By Mary S. Schaeffer
Refreshingly candid and witty in tone, Controller and CFO's consultant to debts Payable is needed analyzing for any specialist desirous to comprehend extra approximately their organization's AP operations. It announces that AP isn't any longer a back-office functionality and underscores the truth that right awareness needs to be paid to this important division with the intention to run a number one area and aggressive corporation.
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Additional resources for Controller and CFO's Guide to Accounts Payable
The number should be unique for each invoice. Hence using the date is generally not a good idea unless it is combined with some other unique identifier. The routine for assigning invoice numbers to invoices without them should be uniform within the department. No one method for assigning numbers is better than all others. The important features are that a routine be developed that generates unique assigned invoice numbers and that everyone in the department uses the same routine. Critical Point: One really bad way to create a unique identifier is to use the vendor’s taxpayer identification number (TIN) along with some numbering scheme.
While it may seem trivial to those not involved in accounts payable, it is a huge issue. Most organizations use the invoice number as a key determinant for tracking whether a payment for a specific item has been made. Most duplicate payment checking routines focus on the invoice number. Yet, some experts estimate that over 40% of all invoices do not have an invoice number. So, you can see that invoices lacking an invoice number do present a real problem. It is recommended that invoices without invoice numbers be assigned an invoice number that is created by the accounts payable department.
So, do not be lulled by the thought that Joe in Accounting has been with you forever and would never do anything to hurt the organization. Numerous executives have reported that they have been dinged in their Sarbanes-Oxley audit for not having appropriate segregation of duties. By, the way, the other big area that has emerged as an issue for some organizations, is inadequate documentation. It appears that more than a few firms have not updated their policy and procedures manual in quite some time.
Controller and CFO's Guide to Accounts Payable by Mary S. Schaeffer