FI 001 - Finance - Accounts Payable

Hotel Finance – Accounts Payable – SOP

FI 001: Accounts Payable


Objective:

To ensure that only valid and authorized payable are recorded and paid, that accounting procedures are implemented to ensure the accuracy of amounts, coding of General Ledger accounts and the appropriate timing of payments.

“…Non-merchandise expenditures like utilities, rent, taxes, repairs, professional fees, etc. are          generally not recorded through the purchase order/receiving routine. However, there may be other documentation, like contracts and other agreements…”

Includes:

– DOCUMENTING ACCOUNTS PAYABLE
– RECORDING MERCHANDISE/NON-MERCHANDISE PAYABLE
– PAYMENT OF ACCOUNTS PAYABLE


Details:

File Size: 20 KB
File Format: Word
Print Length: 03 pages
Publication Date: July 24, 2016
Language: English
Editable: Yes

The finance (sometimes called accounting) department function is recording financial transactions, preparing and interpreting financial statements and providing management with timely report and operating results.