What is the Pay Rate for an Accounts Payable Clerk?
Accounts payable and other accounting clerk positions are always in demand – and the vastness of the field ensures ample job openings. A report in 2008 from the U.S. Bureau of Labor Statistics indicates that at the time of the survey, more than 2.1 million people had employment as auditing, accounting and bookkeeping clerks across most industries. Accounts payable clerks hold responsibility for inputting the company’s expenses into the accounting system and generating the checks from the system necessary to pay them.
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Requirements and Responsibilities
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While a high school or general education degree are the minimum requirements to become an accounts payable clerk, an associate degree in business or accounting is required for some positions. Accounts payable clerks update and maintain records used to formulate expenditures, expense reimbursements, vendor invoices and all bills a company incurs. They also print and mail checks, and keep paper files of all accounts payable activity for a company.
Annual Wages
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Median annual wages of accounts payable clerks, listed under the BLS May 2010 survey category of bookkeeping, accounting and auditing clerks were $35,340. Those in the middle 50 percent earned between $27,040 and $42,180; those in the top 10 percent earned $51,470, with the bottom 10 percent earning $21,270.
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Hourly Wages
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Average hourly wages – based upon 40 hours a week and 52 weeks a year – are $16.99. At the middle half of the occupation, clerks earned between $13 and $20.28. Those in the top percentile earned $24.75 an hour, while those in the bottom percentile earned $10.23 per hour.
Overtime
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Accounts payable clerks are usually not considered exempt employees even though they have direct responsibility for payments and checks because someone else assumes the responsibility for their work. AP clerks usually work under the auspices of an accounting or accounting manager. When they are classified as non-exempt hourly employees, any overtime must be calculated at 1 1/2 times their hourly wage.
Benefits
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Not calculated into the salary, include any fringe benefits the company offers its employees. This may include medical, dental and vision insurance, life insurance, 401(k) or employee stock option programs, cafeteria plans, paid vacations, sick days and company observed holidays.
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References
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