{"id":100430,"date":"2017-10-16T03:45:49","date_gmt":"2017-10-16T07:45:49","guid":{"rendered":"https:\/\/sjcivil.com\/?p=100430"},"modified":"2024-03-06T03:19:44","modified_gmt":"2024-03-06T08:19:44","slug":"the-all-zeroes-one-code-prevents-lost-ap-invoices","status":"publish","type":"post","link":"https:\/\/sjcivil.com\/the-all-zeroes-one-code-prevents-lost-ap-invoices\/","title":{"rendered":"The \u201cAll Zeroes One\u201d Code Prevents Lost A\/P Invoices"},"content":{"rendered":"<p class=\"p1\"><strong>Executive Summary:<\/strong>\u00a0A key component of job cost reporting is accurate posting of\u00a0accounts payable (A\/P). The time between receiving the invoice in the mail and posting it\u00a0to your job cost reports can be fatal to a job, or a company. The answer is to not let the\u00a0invoice out of the main office until it\u2019s been posted to the project. Use the \u201call zeroes one\u201d\u00a0code to capture this cost in a job immediately.<\/p>\n<p><iframe loading=\"lazy\" style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/4X6clZhDqp7oOf1MqjErRi?utm_source=generator\" width=\"100%\" height=\"152\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p class=\"p1\"><strong>The Problem:<span class=\"Apple-converted-space\">\u00a0<\/span><\/strong>Invoice arrival at your office is a result of the United States Postal Service\u00a0and your vendors\u2019 billing cycles \u2013 and you cannot really control\u00a0either party. But, this isn\u2019t the problem \u2013 the problem starts when\u00a0the invoice finally does arrive and it\u2019s on you to manage the invoice\u00a0through the\u00a0<em>Labyrinth of Processing<\/em><span class=\"Apple-converted-space\">\u00a0<\/span>to ensure it gets posted to the\u00a0correct job in a timely fashion.<\/p>\n<p class=\"p1\">The danger zone is that period of time between the letter opener hitting that invoice\u00a0envelope and the day the invoice gets coded to a job. If you\u2019re not getting A\/P posted in a\u00a0timely manner to the projects, this leads to:<\/p>\n<p class=\"p1\">\u00b7<span class=\"Apple-converted-space\">\u00a0\u00a0<\/span>Inaccurate job costs<br \/>\n\u00b7<span class=\"Apple-converted-space\">\u00a0\u00a0<\/span>Inability to forecast working capital<br \/>\n\u00b7<span class=\"Apple-converted-space\">\u00a0\u00a0<\/span>Loss of credibility with the bank and a reduced line of credit<br \/>\n\u00b7<span class=\"Apple-converted-space\">\u00a0\u00a0<\/span>Decreased bonding capacity<\/p>\n<p class=\"p1\">The posting of an invoice to a project is often delayed because it gets<\/p>\n<p class=\"p1\">\u00b7<span class=\"Apple-converted-space\">\u00a0\u00a0<\/span>Lost in the corporate office<br \/>\n\u00b7<span class=\"Apple-converted-space\">\u00a0\u00a0<\/span>Delayed by the project manager because he\/she has not cost coded it<br \/>\n\u00b7<span class=\"Apple-converted-space\">\u00a0\u00a0<\/span>Lost on its way back to the corporate office<br \/>\n\u00b7<span class=\"Apple-converted-space\">\u00a0\u00a0<\/span>Lost by the A\/P department<br \/>\n\u00b7<span class=\"Apple-converted-space\">\u00a0\u00a0<\/span>Miscoded due to a data entry error by the A\/P Department<\/p>\n<p class=\"p1\"><strong>The Solution:<span class=\"Apple-converted-space\">\u00a0\u00a0<\/span><\/strong>All invoices stay in the vault until they\u2019re coded to the All Zeroes One<span class=\"Apple-converted-space\">\u00a0<\/span>code! By now you\u2019re asking two questions, the first being \u201cwhat is this\u00a0<em>All Zeroes One<\/em><span class=\"Apple-converted-space\">\u00a0<\/span>code?\u201d. The\u00a0answer is this new cost code you see below which should exist in every single one of your\u00a0projects (number of digits and dashes vary per accounting system):<\/p>\n<p class=\"p1\" style=\"text-align: center;\">00-00-0001 Outstanding Accts. Payable<\/p>\n<p class=\"p1\">The second question is \u201cwhat is the vault?\u201d, and here\u2019s that answer:<\/p>\n<p class=\"p1\" style=\"text-align: center;\">Vault = your main office where invoices are\u00a0received;<br \/>\nmore specifically, your A\/P department<\/p>\n<p class=\"p1\">If you can get your purchasers to, at a minimum, assign a job number to each purchase,\u00a0the A\/P staff can get every invoice into your job cost system immediately.<\/p>\n<p class=\"p1\">In conclusion, your A\/P process remains the same except that you add a step to enter all\u00a0invoices in the job, under cost code 00-00-0001 Outstanding Accts. Payable until it returns\u00a0from the field. This process will ensure that all accounts payable is posted in a timely\u00a0fashion and that job projections can be done with confidence.<\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/lscTYjslchg\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<div class=\"su-button-center\"><a href=\"https:\/\/sjcivil.com\/wp-content\/uploads\/2017\/10\/2016-11-22-The-All-Zeroes-Cost-Code.pdf\" class=\"su-button su-button-style-flat\" style=\"color:#FFFFFF;background-color:#293a57;border-color:#212f46;border-radius:12px;-moz-border-radius:12px;-webkit-border-radius:12px\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color:#FFFFFF;padding:0px 30px;font-size:22px;line-height:44px;border-color:#6a768a;border-radius:12px;-moz-border-radius:12px;-webkit-border-radius:12px;text-shadow:none;-moz-text-shadow:none;-webkit-text-shadow:none\"> Download The PDF<\/span><\/a><\/div>\n<span class=\"et_bloom_bottom_trigger\"><\/span>","protected":false},"excerpt":{"rendered":"<p>Executive Summary:\u00a0A key component of job cost reporting is accurate posting of\u00a0accounts payable (A\/P). The time between receiving the invoice in the mail and posting it\u00a0to your job cost reports can be fatal to a job, or a company. The answer is to not let the\u00a0invoice out of the main office until it\u2019s been posted [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":104422,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","iawp_total_views":0,"footnotes":""},"categories":[192,50,38,57],"tags":[241,242,243,244,245,246,179,247,248,249,250],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The \u201cAll Zeroes One\u201d Code Prevents Lost A\/P Invoices<\/title>\n<meta name=\"description\" content=\"A key component of job cost reporting is accurate posting of\u00a0accounts payable (A\/P). 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