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Key Accounts Payable best practices – Income Disbursements.

Policy: Internal controls are required to ensure that only valid and authorized payables are recorded and paid. Finance Department procedures should be implemented to ensure the accuracy of amounts, coding of General Ledger accounts and appropriate timing of payments. Purpose: To explain the practices for documenting, recording and issuing payments for accounts payable transactions. Scope: This procedure applies to all purchases including, merchandise and non merchandise purchases. Responsibilities: A Senior Accounts/Finance personnel must be responsible for reviewing Accounts Payable material and adding his/her signature. Depending on the organizational structure, the Logistics or Office Manager is responsible for forwarding all paperwork …

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