Accounts Payable Control Procedures

Vitalics Accounts Payable Procedures Forms

These fully customizable forms are included in Vitalics 2.0, Vitalics Original and Vitalics Forms. They can also be purchased separately. See Pricing page to compare packages

Vitalics Accounts Payable Control Forms

Accounts payable control forms are a vital part of maintaining your cash flow by managing the accuracy of vendors and their payments. They are primarily used to provide approval and accountability so that bookkeepers, managers, owners have assurance that the payments made by the business are accurate and accounted for on the books and records.

  • accounts_payable_check_run_form

    Accounts payable check run form

  • accounts_payable_checklist

    Accounts payable checklist

  • accounts_payable_checklist_12_month

    Accounts payable checklist 12 month

  • accounts_payable_month_end_checklist

    Accounts payable month end checklist

  • accounts_payable_month_end_checklist_12_month

    Accounts payable month end checklist 12 month

  • accounts_payable_reconciliation_form

    Accounts payable reconciliation form

  • approved_vendor_list

    Approved vendor list

  • automatic_payment_update_form

    Automatic payment update form

  • change_in_vendor_form

    Change in vendor form

  • check_request_form

    Check request form

  • credit_card_reconciliation_checklist

    Credit card reconciliation checklist

  • credit_card_reconciliation_checklist_12_month

    Credit card reconciliation checklist 12 month

  • current_vendor_review_checklist

    Current vendor review checklist

  • employee_credit_card_request_form

    Employee credit card request form

  • expense_reimbursement_checklist

    Expense reimbursement checklist

  • expense_reimbursement_checklist_12_month

    Expense reimbursement checklist 12 month

  • expense_reimbursement_form

    Expense reimbursement form

  • manual_check_payment_checklist

    Manual check payment checklist

  • manual_check_payment_checklist_12_month

    Manual check payment checklist 12 month

  • missing_receipt_form

    Missing receipt form

  • new_vendor_checklist

    New vendor checklist

  • new_vendor_checklist_12_month

    New vendor checklist 12 month

  • new_vendor_request_form

    New vendor request form

  • receipt_of_vendor_refund

    Receipt of vendor refund form

  • rejection_of_employee_expense_reimbursement_form

    Rejection of expense reimbursement form

  • rejection_of_vendor_invoice_form

    Rejection of vendor invoice form

  • vendor_application_template

    Vendor application template

  • vendor_automatic_payment_form

    Vendor automatic payment form

  • vendor_automatic_payment_list

    Vendor automatic payment list

  • vendor_black_list

    Vendor black list

  • vendor_overpayment_notice

    Vendor overpayment notice

  • wire_transfer_requst_form

    Wire transfer request form

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Did you know?

The average duration of a billing scheme lasted 24 months before it was detected with an average fraud loss of $100,000. The primary cause was lack of accounts payable control procedures.  The following industries that have a higher risk of for these types of schemes are construction industries, religious, charitable or social services as well as health care and transportation and warehouses.

Common Payables Fraud Schemes Billing Scheme Types

  • Shell Companies
    A Shell Company is a fabricated entity with the purpose to commit fraud. Shell companies are unfortunately very easy to set up and in order for the perpetrator to get away with their shell scheme, they generally have complete control over the accounting functions and are able to approve vendor invoices for payments.
  • Pay and Return Scheme
    A pay and return scheme is another type of billing scheme where the perpetrator purposely overpays, double pays or pays the wrong vendor then requests a refund and intercepts the check.
  • Invoice Kickbacks
    Invoice kickbacks are fraud schemes perpetrated by an employee and the employee’s vendor or customer. It usually involves the employee buying goods or services at an overstated price.
  • Bid Rigging Schemes
    Bid rigging scheme is a collusive fraud where an employee helps a vendor illegally obtain a contract that was supposed to involve competitive bidding.

Vendor Control Procedures Helpful suggestions

Require a Vendor Application
Do you know who your vendors are? Requiring a completed application on all of your vendors can reduce the risks of a billing scheme.
Require invoices, P.O’s and packing slips attached to checks
Never sign vendor checks without all of the proper back-up documentation to prove what the payments are for.
Use a Check Run Approval Form
Make sure your accounts payable check batches are attached to an approval form. This provides accountability on who processed the checks and who signs them giving authorization and final approval.
Secure your checks!
Checks are easily duplicated. Storing your checks in a secure cabinet with protect you from unauthorized use or forgery.