By Mary S Schaeffer
One zero one most sensible Practices for debts Payable through Mary S. Schaeffer
*101 practices tested and explained
* top practices delineated for each
* virtually top practices pointed out for these situations the place top practices can't be used
* dialogue of matters correct to the debts payable functionality for every factor
* Worst practices highlighted
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Extra resources for 101 Best Practices for Accounts Payable
Multiple entries in the master vendor file open the door for unscrupulous employees to commit fraud. Best Practice: There is one simple best practice when it comes to master vendor files. Use a standardized set of rules when naming accounts. This is sometimes referred to as naming convention. There is no right or wrong set of rules. The important thing is that there is a standard way to handle the data entry and everyone who enters data into the master vendor file, be it to set up a new vendor or update existing data, use the same standard.
This brings up one last issue, or dirty little secret, related to recovery audits. ” About 1 in 100 vendors will return a duplicate payment without any prompting. The next issue raised is about unclaimed property. And, the answer is yes, the vendor should be turning this money over to the states as part of its unclaimed property reporting – three, four or five years later. However, most don’t. They either write it off to miscellaneous income or use it to cover unearned early payment discounts, unauthorized deductions or discrepant invoices.
Employees who regularly receive payments should be assigned a vendor number that is different than the social security number. In fact, some question whether it is necessary to have this information for employees in the vendor file. As it is often difficult to get W-9 information from independent contractors, making a completed W-9 form part of the process of setting up the master vendor file is a good idea. Without the completed form, the file cannot be set up and consequently the invoice cannot be processed for payment.