Accounts Payable Shorts     

Drop by periodically for short news items that will help you run a more efficient and effective AP department!

Invoice attached – beware. Everyone seems to be jumping on the practice of emailing invoices – including crooks. The latest scheme is to send an email purporting to have an invoice attached. When you click on the attachment malware downloads onto your computer facilitation a corporate (bank) account takeover.

We don’t expect this to impact the practice of emailing invoices. But, it means accounts payable professionals have to be extremely careful in opening invoice attachments. Also be careful about messages supposedly coming from UPS and FedEx.

Here’s what Fed Ex says on its website: FedEx has received reports that there has been an increase in fraudulent emails claiming to come from FedEx. These messages typically have a vague subject referencing a FedEx tracking, invoice or item number and an attached zip file with 'FEDEXInvoice' in the file name that may contain a computer virus. If you receive a message matching this description do not open the attachment. Delete the email immediately.

Here’s what UPS says on its website: You may receive e-mails containing one of the following statements “shipment details attached” or “please refer to the attached for more details.” UPS does not send attachments.

This is just one more reason why it is a really good best practice to set up a separate PC for online banking that is never used for email or surfing the Internet.

This short item originally appeared in the Accounts Payable Now & Tomorrow newsletter. For more information about the newsletter, including additional sample articles go here.

* IRS Raises Optional Mileage Reimbursement Rate for Second Half of 2011

— The Internal Revenue Service announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.

The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51. In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2011. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.

For additional articles from our Accounts Payable Now & Tomorrow newsletter go here.

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