Now that the Vendors are set up in your Accounting Software, it is important to decide when and how often you will pay them.
A payables schedule is a set day that you will review and process your bills and process payments, either via check or online.
Taking the time to do this will avoid costly mistakes, such as incorrect payments or double payments.
It is important to enter Vendor bills into the books so you can see how much you are spending with a Vendor.
The bills should be correctly coded in accordance to the Chart of Accounts so that at the end of the month your Profit and Loss Report will show accurate data.