Accounts Payable
Accounts Payable has to do with setting up vendors in your accounting system, recording of bills, receipts, and processing payments.
Examples of
Accounts Payable
- When goods and services are purchased on credit and billed at a later time, accounts payable must process the bill for payment on the due date.
- When goods and services are purchased and paid with cash, a receipt is provided which has to be accounted for and recorded in the accounting system to the proper general ledger expense account.
- To pay a vendor it is important to have certain documents on hand. The standard documents are: purchase order, packing slip or acknowledgment for receipt of goods and services, and invoice.
Accounts Payable tasks
that our bookkeepers will
assist
you with:
- Vendor Setup
- Matching vendor bills to purchase orders
- Recording vendor bills and receipts to the proper general ledger account
- Vendor payment processing via check, wire transfer, or ACH
- Accounts Payable Vendor Aging report
- Preparation of 1099 Misc forms
