Accounts Reconciliation Blog

Most people are just ignoramus when it comes to accounting. Unfortunately, accounting is a vital cog to business success. High management to business owners need to learn and comprehend accounting concepts in order to succeed in the workplace. From my experience, the best way to comprehend anything is through a flowchart. A flowchart will guide you step by step in the right direction. Take for example accounts payable flowchart. 

Most accounts payable flowchart will show you how to go about in making full circle accounts payable payments. First you must understand what accounts payable is. In layman’s term, it is the money your company owes to a supplier. You just don’t go outright and pay them. Who knows, you might have paid them already or someone in your company cancelled the order but you still got billed. The first thing to do is check the paperwork on the deal. Check your purchase order receipt. Make sure there was an order from people who are accountable for it. Next check the sales invoice. Make sure they there are no discrepancies. If there are no discrepancies, proceed with check preparation. The flowchart should show all possibilities in every step of the procedure of making accounts payable payments.