Is Accounts Payable a tough position?
Asked by peterpetreli12345
I heard everything is easy, except for the reconciliation part. I heard that part is very complicated and frustrating. Can anyone tell me about it?

Best Answer:
Ok, your basic all-round AP role, starts when the business you work received an invoice for services and products they have bought/received. The invoices are stamped with the date upon being received. Once you receive the invoice, it's usually matched with a Delivery Docket and/or Purchase Order (both documents helping in ensuring that you are being billed correctly and aren't losing invoices) After which, the invoices are coded (for example, pens and paper and so on are coded to "office supply"). The coding can be very complex, very specific, or neither, depending on the size of the business, or if it's listed or not. As soon as this is done, the invoices are entered in the system (this is what people hate about AP, the data entry!! It's also an area where people who don't have attention to detail make a lot of mistake, and this is one of the aspects that makes reconciliations difficult). Then invoices are authorised, from each divisional directors. Then the invoices are paid, cheques are printed or money is transferred through EFT payments. There is two reconciliations taken place. First and foremost, everything is re-reconciled before the payment is being made. Then you re reconcile individual accounts, when you get a statement at the end of the month. For example, if you’re doing AP in a large company and quite a few of the exects have mobile phones. At the end of the month you’ll get a massive list of all the bills that were sent to you, form your phone provider. Then you literally have to double check that every invoice has been paid – some can have like 100+ invoices listen on them. The reason this can also be difficult is invoices are sometimes misplaced through the authorisation process. The best way to deal with this is to not let the invoices out of your office. We used to divide all the invoices by “division”, get the division director to come into my office and sign each of the invoices. These processes can take place in different orders. Honestly, it’s not rocket science, and it’s a good job if you’re starting up an accounting career, or if you don’t have any studies but are reasonably good with numbers (again, you really don’t need to be a physicist, just switched on) Best of luck! P

If you don't mind a job where everyone you talk to doesn't like you.....
Answered by entuto