The Ultimate Crash Course on Accounts Payable

⭐️Accounts payable is a crucial function that handles the payment of invoices and managing the organization's liabilities.

🔑The three-way match is a critical process in accounts payable that ensures invoices are accurate, legitimate, and have not been paid.

💡Best practices in accounts payable include using strong internal controls and staying updated on new fraud prevention techniques.

✅Resolving discrepancies in invoices before the payment due date is crucial to avoid errors and maintain good relationships with vendors.

🌟Accounts payable staff should be knowledgeable about fraud prevention, protect the organization's assets, and handle tasks like issuing 1099s and evaluating new technology.

What is the role of accounts payable?

—Accounts payable is responsible for handling the payment of invoices, managing the organization's liabilities, and ensuring accurate financial records.

What is the three-way match in accounts payable?

—The three-way match is a process where the purchase order, receiving document, and invoice are compared to ensure accuracy, legitimacy, and prevent duplicate payments.

Why are best practices important in accounts payable?

—Best practices help ensure efficiency, accuracy, and strong internal controls in accounts payable. They also help prevent fraud and errors in payment processing.

How should discrepancies in invoices be handled?

—Discrepancies in invoices should be resolved before the payment due date. Accounts payable staff should communicate with vendors or purchasing departments to resolve the issue and ensure accurate payment.

What other tasks are handled in accounts payable?

—Accounts payable also handles tasks such as issuing 1099s, evaluating new technology for payment processing, and staying updated on fraud prevention techniques.

00:00The video provides a crash course on accounts payable, covering its importance, processes, and best practices.

02:32Accounts payable handles the payment of invoices, manages the organization's liabilities, and ensures accurate financial records.

05:59The three-way match is a critical process that compares the purchase order, receiving document, and invoice to prevent errors and duplicate payments.

08:58Best practices in accounts payable include using strong internal controls, staying updated on fraud prevention techniques, and resolving discrepancies before the payment due date.

11:59Accounts payable staff also handle tasks like issuing 1099s, evaluating new technology, and protecting the organization's assets from fraud.