General Ledger Chart of Accounts [accounts payable]

The Chart of Accounts may not sound like the most exciting topic, but if you're serious about taking your business to the next level, it's a topic you can't afford to ignore. Understanding the Chart of Accounts is a critical step in making sense of your financial statements and gaining control over your finances. In this talk, we'll start with a definition of what the Chart of Accounts is, how it works, and why it's essential for managing your business's finances. We'll also cover common abbreviations and clear up any misconceptions you might have about this important accounting tool. Finally, we'll provide some best practices for setting up and using a Chart of Accounts effectively, so you can take control of your finances and make informed decisions for your business. Stick around until the end when we discuss one common misconception about chart of accounts. #chartofaccounts #accounting #accountspayable

 

The accounts payable invoice process is critical to the success of the accounts payable function. The three-way match concept is the standard approach used in accounts payable departments across the country, or at least those that use accounts payable best practices. It involves comparing the purchase order vs invoice and the receiving document and is a strong accounts payable internal control.

 

Link to Accounting Misconceptions about Accounts Payable
https://youtu.be/1Cp_vfrkSSw

Link to Invoices without PO Numbers: They Can Be Eliminated

https://youtu.be/zpNocghaDhQ

Link to Eliminating Duplicate Invoices Best Practices

https://youtu.be/P6n-3gDqAs0

Link to Accounts Payable Best Practice Playlist

https://youtube.com/playlist?list=PLtL6rWSXZ-HcvMSJTdNs0BCQJ0Ivb4l9V

Link to Accounts Payable Month Playlist (long and shorts) https://youtube.com/playlist?list=PLtL6rWSXZ-HdXQrxOFqXLPw5t0g7YjhVh

Link to Changing Invoice Best Practice Playlist

https://youtube.com/playlist?list=PLtL6rWSXZ-HeE6BWKJaVwVMsri7UfQ4vh

 

Link to Accounts Payable Internal Controls Playlist

https://youtube.com/playlist?list=PLtL6rWSXZ-HdV9JIterJ-bf6TwMset_z_

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#accountspayable #procuretopay #p2p #purchaseledger #Accounting #accountspayableprocess #accountspayablebestpractices