Question

Can you pleaes tell me what is the job responsibilites of an Accounts Payable Clerk is? also What is Expense Coding?

Answer 1

Job responsibilities of accounts payable clerk:

1. Charging expenses to their respective accounts, that is purchases, supplies or whatever other account it may be.

2. Reconiciling the payments due with accounts balances to check if they match or not.

3. Preparing and maintaining the ledger accounts with respect to various expenses incurred on account.

4. While accepting invoices, he should be take into account whether all the discounts and return if any have been considered.

5. Handling payments in a timely manner.

Expense Coding

Expense coding is a system where in objects are assigned six digit numbers. These objects include expenses. The six dgit code is divided into sub-object and sub-sub -object code. These sub code and sub-sub code define the major and specific category respectively and the other numbers are the actual expenditure code, that is the expenditure name. These coding help in creating accountability and better management of the expenses and appropriate segregation of expenses.