How to Control Duplicate Payments
In today’s paperless world, it’s tougher to keep track.
Accounts payable guru Mary Schaeffer tells AICPA Insider readers:
With all the new payment and invoice delivery options now available, every CPA firm needs to be concerned about:
- Payments being made twice using two different payment types;
- Professionals in multiple departments making payments and not using rigid standards to avoid duplicate payments;
- Unscrupulous employees or vendors taking advantage of increased “opportunities” to hide a duplicate payment and enriching themselves at your organization’s expense.
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I use, and show my clients how to use, the accounts payable feature in QB. It is a great way to avoid paying invoices twice, since the software alerts you if you enter an invoice number for a vendor that has already been entered. I think most accounting software should have a similar feature.