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A variety of checks against abuse are usually present to prevent embezzlement by accounts payable personnel. Separation of duties is a common control. In countries where cheques payment are common nearly all companies have a junior employee process and print a cheque and a senior employee review and sign the cheque.
Typical duties of a staff accountant include preparing journal entries and reconciliations. Staff accountants may also perform duties such as accounts payable and accounts receivable. [6] A corporate staff accountant typically reports to a controller or accounting manager.
Importance of Accounts Payable. Accounts payable represent short-term debt obligations. While terms can vary, accounts payable typically need to be paid for within 30 days.
A typical control procedure would be: "The payable system compares the purchase order, receiving record, and vendor invoice prior to authorizing payment." Management is responsible for implementing appropriate controls that apply to all transactions in their areas of responsibility.
Financial accounting reports the results and position of business to government, creditors, investors, and external parties. Cost Accounting is an internal reporting system for an organisation's own management for decision making.
Once an invoice arrives, the accounts payable clerk must ensure that the document is indeed an invoice. Then the clerk classifies and sorts the invoice into various categories (e.g., by vendor, by transaction type, or by department). The definition of invoice categories is usually unique to a specific organization.
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