Now that you are somewhat familiar with the payables function in QuickBooks, you no doubt realize that the software does not include a feature that ensures a three-way match is made/has been made prior to paying an invoice. It is largely a manual process.
You first job as the newly appointed head of the Accounts Payable department is to devise an internal process (i.e. â€œdesk proceduresâ€) to ensure that invoices are not paid unless and until a three-way match happens. You have access to company purchase orders and the shipping/receiving department forwards you the packing slips with the quantities verified (or discrepancy reports when the received quantities do not agree with purchase order quantities). Choose a company that you want.
The policies and procedures should be drafted as follows:
The Controller/Chief Accountant is responsible for â€¦..
The Head of Accounts Payable (you) is responsible for â€¦..
Accounts Payable Personnel are responsible for â€¦.
Shipping and Receiving is responsible for â€¦.
Purchasing Department is responsible for â€¦.
Procedures (Procedures usually follow the process flow)
1. The Purchasing Department will ensure that copies of all executed purchase orders are entered into the â€œVendors/Create Purchase Ordersâ€ section of QuickBooks within two working days from date of execution. Purchase order information will contain, at a minimum,
a. Inventory item number and description
b. Unit price
c. Expected ship date
d. Terms of the sales
e. All agreed to additive costs including freight-in, handling, sales tax, etc.
f. The buyer name and phone number
g. The seller contact name, phone number, and email.
2. The Shipping/Receiving Department will â€¦.
3. Etc etc
Here is just an example, yours should not be totally the same. For the exactly similar one I will not grade you.