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Accounts Payable Policies & Procedures Guide
Description: Finally, AP professionals have help with the complex, time-consuming job of setting internal AP department policies, developing procedures, and clarifying responsibilities. This is the guide that AP managers have asked us for. In one convenient soft-cover volume, you get step-by-step guidance to developing AP policies and procedures, written in easy-to-understand, plain English and geared to meet the needs of different employer cultures and approaches. This 200+ page report covers: - How to develop, communicate and implement AP policies that will best serve your organization - Invoice management, including approvals, verifications, exceptions, workflow, year-end, and more - Processing payments: check printing, signing and distribution - Using corporate p-cards and how to grow your program - Petty cash: why some companies still use it and how to manage it - The master vendor file: setups, naming conventions, collecting vendor information, and more - Internal controls, fraud, Sarbanes-Oxley Section 404, and more - 1099 workers, nonresident aliens, unclaimed property and more The report features overviews of the major policy areas, policy tips, sample policies and forms that you can adapt or use just as they are.
Contents:
What This Guide Will Do for You 7 1. How to Develop an AP Policy Manual 9 1.000 OVERVIEW 11 1.001 Benefits of Written Policies 12 1.100 POLICY MANUAL TIPS 13 1.101 Developing the Policies 13 1.102 Policy Design and Implementation 14 1.103 Communicating the Policy 15 2. Invoice Management 17 2.000 OVERVIEW 19 2.100 POLICY TIPS 20 2.101 Best Policies to Help Break the Invoice Logjam 20 2.200 SAMPLE POLICIES 22 2.201 Invoice Processing 22 2.202 Invoices With Purchase Orders 24 2.203 Invoices Without Purchase Orders 26 2.204 Receiving Records 27 2.205 Invoice Discrepancies 29 2.206 Approvals 31 2.207 Terms, Discounts, and Credits 33 2.208 Evaluated Receipt Settlement 34 2.209 Freight Invoices/Charges 36 2.300 FORMS 39 2.301 Check Requisition 41 2.302 Receiving Record Information Request 42 2.303 Change Order Requisition 43 2.304 Signature Authorization 44 3. Payment Processing 45 3.000 OVERVIEW 47
3.100 3.101 3.200 3.201 3.202 3.203 3.204 3.205 3.206 3.207 3.208 3.300 3.301 3.302 3.303 3.304
POLICY TIPS 48 A Dozen Must-Have Policies and Procedures for Payment Processing48 SAMPLE POLICIES 50 Blank Check Stock 50 Signature Authorization 52 Check Signing 53 Check Distribution 55 Rush Checks 56 Wire Transfers and Foreign Drafts 57 Stop Payments 58 Stale Dated Checks 59 FORMS 61 Signature Authorization 63 Wire Transfer/Foreign Draft Form 64 Request for Stop Payment 65 Sample Vendor Letter: Stale Dated and Uncashed Checks 66
4. Corporate Purchasing Card 67 4.000 OVERVIEW 69 4.100 POLICY TIPS 70 4.101 10 P-Card Policies That Encourage Growth 70 4.200 SAMPLE POLICIES 73 4.201 Card Issuance 73 4.202 Usage Guidelines 75 4.203 Adjustments and Disputed Items 77 4.204 Reconciliation and Payment 78 4.205 Card Suspension and Termination 80 4.206 Form 1099-Reportable Transactions 81 4.300 FORMS 83 4.301 P-Card Application 85 4.302 Corporate P-Card Employee Agreement (Sample 1) 86 4.303 Corporate P-Card Employee Agreement (Sample 2) 87 4.304 P-Card Account Maintenance Request 88 4.305 Disputed Charge 89 4.306 Notification of Unauthorized Use 90 4.307 P-Card Violation Warning 91 4.308 Purchase Log/Approval Form 92 5. Petty Cash 93 5.000 OVERVIEW 95 5.100 POLICY TIPS 96 5.101 16 Crucial Policies for Petty Cash 96 5.200 SAMPLE POLICIES 98 5.201 Objectives of the Petty Cash Fund 98 5.202 Setting Up a New Fund 100 5.203 Increasing a Fund 102 5.204 Decreasing a Fund 103 5.205 Handling Disbursements 104 5.206 Safeguarding a Fund 106 5.207 Replenishment of a Fund 107 5.208 Reconciliation and Handling Losses 109 5.209 Change in Fund Custodian 111 5.210 Closing a Fund 112 5.211 Basic Comprehensive Policy 113 5.300 FORMS 115 5.301 Request to Establish Petty Cash Fund 117 5.302 Statement of Custodial Responsibility for Petty Cash 118 5.303 Petty Cash Voucher 119 5.304 Petty Cash Reconciliation and Replenishment Request 120 5.305 Petty Cash Reconciliation 121 6. Master Vendor File 123 6.000 OVERVIEW 125
6.100 6.101 6.200 6.201 6.202 6.203 6.204 6.300 6.301 6.302 6.303 6.304
POLICY TIPS 126 New Research Reveals Crucial Elements of a Master Vendor File Policy126 SAMPLE POLICIES 129 Adding New Vendors 129 Use of Substitute W-9 Form 131 Assigning Vendor Names 132 Maintenance 133 FORMS 135 New Vendor Set-Up Form 137 Vendor Application Form 138 Vendor Change Request Form 141 Substitute W-9 Form 142
7. Internal Controls and Fraud 145 7.000 OVERVIEW 147 7.100 POLICY TIPS 148 7.101 How to Combat the 3 Main Types of AP Fraud 148 7.102 Three-Step Process to Guard Against Duplicate Payments 149 7.103 Controlling Access to the AP System 151 7.104 Controls to Impose on an Invoice Outsourcing Provider 153 7.200 SAMPLE POLICIES 155 7.201 Segregation of AP Duties 155 7.202 Invoice Processing 156 7.203 Payments 158 7.204 Master Vendor File 160 7.205 Purchasing Card Controls 162 7.300 FORMS 165 7.301 Segregation of Accounts Payable Duties Matrix 167 7.302 Accounts Payable Audit Checklist 168 7.303 Purchasing Card Controls Questionnaire 170 8. Miscellaneous 177 8.100 POLICY TIPS 179 8.101 Level of Control Defines a 1099 Worker 179 8.102 Beef Up Nonresident Alien Payment Policies to Fend Off an IRS Audit180 8.103 Coping With the States’ New Aggressive Stance on Unclaimed Property182 8.200 SAMPLE POLICIES 184 8.201 Form 1099 Reporting 184 8.202 Employee vs. Independent Contractor 187 8.203 Nonresident Aliens (Non-Salary Payments) 191 8.204 Unclaimed Property (Escheatment) 192 8.205 Sales and Use Tax 194 8.206 Value-Added Tax Refunds 196 8.207 Accounting 198 8.208 Record Retention 200 8.300 FORMS 203 8.301 Independent Contractor/Employee Status Determination 205 8.302 Independent Contractor Agreement 206 8.303 Nonresident Alien Payment Policy Checklist 209 8.304 Unclaimed Property (Escheatment) Policy Checklist 210
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