Did you download the free AP report from yesterday? https://faoblog.com/managed-ap-reduce-invoice-processing-costs/
We continue on the last post on other types of invoices: https://faoblog.com/processes-ap-invoice-othertypes2/
- Professional services invoices – These are payments for professional services like audit, accounting, SOX compliance, annual maintenance contracts, property / office maintenance etc.
- Equipment maintenance bills – These are normally tracked separately, especially for manufacturing units. These link into the maintenance contracts, besides any normal service or repairs. These if separated, come handy for insurance purposes as well.
- Annual maintenance invoices – I need not really clarify these, these can be for any equipment like computers and IT equipment, machinery and a whole bunch of items.
- Reimbursements – These can be for expenses on behalf of the organization / business. These can be for payments based on employee policies as well, like telephone, electricity, entertainment, meals etc.
- Freight Expenses – Normally freight expenses are a part of the vendor invoice. But there are situations where freight may have to be paid by your client and is not recoverable from the vendors. In such a situation, separate invoices for payment of freight may have to be raised. Based on accounting policies, these may be reclassified as purchase cost or kept separate.
- Refund Vouchers – Any refunds that may have to be made to vendors / employees / customers. These could be for excess receipts, excess deductions etc.
- Credit memos, Debit memos and Adjustment Vouchers /Journal Entries – All these end up making adjustments to vendor / employee accounts. It usually is a choice of the client to process these under an invoice category or separately.
- Payroll payments – Payrolls are an important part of the payables process and usually have a separate workflow configured.