Payables and Accrued Liabilities Policy

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The following sample outlines a set of policies and procedures for payables and accrued liabilities.

According to this policy all expenses should be captured to the greatest degree practical in the period that they are incurred. To this end a company should accrue for accounts payable, payroll, redeployment reserves, product upgrade reserves product performance liability reserves, product warranty reserves, construction-in-process reserves and reserves for sales and marketing. The accrual process should be accomplished in a timely and accurate manner and must be in compliance with all applicable financial and accounting standards.

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