Question

Can you please give me a general brief summary ( a cover letter) of A/P Clerk job based on your experience. Which also includes the following.

GAAP, Invoices, 1099's, Auditing T&E , reviewing and processing invoices.  

Answer 1

Brief Summary for Accounts payable clerk job, Reviewing and processing invoices.

1. It’s very essential to understand the nature of the enterprise and internal policies for making payments to suppliers/creditors. (E.g., Time limits to pay to vendors)
2. Get the invoices from suppliers and check the details mentioned in the invoices. (Maintain a note for recording data base of each supplier’s which will help in filing returns and tracing suppliers etc..). Checking the details implies checking the prices of products/services to ensure the correct price is quoted as per the purchase orders.
3. Checking invoices also implies correct charging of taxes in the invoices.
4. Make expenses to accounts and cost centers by analyzing invoice/expense reports; recording entries
5. Reconcile processed work by verifying entries and comparing system reports to balances
6. Pay vendors by monitoring discount opportunities; verifying federal id numbers; scheduling and preparing checks; resolving purchase order, contract, invoice, or payment discrepancies and documentation; insuring credit is received for outstanding memos; issuing stop-payments or purchase order amendments.
7. Pay employees by receiving and verifying expense reports and requests for advances; preparing checks.
8. Maintain accounting ledgers by verifying and posting account transactions.
9. Verifie vendor accounts by reconciling monthly statements and related transactions.
10. Maintain historical records by microfilming and filing documents.
11. Disburse petty cash by recording entry; verifying documentation.
12. Reports sales taxes by calculating requirements on paid invoices.
13. Protects organization's value by keeping information confidential.
14. Updates job knowledge by participating in educational opportunities.
15. Accomplishes accounting and organization mission by completing related results as needed

GAAP: E.g., Accounting Standard 11 might be followed incase of payments in foreign currencies. Hence GAAP should be followed.