This policy outlines procedures for accounts payable and accrued expenses. It applies to all purchases including COD amounts and reimbursement of travel and expense reports.
According to this example, all expenses shall be captured to the greatest degree possible in the period that they are incurred. Proper internal controls should be in place to ensure that only valid and authorized payables are recorded and paid. In addition, this policy outlines the following: required documentation for processing a vendor invoice; recording and payment procedures; processing of manual checks for the purchase of goods and services; and more.