Accounts payable are amounts payable to suppliers or other creditors for the supply of goods, services or works

(Financial Instructions 2005 s(3))

Accounts Payable

1) Agencies must ensure that all commitments and invoices are promptly and accurately recorded in the accounting system to meet management and external reporting needs.

2) Where an agency seeks to carry-over an unspent appropriation at the end of the financial year, it must obtain the written approval of the Minister for Finance by providing details of the liabilities to be carried over, by the 2^nd week of the December for the preceding year.

(Financial Instructions 2005 s(61))

Accounts Payable

• When invoices or claims for payments are received, the payables officer shall record details in an accounts payable ledger. The accounts payable ledger shall record all claims for payment except for procurement invoices, which shall be recorded in the commitment ledger.
• The Accounts Payables Ledger shall have the following details:

o the date and invoice/claim reference number;

o name of supplier or claimant;

o the amount payable;

o date amount paid;

o the payment/journal voucher number and cheque details;

• At the end of each month, the payables officer shall review the accounts payable ledger to ensure that all invoices and claims do not become overdue.
• A list of all invoices and other claims overdue for payment shall be prepared by the payables officer and included in a report to the Accounting Head. The report shall also set out reasons why the payments are overdue.

(Pro-forma Finance Manual)