Accounts Payable/Accounts Receivable
Policies and Procedures for Ensuring the 3-Way Match Occurs before Paying Invoice
This Special Project is worth 100 points and is due no later than June 8th, the date of the final exam. This is not a group project. Each student is required to prepare individual responses. A deduction of 20 points will be made for evidence of joint preparation. Late assignments will be given no points.
I would expect responses to vary in length but do not anticipate anything less than 3 pages.
Now that you are somewhat familiar with the payables function in QuickBooks, you no doubt realize that the software does not include a feature that ensures a three-way match is made/has been made prior to paying an invoice. It is largely a manual process.
You first job as the newly appointed head of the Accounts Payable department is to devise an internal process (i.e. “desk procedures”) to ensure that invoices are not paid unless and until a three-way match happens. You have access to company purchase orders and the shipping/receiving department forwards you the packing slips with the quantities verified (or discrepancy reports when the received quantities do not agree with purchase order quantities). Choose a company that you want.
The policies and procedures should be drafted as follows:
The Controller/Chief Accountant is responsible for …..
The Head of Accounts Payable (you) is responsible for …..
Accounts Payable Personnel are responsible for ….
Shipping and Receiving is responsible for ….
Purchasing Department is responsible for ….
Procedures (Procedures usually follow the process flow)
1. The Purchasing Department will ensure that copies of all executed purchase orders are entered into the “Vendors/Create Purchase Orders” section of QuickBooks within two working days from date of execution. Purchase order information will contain, at a minimum,
a. Inventory item number and description
b. Unit price
c. Expected ship date
d. Terms of the sales
e. All agreed to additive costs including freight-in, handling, sales tax, etc.
f. The buyer name and phone number
g. The seller contact name, phone number, and email.
2. The Shipping/Receiving Department will ….
3. Etc etc
Here is just an example, yours should not be totally the same. For the exactly similar one I will not grade you.
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