By Mary S Schaeffer

A hundred and one top Practices for money owed Payable through Mary S. Schaeffer

*101 practices tested and explained

* top practices delineated for each

* nearly most sensible practices pointed out for these cases the place top practices can't be used

* dialogue of issues suitable to the debts payable functionality for every factor

* Worst practices highlighted

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Sample text

Even if up-front controls are airtight, most companies will require two signatures on checks over a certain level. The level will depend on the nature of the business and corporate culture. A smaller company might require the second signature for all checks over $25,000, while a Fortune 500 company might set that level at $1 million. The level reflects the company’s comfort level with its invoice-processing controls. 37 Accounts Payable Best Practices There is a lot of debate over whether a warning should be printed on the checks indicating the level where two signatures are required.

This has become prohibitively expensive, and banks are no longer willing or able to absorb these often unnecessary expenses. Changes to the Uniform Commercial Code (UCC) have introduced the concepts of reasonable care and comparative culpability. In plain English this means the person in the best position to prevent the crime will be held responsible. This is done on a pro-rata basis, although there are some things that companies do that place the responsibility 100 percent on their plate. A simple example of this is using a rubber stamp (not a facsimile signer) to sign checks and not keeping check stock in a secure location.

Although companies often tolerate the practice of not mailing checks directly to the payee, it should be discouraged. Anytime someone requests that a check be returned, ask why he or she needs it and then point out the advantages of not returning the check. Paying customers electronically eliminates this issue! Reality Check for Accounts Payable If the company tolerates the practice of individuals picking up checks, there will be occasions when AP will have to make these checks available outside of the preset hours.

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