This policy establishes uniform procedures for recording accounts payable for a company.
In this sample, all payables and disbursements must be recorded accurately, completely, and in the appropriate accounting period. Invoices must be recorded in the period of performance as accomplished by receipt of invoice or month-end accrual. The amounts recorded are supported by purchase orders validated using a three-way match (purchase order, packing slip, receipt), evidence of receipt of goods or performance of services, etc. Payments for receipt of goods or performance of service occur through the bi-monthly accounts payable disbursement process.