more-arw search

Q&A Forum

Is writing payment info on bills more efficient than making copies of payable checks and attaching?

looking for an efficient way to handle ap payments

Answers

Topic Expert
Patrick Dunne
Title: Chief Financial Officer
Company: Milk Source
(Chief Financial Officer, Milk Source) |

Yes. I have seen a stamp used to indicate paid and in some cases a stamp with an area to indicate date and check number. I have also seen machines used to perforate the invoice with a paid date. Attaching a check to each invoice is an inefficient process.

The most efficient process I have seen is simply stamping a voucher number in the upper left hand corner when the invoice was entered into the system. Nothing else was indicated on the invoice as all data could be gathered from the system.

Len Green
Title: Performance Improvement Consultant and E..
Company: Haygarth Consulting LLC
LinkedIn Profile
(Performance Improvement Consultant and ERP Strategist, Haygarth Consulting LLC) |

Anon
It's not clear if you are using a system or are manual.

If you are using a system, then the source data for:
-which invoices were paid on a specific check and
-which check# was used to pay which invoice(s) #
is the system. I totally agree with Patrick's statement that "Attaching a check to each invoice is an inefficient process."

Hopefully the AP module can provide that report/query so when a vendor calls to ask about the payment status of any invoice, you can look it up easily. And further, if you scan the vendor invoices (or receive them electronically) you can attach them to the transaction record in the system in case anyone needs to look at the document.

When you reconcile the bank account, that process should confirm when the check was presented and cleared.

Bottom line-can you trust your system (and the related processes) and use it instead of paper?

Regards
Len

778 views
Topics

Get Free Membership

By signing up, you will receive emails from Proformative regarding Proformative programs, events, community news and activity. You can withdraw your consent at any time. Contact Us.

Business Exchange

Browse the Business Exchange to find information, resources and peer reviews to help you select the right solution for your business.

Learn more

Contribute to Community

If you’re interested in learning more about contributing to your Proformative community, we have many ways for you to get involved. Please email content@proformative.com to learn more about becoming a speaker or contributing to the blogs/Q&A Forum.