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The accounts payable (AP) process is responsible for paying suppliers and vendors for goods and services purchased by the company. AP departments typically handle incoming bills and invoices but may serve additional functions depending on the size and nature of the business.

When you send an invoice to a customer, you enter it as a journal entry to the accounting journal. For the journal entry, you can document the total amount due from the invoice as a debit in the accounts receivable account. You also list the total amount due from the invoice as a credit in the sales account.

Step 3. Three-Way Matching. The 3-way matching process is a quality control measure to ensure that the three documents in an invoice paying process correspond: Purchase Order (PO) ? the order or request for goods/services.

Steps involved in accounts payable invoice processing Step 1: Verifying the details of the invoice on receipt. Suppliers or vendors usually send an invoice on the completion of their services. ... Step 2: Recording the invoice in the system. ... Step 3: Invoice approval. ... Step 4: Payment of the invoice.

There are four key steps to the automated invoice process. Utilize capture and intelligent indexing. ... Establish a rules-based automated routing workflow. ... Automate invoice approval and system synchronization. ... Maintain secure and compliant archiving.

Here are the key steps in an accounts payable process flow chart: Send purchase order to the supplier. Receive and inspect goods. Receive invoice. Match document 2 or 3 ways. Code invoice. Route invoice for approval. Submit invoice for payment. Record all transactions in the GL.

An accounts payable invoice is a request for payment sent from a supplier to the accounts payable department. These invoices are generally outstanding amounts for particular goods or services purchased.

September 14, 2020. Invoice processing involves the complete cycle of receiving a supplier invoice, approving it, establishing a remittance date, paying the invoice, and then recording it in the general ledger. It is a critical aspect of running a business.

Here are the invoice processing steps: Capture. Vendor invoices are received by fax, mail, email, or captured by an accounts payable system. Register. Invoices are prepared for approval by coding and updating the invoice data. Dispatch. ... Approval/Rejection. ... Payment. ... Archive.

These are the general steps to invoice processing: Receive Invoice. Copy and File Invoice. Invoice Approval. Invoice Payment.