Remove Accounts Payable Remove Petty cash Remove Purchase Order
article thumbnail

Types of transaction cycles in accounting

Accounting Tools

Purchasing Cycle In the purchasing cycle, a company issues a purchase order to a supplier for goods, receives the goods, records an account payable , and pays the supplier. There are several ancillary activities, such as the use of petty cash or procurement cards for smaller purchases.

article thumbnail

Payables clerk job description

Accounting Tools

Related Courses Optimal Accounting for Payables Payables Management The payables clerk position is accountable for verifying proper payment approval, processing payments in a timely manner, and ensuring that discounts are taken.