Financial Management Program BEST PRACTICES IN …

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Financial Management ProgramGASBO 2015Tracy Arner, PRACTICES IN ACCOUNTS PAYABLEAt the end of this session, the participant will be able to - Discuss the definition of accounts payable Recall components of internal control Recite best PRACTICES for accounts payable within a strong internal control frameworkObjectives2Accounts PayableDefined3What is Accounts payable ?The principle purpose of any accounts payable department is to paythe government s on next slide4What is Accounts payable Unpaidbills are listed under Accounts payable on the General Ledger. Any money owed as an account payable is a current liability. Money owed must be paidin a timelymanner to avoid late penalties or fees. Some vendors offer discountsfor payingwithin a certain number of days of the invoice payable DepartmentAn accounting department dedicated to verifying, tracking, and payingall accounts on next slide6Accounts payable Department Handles all accounts payable in timely manner Follows a system of checksand balances.

Financial Management Program GASBO 2015. Tracy Arner, CPA. tarner@uga.edu. 1 BEST PRACTICES IN ACCOUNTS PAYABLE

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