Accounts Payable Procedure

Authorised by Corporate Services Manager

Revised Date: 27 May 2024

• All invoices for payment are to be saved electronically, either as a part of an e-mail in Outlook or saved in Y:\MYOB\MYOB Invoices\Supplier Invoices. All invoices must be uploaded to the Therefore information management software and must be approved by the Manager of the appropriate department and the CEO or Corporate Services Manager. If the value of the purchase is more than $20,000, it must be approved by Board Chairperson or other authorised Board Member.
The approval string is: the appropriate cost centre Manager; the CEO or Corporate Services Manager; if the value is in excess of $20,000, an authorised Board Member (Chairperson or other authorised Board Member).

• All invoices are to be approved in Therefore by all assigned persons prior to payment. Verbal approval is appropriate in some circumstances when there is no time for the Therefore process prior to payment.

• Statements are filed electronically in Outlook: Finance/Invoices/Statements.

• Approved Invoices are entered into MYOB.

• Payments are made by electronic transfer.

• Invoices are paid according to their due date or their statement due date.

• Invoices are reconciled to their statement before payment is made on the last Thursday of the month or by due date if not 30 days.

• Non-urgent invoices are batched and paid on a Thursday. Urgent invoices are paid as required.

• Invoices are batched in MYOB and an Electronic Payments Register and ABA are created and an EP number is automatically given.

• BPay payments produce a Remittance Advice and are manually entered into the bank for payment.

• Electronic Payments Registers and Remittance Advices are filed chronologically.