Who is this for: Accounting
Objective: Processing payables bi-weekly
Accounting: Settlement Week:
Biweekly prepare accounts payable for current and following week’s due dates
(this is done the same week that payroll is prepared)
Go to the ‘Calendar Power-Up’ view in Trello
Remove invoices from ‘Open Invoices’ physical file folder
Correlate invoices into 2 week’s payments: Week 1 and Week 2
View Trello calendar to ensure that you have all invoices due
Add payments due which do not have physical invoices (monthly lease, J. Lanzillo commission):
Click to open card, print page 1 view of card
Include statements for credit card payments due within the payables period
After all items due have been correlated into each week (by due date) total each category:
Overhead/Pay via ACH; To be paid via Check; CC’s due; Paid via CC
Run tape total for each category
Open ‘Settlement Week’ spreadsheet to update
Log into bank account
Update ‘Outstanding (paid not cleared)’ total
Update account totals
Enter 2-week payables amounts due
Include total payroll amount in week 1 payables
When ss update is complete, save and print 2 copies
(one copy stays with payables folder, other is kept in accounting office)
Place all in ‘Payables’ folder with copy of Settlement ss on top
Bring folder to CFO for payment approvals
CFO will return folder with initials on all items approved to pay
Open QuickBooks and prepare checks for approved invoices paying Week 1
Attach each check to the invoice or group of invoices it pays
Place all checks with invoices attached into ‘Checks to Sign’ folder
Bring this folder to CFO for checks to be signed
Once signed, folder will be returned to accounting
Sign all checks in 2nd signature line, and prepare for mailing
Return to Trello accounting calendar, update each card with ck# paid, then move card to ‘Paid_New’
Pay all cc’s due online
(pay all for 2-week period; schedule each payment to be made the business day prior to payment due date: exception is any card that has Zero available credit: pay this current day to open up available credit)
print payment detail and note on statement the date paid
Place invoices with remittance detail attached and add to the ‘Paid not Cleared’ file folder
Place cc statements with payment confirmations in ‘Paid not Cleared’ file folder
Keep ‘Payables’ file for payment of week 2 invoices following week
Following week, repeat process to pay week 2 payables
