By Harry I. Wolk, James L. Dodd, John J. Rozycki
Accounting conception sincerely identifies the weather of accounting concept, then relates these parts to precise troublesome areas in accounting.
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Extra resources for Accounting Theory: Conceptual Issues in a Political and Economic Environment
This can create additional work for accounts payable, especially if some of the approvers are tardy in their reviewing of invoices submitted for payment. The ideal solution to this issue is electronic invoicing, be it a home-grown system, a third-party offering or even invoices e-mailed to the company. With an electronic document, everyone can have access to the invoice almost simultaneously and there is an electronic audit trail showing who got what when – and when an approved invoice was sent to accounts payable for payment.
Accounts payable can also make sure that vendors send credit memos directly to accounts payable. Too often they go to purchasing who then throws them away or files them not realizing what they are. Finally, there is the unclaimed property issue. As mentioned above, these items should be turned over to the state and sometimes they are. In fact, audit firms know that they can start their recovery by reclaiming funds turned over to the state. This is something you can do yourself, assuming you are currently reporting and remitting your organization’s unclaimed property.
This is not an expensive option and is within the financial reach of virtually every organization. Worst Practice: Having no policy regarding the centralization of the receipt of invoices. While it is not desirable to have purchasing receive invoices first, it is better than having no policy and allowing invoices to be sent wherever the vendor chooses. The Issue: Invoice Handling: Approvals In an ideal world, if all purchase orders are filled out completely and correctly, if receiving thoroughly checks all packing slips and vendors create accurate invoices, the accounts payable department should be able to pay the invoice without input from any other party.