Accounts payable checklist for accounting teams
Accounts payable converts a valid business obligation into an approved, correctly coded, and traceable payment. A weak process pays a duplicate invoice, accepts a changed bank account from a spoofed email, or posts an expense to the wrong month after the close team has already reviewed results.
This accounts payable checklist covers an invoice from controlled receipt through validation, approval, payment, posting, and reconciliation. It is written for accounting teams coordinating requesters, purchasing, receiving, budget owners, treasury, vendors, and the general ledger.
Frequently asked questions
How often should accounts payable process payments?
Use a predictable schedule, such as one or two payment runs each week, with a controlled emergency route. Grouping payments improves review and cash forecasting while still meeting due dates and discounts. Publish invoice and approval cutoffs, then measure late items by cause so requesters and approvers can correct recurring delays.
Who should own the accounts payable process?
An AP manager or controller should own policy, queues, controls, close, and performance. AP staff validate and enter invoices, requesters confirm receipt, budget owners approve spend, vendor maintenance controls bank details, and treasury releases payments. Separate incompatible roles and review access at least quarterly, especially for temporary coverage.
What should happen when an invoice has no purchase order?
Route it through the documented exception process, obtain service acceptance and business purpose, and require approval at the correct authority level. Record why no order existed and whether the expense category permits it. Repeated exceptions from one department should create a procurement corrective action with an owner and date.
How should a vendor bank-account change be verified?
Use a trusted phone number or portal already on file and speak with an authorized vendor contact who is independent of the change email. Do not use contact details supplied only in that request. Record the caller, verifier, date, old and new details, and approval, then apply a second review before payment.
Does a small company need accounts payable software?
No. A controlled mailbox, invoice register, approval record, accounting system, and payment control can support low volume. Software helps capture invoices, enforce matching and authority, detect duplicates, and preserve audit history as volume grows. Keep vendor maintenance and bank release separate even when one platform offers every function.
