The accounts payable job description will involve ensuring that a company’s creditors and suppliers are paid on time and done so accurately. Professionals in this position will complete tasks such as reconciling and processing invoices while also recording and verifying expenses. Depending on the employer, the accounts payable job description may or may not involve supervisory duties and responsibilities.
Accounts Payable Job Description for Entry Level Positions
The accounts payable job description will involve reviewing vendor invoices for accuracy and making the necessary changes before payment is submitted. During this process it will be necessary to calculate line item charges, tax identification numbers, taxes due and freight charges. After identifying and correcting invoice errors, the accounts payable clerk will generate checks through the automated clearing house or via web payments. Other duties for this position can include scheduling payments according to terms of the purchase contract, matching invoices to purchase orders and issuing a stop payment on any invoices that were inaccurate.
In some businesses professionals in this position will also perform accounts receivable duties which can involve invoicing clients and other parties who hold shares in the company. In this position, the accountant will generate company revenue by calculating payments that are due by sending out an invoice. It can also be necessary to send reminder notices for payments, process refunds, refer any delinquent accounts to a collection agency in order to resolve payment disputes and address insufficient payments.
Accountants in this field can post and verify accounts payable transactions in a general ledger while maintaining the account payable information in the ledger. Additionally, this position can require the allocation of expenses to accounts and cost centers, evaluating and generating expense reports and make a closing entry at the end of an accounting period. They can also report sales taxes to a government agency, send W-9 forms to vendors, record petty cash amounts that are issued, and create a line of credit for vendors.
Job Skills Necessary to the Accounting Field
If the accountant works for a large company that has a number of branches, then they may work as a liaison between the main branch and the accounts payable department. Each day they will interact with other accounting employees or department heads in order to resolve any issues.
Maintaining confidentiality is necessary for this position. Knowledge of accounting and bookkeeping principles, in addition to the ability to expand job awareness by pursuing any type of educational prospect, is also crucial to success in this field. The accounts payable job description will require the professional to have strong organizational, critical thinking, problem-solving and communication skills. A high school diploma and associate’s degree are usually required for this position. Some employers will prefer accounting or bookkeeping experience in addition to the completion of related college level classes in specialized areas. Experience using accounting software programs is also a plus.