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Here are the answers to some of the most frequently asked questions about accounts payable. Are accounts payable an asset? Accounts payable aren't considered an asset. Instead, accounts payable ...
Accounts payable personnel must watch for fraudulent invoices. In the absence of a purchase order system, the first line of defense is the approving manager. However, AP staff should become familiar with a few common problems, such as " Yellow Pages " ripoffs in which fraudulent operators offer to place an advertisement.
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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.
An entry-level accounting position, usually reporting to any of the higher level accounting positions, or in smaller companies, to the controller. They may or may not have a bachelor's degree, and their main responsibilities will usually include reconciling accounts and preparing preliminary reports. [7] [8]
President-elect Donald Trump campaigned relentlessly on grocery prices in the 2024 race, vowing to bring down costs quickly for American families if given four more years in the White House.
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