accounts payable process (vendors) template

Accounts Payable Process – Vendors & Creditors

start

Receive incoming bills/

invoices via postal mail,

fax or email.

Open accounting log or

software to enter the

type of bill.

Credit Card

Statement Loan Coupon

Invoice for

Services

Rendered

Enter vendor

name, date

received, date

due, amount due

& applicable

interest.

Verify principal

owed and total

interest paid.

Separate expenses

by line item.

Enter vendor

name, date

received, date

due & amount

due.

Enter vendor

name, date

received, date

due & amount

due.

Is the Amount Due correct?

YES NO

Determine date

to pay

Invoice/Bill.

Call

Vendor/Debtor

to resolve

discrepancy.

How will

payment

be made? Credit Card

Check

Automatic

Withdrawal /

Online Bill Pay

File paper or electronic

bill/invoice stubs.

Record payment and

date in Accounting Log or

software.

Pay bills on designated

day(s). Check for

correct post date for

automatic withdrawals.

end

See Records

Management

Process

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Download the full template at: eqbsystems.com/smallbusinessprocesses.html#acctpayvendors