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General Ledger Accounting Software General Ledger Accounting Software
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Accounts Payable Ledger

Best Practices: The Accounts Payable Ledger.

As businesses grow from single-owner, to small employer to medium-sized business concern, the first process most will formalize is revenue. However, a meticulously kept accounts payable ledger is as important as keeping tabs on accounts receivable. Knowing what you owe, when and to whom can affect cash flow as positively as a steady influx of client dollars. To be effective, an accounts receivable ledger system should have several features.

The accounts payable ledger system should include an individual accounting of each vendor. As each order and payment is logged, note the purchase order numbers, vendor invoice numbers and the terms of payment. As statements are received from suppliers and service providers, they are more easily reconciled if the accounts payable ledger has been set up by individual vendor. Errors can also be caught and addressed quickly. The use of an automated accounts payable ledger system can provide many advantages such as components that can actually generate the check, as well as book the payment. A computerized accounts receivable ledger should also allow for the recording of taxes and tariffs which make required reporting much simpler and more accurate. An automated accounts payable ledger should produce an aging report to provide a clear look at when payments are coming due.

For example your accounts payable ledger system should alert you in advance of a payment date in a timely enough manner to exercise discounts if they are offered. In a tight economy, maintaining an accounts payable ledger that makes it easy to determine each vendor with outstanding balance, when payments are due and on what terms, can help you reduce late fees and take advantage of discounts. Vendors appreciate timely payments. A good accounts payable ledger will help maintain those valuable relationships. A good payment history is an asset during times of expansion or when credit may need to be extended.




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