Accounts Payable : What are the 3 things one should know?

Question

Accounts Payable : What are the 3 things one should know?

Answer 1

The first payment
The deffered payment
The last payment

Answer 2

Never miss a discount that is more than .5%.

Never adjust an invoice without proper documentation to the vendor, including the name of the person who works for the vendor's company who authorized the lower price or proof that there was less material delivered than is being invoiced.

99% of your time will be spent doing mindless data entry. A/P is about getting the invoices into the system in a timely fashion. Attention to detail is critical, as how the cost is posted affects jobcosts, commissions, etc.

Answer 3

i think from accounting class:
1. it doesnt involve cash right there
2. you owe a business
3. i cant think of anything at this moment

Answer 4

Payment terms (Net 30, etc.) Amount due, and due date