When an invoice is received from a vendor, which file stores the detailed transaction information a....

When an invoice is received from a vendor, which file stores the detailed transaction information

a. Receiving transaction file

b. Open accounts payable

c. Vendor master file

d. Shipping transaction file

Expert Solution

When an invoice is received from a vendor than b. Open accounts payable stores the detailed transaction information

Accounts payable is a liability for businesses. This makes it very important to manage effectively and responsibly, as doing so helps maintain confidence in your ability to pay your debts. Plus, it’s a respectful thing to do for your creditors.

When it comes to accounts payable, the most important thing is to pay only company invoices that are legitimate and accurate.

This might sound obvious, but it’s crucial. Before you process a vendor's invoice for payment, remember to check the following:

Does the invoice reflect exactly what the company ordered?
Has the company actually received the goods or services billed?
Are the unit costs and calculations correct? What about tax?

Getting these details right will helpensure the accuracy and integrity of your accounts payable process.

ekkarill92 answered 2 years ago

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