Match the Statement totals to the Payables List.You can also write 'R' on the Statement or stamp it with a 'reconciled' stamp which indicates that all invoices are accounted for.
Highlight the overall total on each Statement or Invoice so that you can quickly see what the total is. Once the missing bill arrives, tick it off on the Statement. Never pay for an invoice that you do not have. They will willinglyĮmail or fax one through because, of course, they will want their money! Highlight it and phone the supplier for a copy. Purchases on the Statement for which you do not have an invoice (or credit note for any refunds), Ones you have invoices for, and attach them behind. Make a tick on each Statement next to the Take your unpaid bills out of the folder. Match your bills to the Statements or invoices. If you don't expect to receive a Statement and you know there was only one or two invoices from the vendor, use those instead. If you don't receive a Statement and you have a lot of invoices from them, phone and ask for a Statement because you want to make sure that what you believe you owe them is that same as what their records show. Suppliers at least once a month listing all the purchases you made from them during the previous 4 weeks. You should receive a Statement from each of your. Or scan/save them to an electronic filing system. Make sure you only use this folder for unpaid bills so you don’t get mixed up with other paper work. The entered bills away into an alphabetical concertina folder or a punch-hole folder with alphabet tabs. Write or stamp on them ‘entered’ or ‘processed’ to show they have been recorded in the bookkeeping system. Enter the bills/invoices into your bookkeeping system. Check every invoice/bill you received for accuracy - make sure the details on each document match what you actually ordered and received. For example, if the unpaid bills add up to $5,000, your accounts payable account must show $5,000. This just means you are double-checking that your bookkeeping system contains all the unpaid bills that you have received and that the combined total owing is accurate in the system. First, what does it mean to 'reconcile' accounts payable?
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