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Creating Standard Operating Procedures for your Accounts Payable Clerk work can be difficult and take time. That’s why we’ve created these example Accounts Payable Clerk SOPs so you can jumpstart your SOP creation process. We want to help you set up your Finance systems and processes by taking these sample SOPs and building out your own SOPs template library. By having all your Finance procedures in one place, your team will have the information they need at all times. Let’s look at some Accounts Payable Clerk SOP examples.
1. Vendor Setup and Maintenance: This SOP outlines the process for setting up new vendors in the accounting system and maintaining accurate vendor records. The purpose is to ensure that all necessary information is collected, verified, and entered correctly to facilitate smooth payment processing. The scope includes gathering vendor details, conducting due diligence, obtaining necessary approvals, and updating vendor records as required. The Accounts Payable Clerk is responsible for executing this SOP. Reference SOPs: Purchase Order Processing, Invoice Processing.
2. Invoice Processing: This SOP details the steps involved in processing invoices received from vendors. The purpose is to ensure timely and accurate recording of expenses and facilitate prompt payment. The scope includes receiving invoices, verifying accuracy and authenticity, matching invoices with purchase orders or contracts, obtaining necessary approvals, and entering invoice details into the accounting system. The Accounts Payable Clerk is responsible for executing this SOP. Reference SOPs: Vendor Setup and Maintenance, Purchase Order Processing.
3. Purchase Order Processing: This SOP outlines the procedure for processing purchase orders within the organization. The purpose is to ensure that all purchases are properly authorized, tracked, and accounted for. The scope includes receiving purchase requests, verifying budget availability, obtaining necessary approvals, creating purchase orders, and communicating with vendors. The Accounts Payable Clerk may be involved in this process to ensure alignment with invoice processing. Reference SOPs: Vendor Setup and Maintenance, Invoice Processing.
4. Expense Reimbursement: This SOP provides guidelines for employees seeking reimbursement for business-related expenses. The purpose is to establish a standardized process for submitting, reviewing, and reimbursing expenses incurred on behalf of the company. The scope includes documenting expenses, attaching supporting receipts, obtaining necessary approvals, and processing reimbursement payments. The Accounts Payable Clerk is responsible for reviewing and processing expense reimbursement requests. Reference SOPs: None.
5. Payment Processing: This SOP outlines the steps involved in processing payments to vendors. The purpose is to ensure accurate and timely disbursement of funds while maintaining proper documentation and controls. The scope includes verifying payment terms, preparing payment batches, obtaining necessary approvals, executing payments through appropriate channels, and recording payment details in the accounting system. The Accounts Payable Clerk is responsible for executing this SOP. Reference SOPs: Vendor Setup and Maintenance, Invoice Processing.
6. Vendor Statement Reconciliation: This SOP describes the process for reconciling vendor statements with the accounting records. The purpose is to identify and resolve any discrepancies, ensure accurate reporting, and maintain good vendor relationships. The scope includes obtaining vendor statements, comparing them with the accounting system records, investigating and resolving discrepancies, and updating vendor accounts accordingly. The Accounts Payable Clerk is responsible for executing this SOP. Reference SOPs: Invoice Processing, Payment Processing.
7. Month-End Closing: This SOP outlines the month-end closing procedures for the accounts payable function. The purpose is to ensure accurate financial reporting and facilitate the reconciliation of accounts payable balances. The scope includes reviewing outstanding invoices, reconciling vendor statements, preparing accruals, adjusting entries, and generating reports for management. The Accounts Payable Clerk is responsible for executing this SOP, with oversight from the Accounting Manager or Controller. Reference SOPs: Vendor Setup and Maintenance, Invoice Processing, Payment Processing.
8. Document Retention and Archiving: This SOP establishes guidelines for the retention and archiving of accounts payable documents. The purpose is to ensure compliance with legal and regulatory requirements, facilitate audits, and maintain organized records for future reference. The scope includes identifying document types, determining retention periods, establishing storage and retrieval procedures, and periodically purging outdated records. The Accounts Payable Clerk is responsible for executing this SOP, with guidance from the Records Management department if applicable. Reference SOPs: None
Looking for SOP templates for your Accounts Payable Clerk work? We’ve got you covered. You can build out your company SOPs using the sample SOP information above (added to our template) or our team can put together a starter SOPs template based on your Accounts Payable Clerk work. Get in touch if you’ve got questions about the quickest way to build out your Finance SOPs library.
