What Is Involved in the Accounts Payables Process?

Accounts payable is a type of accounting subject that is used to calculate the amount of money that an enterprise should pay for operating activities such as purchasing materials, commodities, and receiving labor supplies.

accounts payable

Accounts payable is

This account calculates the amount of money that an enterprise should pay for operating activities such as purchasing materials, commodities, and receiving labor services.

What the enterprise (financial) should pay but has not yet paid

Accounts payable turnover period

The cash turnover process mainly includes inventory turnover period, accounts receivable turnover period and accounts payable turnover period. The inventory turnover period refers to the time required to convert raw materials into finished products and sell them; the accounts receivable turnover period refers to The time required to convert accounts receivable into cash; accounts payable turnover period refers to the time from the receipt of unpaid materials to the time of cash expenditure.

The account entry time of accounts payable shall be marked by the transfer of risks and rewards related to the ownership of the purchased materials or the acceptance of labor services. But in actual work, we should handle the situation differently:

1. In the case where the supplies and invoices arrive at the same time. Accounts payable are generally registered in accordance with the invoice statement after the materials have been checked into the inventory. This is mainly to confirm whether the purchased materials are in accordance with the conditions specified in the contract in terms of quality, quantity and variety, so as to avoid problems such as errors, omissions, and damages to the purchased materials during the inspection of the inventory due to the first entry.

Accounts payable are divided into four major modules like accounts receivable:

1: Invoice management ----- After inputting the invoice, you can verify the storage situation of the materials listed on the invoice, check the purchase order materials, calculate the purchase order and

Accounts payable refer to the accounts payable by an enterprise to suppliers due to the purchase of materials, goods, or receiving labor services. Accounts payable are liabilities arising from the inconsistencies in time between the acquisition of goods by the buyer and seller and the payment of goods during the purchase and sale activities. Other payables of the enterprise, such as compensation payable, rent payable,

Before reconciliation, the accounting department of the financial department shall conduct a preliminary review of the reconciliation information provided by the supplier, and the reconciliation information that does not meet the conditions shall require the supplier to complete it. First check the reconciliation procedures, whether they have been approved by the authorized person, and then check the following:

1. Reconciliation information that only provides balance and no detailed accounts is not allowed.

1. The accounts must be adjusted in time after reconciliation. If the outstanding account formed by the reconciliation is on the statement for a long time

1. Each year, the reconciliation statement is bound into a book according to the reconciliation order. The reconciliation information provided by the supplier is attached to the reconciliation statement and the reconciliation single is bound and stored. The reconciliation list directory (including the supplier's region, supply Information such as business name, reconciliation date, etc.) and indicate the year to which the reconciliation statement belongs and the bound accounting name; the bound reconciliation statement shall be managed in accordance with the storage requirements of the accounting file.

2. When the accounting position of accounts payable changes, the account statement on hand should also be transferred well, and it should be specified on the transfer list of accounting positions.

Sign the purchase contract-the receipt notice-the ledger-the warehouse receipt-the accounting review system-the payment settlement-reconciliation.

Explanation:

1. Participate in the signing of the purchase contract text.

2. After the goods arrive, the purchasing department will check the quantity and damage situation. After the quality inspectors check the quality according to the standard stipulated in the contract, the purchasing manager will make: "Receipt Notice" is confirmed by the accounting signature and delivered to the warehouse. Personnel enter the warehouse.

3. When checking the "receipt notice", register the procurement management account for the record.

4. After the audit is correct, the warehouse staff will open a "warehousing slip", and the person in charge of the warehouse will confirm and confirm. The purchasing manager will send one of the "warehousing slip" to the procurement department for inspection, and one will send it to the accountant for audit.

5. After the accounting review of the storage order is correct, prepare the accounting voucher and make a record on the purchasing ledger.

6. The accountant handles payment and settlement in accordance with corporate management procedures.

7. The accounting and purchasing department reconciles regularly. Handle differences in a timely manner.