AP Daily, Weekly, Monthly, Yearly Checklist

These are basic daily, weekly, monthly, and yearly checklists for AP.

Daily

_____ Review all transactions not yet posted in transactions view or purchases/debits journals

_____ Post all transactions and payments

_____ Make sure all checks (payments) are posted in all bank accounts, including credit cards and manual/prepaid checks

_____ Post all prepayments

Weekly

_____ Review discounts due

_____ Pay invoices - AP Pay Invoices

_____ Review invoice statuses (Held, Released, Temp, Prepaid)

_____ Create and upload ACH and positive pay files to the bank

Monthly

_____ Reconcile AP open invoices to GL balance using open invoices report or view

_____ Combine 'Deposit' account(s) to AP account balance for GL/AP reconciliation

_____ Run Periodic Maintenance function to clear paid invoices from statements and aged trial balance view (not the report), delete temporary vendors if balances are paid in full (optional), and delete paid invoices before a specified date. (Year-end only) If a date is not specified and the check box is not selected, paid invoices are not removed. (Use this at year end only; if not year end, leave blank.)

_____ Close the period for payables: System Manager > Company Setup > Period Conversion. Check the box in the AP columns to close the completed periods and disallow data entry.

_____ Copy new recurring entries after month-end procedures

_____ Reconcile bank account with cleared and not-cleared disbursements

_____ Review unrealized gain/loss report and post

_____ Use Manage 1099 function to review and edit all 1099 values

Yearly

_____ Print Purchase Analysis Report to summarize purchase trends based on the last 12 months

_____ 1099 processing