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Half the battle of learning a task is understanding the terminology and acronyms used.  Even back when we all learned basic math functions, we first had to learn the definitions of Addition, Subtraction, Division, and Multiplication.

That said, to perform Accounts Payable (AP) related tasks, the processors should first learn the words used and their definitions.  This course includes a “Glossary of Terms as Used in the Accounts Payable World” in the Supporting Materials section.

In some cases, when interpreting the intended use of one word or acronym, there may be multiple definitions or a different meaning outside the context of Accounts Payable.  This course supplies more details on critical terminology and examples of how and when the terms may be used. 

Learning Objectives

  • Recognize the definitions of acronyms commonly used in Accounts Payable (AP).
  • Identify the meaning of widely used terms as they relate to the Procure to Pay Work Stream which includes Accounts Payable.
  • Explore the interpretation of words used by those outside of Accounts Payable.  
  • Discover the benefits of creating a Glossary of terms used within your company for the benefit of AP staff members and others working with the team. 
Last updated/reviewed: April 13, 2018

Included In Certifications

This course is included in the following Expert Certifications:

13 CoursesAccounts Payable Certification

  1. Accounts Payable – Learn the Terminology
  2. Procure to Pay Work Stream
  3. A Deep Dive into the Responsibilities of Accounts Payable Operations
  4. Understanding Non-Purchase Order (PO) Invoice Transactions
  5. Understanding Purchase Order (PO) Invoice Transactions
  6. The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing
  7. No PO, No Pay – Can It Work for Your Organization?
  8. Payment Process: Selection, Review, Approval, Release
  9. The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced
  10. Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
  11. The Basics of 1099's
  12. Creating an Accounts Payable Documentation Management Policy
  13. The Basics of Automation for Accounts Payable (AP) Specialists

16 CoursesAccounts Payable Management Certification

  1. Accounts Payable – Learn the Terminology
  2. A Deep Dive into the Responsibilities of Accounts Payable Operations
  3. The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing
  4. The Basics of 1099's
  5. Prioritizing Accounts Payable Workload – Divide and Conquer
  6. Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
  7. The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced
  8. Reconciling Aged Open Payables and Outstanding Checks
  9. Benefits of An Accounts Payable Recovery Audit
  10. No PO, No Pay – Can It Work for Your Organization?
  11. What to Consider in an Accounts Payable Workflow Solution
  12. Creating an Accounts Payable Documentation Management Policy
  13. Communicating the Role of Accounts Payable to Others
  14. Justifying and Presenting the Needs of Accounts Payable Operations
  15. The Basics of Project Management for Accounts Payable
  16. KPIs and Metrics for Accounts Payable Manual Processes

1 Review (7 ratings)Reviews

5
Member's Profile
Course was very informal. Wasnt aware of a debit memo.

Prerequisites

Course Complexity: Foundational

Please review the “Glossary of Terms as Used in the Accounts Payable World” before starting the course.  It can be found the Supporting Materials section of the Course Overview page.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION and OVERVIEW
  5:01AP Terminology – An Introduction
  8:53Highlighted Terms
  7:57Some Rules, Policies and Acronyms
  1:13AP Terminology - Conclusion
CONTINUOUS PLAY
  23:04Accounts Payable – Learn the Terminology Full Video
SUPPORTING MATERIALS
  PDFSlides: Accounts Payable – Learn the Terminology
  PDFGlossary of Terms as Used in the Accounts Payable World
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM