Accounting Best Practices, Fifth Edition

18–1 Accounts Payable Policies for Best Practices (Chapter 3)

• Procurement cards shall be the preferred payment tool for purchases under $_____.

• Purchase orders must be used to authorize all purchases exceeding $_____.

• Supplier invoices received by electronic transmission shall be paid ___ days earlier than standard terms. Alternatively, Supplier invoices received by electronic transmission shall receive top processing priority.

• All supplier invoices shall be recorded in the accounts payable system within ___ days of receipt.

• All travel advances and manual check requests require prior approval by a ____-level manager.

• There shall be one designated supplier for each stock keeping unit (SKU), with a second supplier allowed only for designated critical materials.