Accounts Reconciliation Blog

Standard operating procedure is very vital in any organization. This will make sure that whoever handles the task, specifically accounting; the process that they will follow is always aligned with the rules and regulations of the company. Accounts receivable and account payable flowchart is a clear presentation of the step-by-step procedure of recording, reconciling and tracking these two important accounting entries. This will keep a smooth and hassle-free flow of the company’s financial transactions.

Accounts receivable and account payable flowchart is made up of two columns:

~Accounts receivable column – total amount owed to the company or the total amount collectible
~Accounts payable column – amount that the company owes to other entities such as the government or financial institutions