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.

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

  Practices, Best, Account, Payable, Best practices in accounts payable