Accounts Payable

Why this exists

Timely and accurate processing of vendor invoices protects Greens from billing errors, late fees, and service interruptions. Consistent accounts payable practices keep our credit in good standing, maintain strong vendor relationships, and ensure that every property's financial records reflect actual operating costs. Following this SOP also creates a clear audit trail and the proper level of approval for non-routine or higher-value spending.

Who does what

• General Manager — Receives invoices at the property, verifies accuracy, approves them per the Property Invoice Handling SOP, and forwards them to the Corporate Bookkeeper.
• Corporate Bookkeeper — Scans invoices received at the corporate office into Greens Drive, enters all approved invoices into Intacct, routes invoices for higher-level approval when required, and shreds physical copies after processing.
• VP of Operations — Approves any non-routine invoices and any invoices that exceed the prior month's amount by more than 10%.
• CFO — Approves any invoice above $5,000.

Steps

1. Direct all vendor invoices to the individual property by default. The only exceptions — which should be sent directly to the corporate office — are:
   • General liability insurance bills
   • Property tax bills
   • Workers' compensation invoices
2. If an invoice intended for a property is received at the corporate office, scan it into Greens Drive and enter it into Intacct.
3. At the property, the General Manager reviews and approves invoices in line with the Property Invoice Handling SOP, then forwards them to the Corporate Bookkeeper.
4. Once the GM has approved an invoice, the Corporate Bookkeeper must:
   1. Confirm the invoice is in good order and matches supporting documentation.
   2. Route any non-routine invoice to the VP of Operations for approval.
   3. Route any invoice that varies from the previous month's amount by more than 10% to the VP of Operations for approval.
   4. Route any invoice above $5,000 to the CFO for approval.
   5. Scan the invoice into Greens Drive and enter it into Intacct.
   6. Shred the physical invoice once it has been successfully scanned and entered.

Rules and exceptions

• General liability insurance, property tax, and workers' compensation invoices always go to the corporate office — never to the property.
• Non-routine invoices require VP of Operations approval before payment, regardless of amount.
• Any invoice that varies more than 10% from the prior month's amount requires VP of Operations approval, even if the vendor is routine.
• Any invoice above $5,000 requires CFO approval, in addition to any other required approvals.
• Physical invoices must only be shredded after they have been scanned into Greens Drive and entered into Intacct.