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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.

Course Series

This course is included in the following series:

12 CoursesAccounts Payable

  1. Procure to Pay Work Stream
  2. A Deep Dive into the Responsibilities of Accounts Payable Operations
  3. No PO, No Pay – Can It Work for Your Organization?
  4. What to Consider in an Accounts Payable Workflow Solution
  5. Thinking About Centralizing Accounts Payable? – Due Diligence is Critical
  6. Selecting an Accounts Payable Automation Provider
  7. Creating an Accounts Payable Documentation Management Policy
  8. Benefits of An Accounts Payable Recovery Audit
  9. Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
  10. The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced
  11. Payment Process: Selection, Review, Approval, Release
  12. The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing

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 Expert Certifications:

13 CoursesCertified Expert in Accounts Payable

  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

7 Reviews (48 ratings)Reviews

4
Anonymous Author
As someone who does not have a background in AP, I think the wording on one of the last slides sums up this course well. AP is more than cutting a check! This course gives a perspective of the many things that an AP department should be responsible for.
5
Member's Profile
I liked that I learned more about credit memos, non-po's. New employees changing to an accounting payables position will get the most from this course by the videos.
5
Anonymous Author
This Course has helped me confirmed some AP Business Rules. Need a course just on that. Thanks you Anne for this well thought out course.
4
Member's Profile
Some of the questions in the exam where not entire addressed during the presentation and we overall confusing.
5
Member's Profile
Good overview of the accounting in the AP area and the various tasks and responsibilities of AP.
Anonymous Author
Very good insight into Accounts Payable operations. Instructor is very detailed.
4
Member's Profile
Great course on AP.

Prerequisites

Course Complexity: Intermediate

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

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
  3:25Introduction to A Deep Dive into the Responsibilities of Accounts Payable
Responsibilities of Accounts Payable Operations
  3:40What is a Liability?
  4:59Accounts Payable Tasks and Documents
  8:45Receiving Documents and Details Supplied
  7:37Processing Documents and PO Invoices
  6:22Non PO Invoice Documents
  6:03Other Payment Requests, Credit Memos and Accruals
  5:17Addressing Aged Transactions
  3:12Payment Process
CONCLUSION
  5:55Business Rules to Consider
Continuous Play
  55:15A Deep Dive into the Responsibilities of Accounts Payable Full Video
SUPPORTING MATERIALS
  PDFSlides: A Deep Dive into the Responsibilities of Accounts Payable Operations
  PDFA Deep Dive into the Responsibilities of Accounts Payable Operations Glossary Index
REVIEW and TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM