Testing and Signing Off Payables and Receivables Processes

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AP and AR sign-off card

• Scenario set: discount taken and missed, partial, residual, block, credit memo, foreign currency.
• Write expected open items, journal entry lines and due dates before running.
• Payment tests: proposal first; medium only with masked data, no live bank link and approval.
• After any QAS refresh, re-confirm the post-copy checklist before payment or dunning output.
• Prove bank file formats with the bank's test service, never a live payment.
• Dunning: each level, interval, grace days, minimums, item and customer blocks, disputes.
• Tax: compare tax lines and accounts with the tax team's expected table.
• Foreign currency: check realized gain or loss account; include a period-end valuation scenario.
• Controls: bank detail change confirmation and payment release by a second person.
• Accepted risks: impact, workaround, owner, date, Dan's acceptance.