Accounts Payable

If you are an accrual basis taxpayer or need accounts payable listed on your financial statements for your bank, you must provide us with a list of your accounts payable at the end of each month.

If you are on a manual bookkeeping system, we will provide you with a form to list the accounts payable. See Appendix A-7 for a sample Accounts Payable Report. Review all checks that you have written within the first 10 days of the next month along with all bills on hand. If you are paying an invoice or bill that relates to a product purchased or service provided in the prior month, then that invoice or bill is accounts payable. List that invoice or bill on the provided form and code to the proper general ledger account(s).

If you use QuickBooks or other software, you must track accounts payable within the vendor section of your software so that it can be properly accounted for.