This course reviews the definition of liabilities as it pertains to Accounts Payable before exploring the different responsibilities of many Accounts Payable operations.
We discover the different types of documents an Accounts Payable operation may be involved in processing; Invoices, Credit Memos, adjustments to Accrued Purchase Order (PO) Receipts, review of Aged Accounts Payable and Outstanding Checks, identification of Funds to be Accrued, etc. We identify the differences between processing a Purchase Order invoice and an invoice that does not reference a PO. We discover some of the challenges Accounts Payable can face with each classification. We identify the most critical components of the vendor’s invoice and discover solutions on how to address the issue of missing data. We explore the risks of processing the same invoice more than once and what can be done to mitigate this risk. We also identify the difference between a duplicate invoice and a duplicate billing. Discussions include explanation of the accounting transactions resulting from the posting of an invoice, by type, and the posting of a credit memo. Batch processing will also be addressed.
Finally, we identify the responsibilities of the Accounts Payable operation in monitoring common business specific rules; Payment Terms, Payment Methods, and Sales and Use Tax to name a few.
Learning Objectives
- Explore the definition of a liability as it pertains to Accounts Payable
- Identify the different types of documents processed by the Accounts Payable operation
- Explore the differences between Purchase Order (PO) and Non PO invoices
- Identify the most critical data points that should be present on a vendor’s invoice
- Discover the difference between a duplicate invoice and a duplicate billing
- Explore the accounting transactions that are posted as invoices and recognize how credit memos are processed
- Discover the responsibilities the Accounts Payable organization has in monitoring for business specific rules
- Identify some tips and tricks in working with vendors inquiring about the status of invoices and payment
Included In Certifications
This course is included in the following Certification Programs:
13 CoursesAccounts Payable Certification
- Accounts Payable - Learn the Terminology
- Procure to Pay Work Stream
- A Deep Dive into the Responsibilities of Accounts Payable Operations
- Understanding Non-Purchase Order (PO) Invoice Transactions
- Understanding Purchase Order (PO) Invoice Transactions
- The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing
- No PO, No Pay – Can It Work for Your Organization?
- Payment Process: Selection, Review, Approval, Release
- The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced
- Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
- The Basics of 1099's
- Creating an Accounts Payable Documentation Management Policy
- The Basics of Automation for Accounts Payable (AP) Specialists
16 CoursesAccounts Payable Management Certification
- Accounts Payable - Learn the Terminology
- A Deep Dive into the Responsibilities of Accounts Payable Operations
- The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing
- The Basics of 1099's
- Prioritizing Accounts Payable Workload - Divide and Conquer
- Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
- The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced
- Reconciling Aged Open Payables and Outstanding Checks
- Benefits of An Accounts Payable Recovery Audit
- No PO, No Pay – Can It Work for Your Organization?
- What to Consider in an Accounts Payable Workflow Solution
- Creating an Accounts Payable Documentation Management Policy
- Communicating the Role of Accounts Payable to Others
- Justifying and Presenting the Needs of Accounts Payable Operations
- The Basics of Project Management for Accounts Payable
- KPIs and Metrics for Accounts Payable Manual Processes
101 Reviews (428 ratings)
Prerequisites
No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the course "Procure to Pay Work Stream" prior to completing this one.