Do you have a “Black Hole” within your Accounts Payable operation?  You know, the place where invoices and related documentation go never to be found again?

Have you considered that Accounts Payable documentation is not just about the paper?  Any details written on the documentation also need to be retained and can, at times, be even more critical than the document itself. That's why you should create a document management policy specifically for Accounts Payable.

Creating a policy on managing, storing and retaining documentation can be time-consuming but once created, and enforced, the amount of time spent on the tasks of approving and processing vendor invoices, addressing exceptions, or storing, retaining and pulling documents for research, audit or litigation will be greatly reduced.  

Additional benefits include:

  • More timely posting of costs and liabilities
  • Payment to vendors per terms
  • Improved vendor relationships
  • Reduced frustration when accessing documents

This course identifies steps to be taken in creating such a policy and explores the points that should be included. Discussion also covers the inclusion of references to other policies applied by Accounts Payable and why they should be referenced in a Document Management Policy for Accounts Payable.

Finally, we touch on the subject of implementing software that would not only help you manage and retain the related documentation but could also help your company streamline related processing.  

Course Series

This course is included in the following series:

4 CoursesAccounts Payable Automation

  1. What to Consider in an Accounts Payable Workflow Solution
  2. Selecting an Accounts Payable Automation Provider
  3. No PO, No Pay – Can It Work for Your Organization?
  4. Creating an Accounts Payable Documentation Management Policy
Learning Objectives
  • Identify suggested steps to be taken when creating an Accounts Payable Documentation Management policy.
  • Discover categories and subjects that should be included in such a policy
  • Explore the inclusion or reference to other policies policed by Accounts Payable
  • Define software tools that can automate the document management requirements
Last updated/reviewed: August 7, 2023
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Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAccounts Payable Certification

  1. Accounts Payable - Learn the Terminology
  2. Procure to Pay Work Stream
  3. A Deep Dive into the Responsibilities of Accounts Payable Operations
  4. Understanding Non-Purchase Order (PO) Invoice Transactions
  5. Understanding Purchase Order (PO) Invoice Transactions
  6. The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing
  7. No PO, No Pay – Can It Work for Your Organization?
  8. Payment Process: Selection, Review, Approval, Release
  9. The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced
  10. Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
  11. The Basics of 1099's
  12. Creating an Accounts Payable Documentation Management Policy
  13. The Basics of Automation for Accounts Payable (AP) Specialists

16 CoursesAccounts Payable Management Certification

  1. Accounts Payable - Learn the Terminology
  2. A Deep Dive into the Responsibilities of Accounts Payable Operations
  3. The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing
  4. The Basics of 1099's
  5. Prioritizing Accounts Payable Workload - Divide and Conquer
  6. Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
  7. The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced
  8. Reconciling Aged Open Payables and Outstanding Checks
  9. Benefits of An Accounts Payable Recovery Audit
  10. No PO, No Pay – Can It Work for Your Organization?
  11. What to Consider in an Accounts Payable Workflow Solution
  12. Creating an Accounts Payable Documentation Management Policy
  13. Communicating the Role of Accounts Payable to Others
  14. Justifying and Presenting the Needs of Accounts Payable Operations
  15. The Basics of Project Management for Accounts Payable
  16. KPIs and Metrics for Accounts Payable Manual Processes
22 Reviews (106 ratings)

Reviews

4
Anonymous Author
This was very helpful; while I have been in A/P for 14 years and came from a company that was all paper now I am at a company that processes /stores everything online. So, some of the details discussed seemed a bit outdated, but it just depends on where you are at:)Thanks!
5
Anonymous Author
Learning that after a certain amount of year documents can get destroyed. The organization I work for currently have everything electronically stored, so it never crossed my mind that a company can destroy documents based on their policy in place.
5
Member's Profile
Very informative and useful information by all means. Not only for companies creating new policies, but also makes the mind wonder into revisiting older policies in an attempt to revise and refresh procedures across the board.
4
Anonymous Author
This course was very informative. I now have a more in depth understanding of why it is important to create an account payable documentation policy.
5
Anonymous Author
Great course for anyone looking to better understand the AP process as it relates to documenting an AP policy for management.
5
Member's Profile
The course is very good. It has enhanced my ability to write the policy and procedures for the department. Thank you
3
Anonymous Author
Having an accounts payable documentation management policy will be extremely useful and make the process efficient.
4
Anonymous Author
sometimes i lost the sense of this lesson, i think this class could have been much shorter and concise
4
Anonymous Author
This course has given me added incentive and guidance to complete a very necessary task. Thank you.
4
Member's Profile
Very thorough, straight to the point, pointed out possibilities of what could and could not happen
4
Anonymous Author
Basic information for an Accounts Payable department presented in an easy to understand lecture
4
Anonymous Author
Good overview. Would have preferred more time spent on the automated workflow discussion.
4
Member's Profile
Great training. I learned a few things needed to audit the AP function in my company.
5
Anonymous Author
Good review of basic AP process for those with a limited understanding of such process.
5
Anonymous Author
This course had allot of information and the test questions were very though out.
Member's Profile
a bit dry although probably to be expected. course and info was just okay
5
Anonymous Author
Good information to develop policies. Great source to keep as reference.
5
Anonymous Author
GREAT GREAT GREAT GREAT GREAT GREAT GREAT GREAT GREAT GREAT COURSE.
5
Member's Profile
This course has given me detail information I can use in real-time.
4
Anonymous Author
The course provided a good overview of the AP Documentation Policy
4
Anonymous Author
The information provided has me considering writing an AP policy.
4
Member's Profile
Enjoyed this course and it provided good information as well.
show all reviews
Prerequisites
Course Complexity: Intermediate

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the course "A Deep Dive into the Responsibilities of Accounts Payable Operations" prior to completing this one.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION and OVERVIEW
  Introduction of Creating a Document Management Policy2:44
Documentation Management Policy
  Why Create an Accounts Payable Document Management Policy4:47
  Tips for Creating an AP Document Management Policy5:12
  What Should Be Included in an AP Document Management Policy6:15
  Subjects to be Included in an AP Document Management Policy – Part 19:13
  Subjects to be Included in an AP Document Management Policy – Part 26:48
CONCLUSION
  Course Conclusion 2:50
Continuous Play
  Creating an Accounts Payable Documentation Management Policy 37:49
SUPPORTING MATERIALS
  Slides: Creating an Accounts Payable Documentation Management PolicyPDF
  Creating an Accounts Payable Documentation Management Policy Glossary/IndexPDF
REVIEW and TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam