7/23/2019 ACCTG AP002 5-15 - Invoice Processing

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POLICYANDPROCEDUREMANUAL

SOPNO: ACCTGAP0025/15

DEPARTMENT:

ACCOUNTING

SUB

SECTION:

ACCOUNTS

PAYABLE

SUBJECT: INVOICEPROCESSING ISSUEDATE: MAY1,2015

POLICY: Vendorinvoicesmustbeprocessedintimelyandaccuratelytoensurethatexpensesarerecorded

completelyintheproperperiodandforvalid,approvedpurchasesonly.

PROCEDURE:

1. Thehotelmayprocesspaymentsforvalid,approvedpurchasesonly. Invoicesmustbereviewedfor

accuracypriortobeingprocessed. Allinvoicesaretoberecordedandexpensedinthemonthitemis

receivedorservicesarerendered.

2. Invoicesshouldbedatestampeduponreceipt. Theinvoiceshouldonlybeprocessedwhenthe

followingarepresent:

a. OriginalInvoice(notastatement).

b. Forcheckrequests,properapproval.

c. Proofofreceipt(Deliveryticket,billoflading,packingslip). Ifnoproofofdeliveryexists,the

departmentheadshouldsigntheinvoicewithawrittennotationreceived.

d. Signed/approvedpurchaseorder. Ifnopurchaseorderexists,thepurchaseorderdoesnot

containappropriateapproval,orifthereisamaterialvariancebetweentheinvoiceandthe

purchaseorder,theGeneralManagerandControllermustsigntheinvoice. Theproper

proceduresforcompletionorpurchaseordersshouldbereinforcedtominimizethe

occurrence

of

such

exceptions.

e. AppropriateAccountCoding. Theorderingdepartmentisresponsibleforcodingexpenses

totheappropriateexpenseaccountinthePurchaseOrderorInvoice.

f. Visiblenotationthatitems,pricesandquantitieshavebeenverifiedagainstthereceiving

reportand/orpurchaseorder.

3. Twiceaweek,thePropertyAccountsPayabledesigneewillpostaninvoicebatchtotheAccounts

PayableSystem. TheAPdesigneewillperformthefollowingreviewpriortopostingthebatch:

a. ReviewofthecodingbythedepartmentheadbasedontheUSALI11thEditionanddocument

anychangenecessarytocodingontheinvoice.

b. Localtaxregulationsregardingsalesandusetaxmustbeverifiedandfollowed.

c. UseInvoiceNumberingGuidelines(attached)

d.

Scaninvoices

and

appropriate

back

up

into

the

Accounts

Payable

System.

4.

Uponcompletionofthedataentryanddocumentimaging,thePropertyAccountsPayabledesignee

willthennotifyhisdesignatedCorporateStaffAccountantthatanAPbatchisreadyforposting. The

CorporateStaffAccountantwillreviewthebatchforaccuracythenposttotheAccountsPayable

System.

5. VendorStatementsshouldbereconciledmonthlybytheCorporateStaffAccountantwiththe

accountspayablerecordstoresolvepastdueitemsandopencredits.