direct charge
The direct charge document is defined as a payment request processed through the account payment system for which a specific agreement does not exist. It may include
1)Utility payment (telephone, electricity , garbage, etc.)
2)Reimbursements
3)Memberships
b)Accounts payment travel voucher
A travel expense voucher is required when you have a situation that cannot be paid before travel occurs.
c)Accounts payment entertainment voucher
The entertainment expense voucher document should be used to pay a vendor who directly bills the university
d)Account payment vendor credit memo

The vendor credit memo document is used to record a credit from a vendor for a returned item which was previously paid. The accounting department should always take care of a credit memo from a vendor when a credit is being issued to their account.
Departmental users can enter a new credit memo for a vendor or adjust a previously entered credit memo. Once approved, the credit memo appears in the system until it is applied against an outstanding payment to the vendor or it is manually reversed.
e)Account payment vendor invoice

The vendor voice document is a request to initiate a payment to a vendor based on existing order information. Information entered on a purchase order is automatically brought to the vendor’s invoice, which reduces the amount of processing time.

Account payment queries

The account payable lookup allows you to query the system for information about account payable documents, and allows a status view of other related information. Through various inquiry screens, one can view items and more information. One can also see the electronic document that created the payable or the original purchasing document by double-clicking on the corresponding document numbers.

With good training, your account payment team can become motivated to work on its process, learn how to avoid errors, and become more efficient in its processes. Accounts payable may be seen as a business cost, but a coordinated process along with staff contributions provides added value.
Resource: http://homeed.com/

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