Currently, our AP process is as follows:
- Property loads bills and attaches images; property cannot post, and so bills are left as pending.
- Corporate AP reviews pending bills (via pending AP report), makes any corrections, and then posts the bills.
- Corporate operations approves posted bills for payment.
- Checks are processed based on due date cut-off.
This current process works okay and there are checks and balances in place, but we run into issues such as:
- Sometimes a bill gets loaded under the wrong vendor and will be inadvertently paid.
- Property and Corporate AP have limited coding knowledge and sometimes coding errors are not caught, creating additional corrections needed at month-end. Would like to somehow involve the staff accountants in this process so they can catch these ahead of time, but not sure how to involve them.
- Property will sometimes complain about payments not being made timely, but Corporate AP prints and sends a pending invoice report at Enterprise level to management daily. This is used to review historical information, but is there a better audit trail located directly in M3 reporting that could be used for issues like this?
Thanks for any suggestions.