General Ledger Chart of Accounts [Accounts Payable]

Опубликовано: 20 Апрель 2023
на канале: AP Now

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The Chart of Accounts may not sound like the most exciting topic in accounting or accounts payable, 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. If you work in accounting or accounts payable, it is critical you understand Chart of Accounts, also referred to as GL Chart of Accounts or General Ledger Chart of Accounts. 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
   • 8 Accounting Misconceptions about Acc...

Link to Invoices without PO Numbers: They Can Be Eliminated
   • Invoices without Purchase Order Numbe...
Link to Eliminating Duplicate Invoices Best Practices
   • Eliminating Duplicate Invoices Best P...

Link to Accounts Payable Best Practice Playlist
   • Accounts Payable Best Practices

Link to Accounts Payable Month Playlist (long and shorts)    • Best Practice for AP Month

Link to Changing Invoice Best Practice Playlist
   • Changing Invoice Best Practices

Link to Accounts Payable Internal Controls Playlist
   • Accounts Payable Internal Controls

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