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Managing the accounts payable processThe most important thing: accuracy.Key steps in the AP process flow.Centralise your invoice payments.Track every due payment clearly.Know exactly who authorizes payments.MineralTree - Capture invoices in small doses.Dooap - Pay invoices in larger batches.More items...?

The chart of accounts organizes your finances into five major categories, called accounts: assets, liabilities, equity, revenue and expenses.

The way that the balance sheet and income statement accounts interact with each other is complex, but one general rule to remember is this: revenues increase your company's equity and asset accounts, while expenses decrease your assets and equity.

Here's a step-by-step guide to making a chart of accounts:Create Parent Accounts. The parent accounts help you organize your unique business sub-accounts by category.Create Your Business's Accounts. When you create the accounts for your business, think about the type of business you run.Assign Account Numbers.

How to set up an accounts payable systemSelect software. Buy an off-the-shelf accounting software package that contains an accounts payable module.Set up suppliers.Enter invoices.Approve invoices.Schedule payment.Test a check run.Sign checks.

Examples of Accounts Asset accounts include Cash on Hand, Cash in Bank, Petty Cash Fund, Accounts Receivable, Notes Receivable, Inventory, Prepaid Rent, Land, Building, etc. Liability accounts include Accounts Payable, Notes Payable, Utilities Payable, Interest Payable, Rent Payable, Loans Payable, etc.

How to set up an accounts payable systemSelect software. Buy an off-the-shelf accounting software package that contains an accounts payable module.Set up suppliers.Enter invoices.Approve invoices.Schedule payment.Test a check run.Sign checks.