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Procurement to Payment can be a significant workflow in any business. For the workflow to work effectively, each team involved; Procurement; Sourcing and Purchasing, Receiving, Vendor Master, Accounts Payable and Payment Processing and Treasury should have an understanding of the entire flow. 

In this presentation, we will review the basics of Procurement.  In most businesses, nothing can be ordered until a supplier has been set up in the Vendor Master Maintenance system. The words Sourcing and Purchasing may be interchangeable or have different meanings in your organization.

The receiving of goods and services and the Posting of Goods Receipts against Purchase Orders can be more critical in some businesses than the processing of invoices. Auditing of aged receipts will also be covered.

Return of product to a supplier also needs to be tracked in order to ensure recovery of funds or receipt of replacement product.  We will explore some options on how that can be done in your organization.

Although Accounts Payable is toward the end of the work stream, their role is no less critical.  They need to ensure costs are posted promptly and accurately, that payments are made timely and that vendor relations are not negatively impacted while complying with best business practices; Compliance Policies, Segregation of Duties, Delegation of Authority, tax liabilities and other business specific rules.

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

5 CoursesProcure to Pay Purchasing

  1. Procure to Pay Work Stream
  2. No PO, No Pay – Can It Work for Your Organization?
  3. The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing
  4. Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
  5. The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced

Learning Objectives

  • Identify the components of the Procure to Pay work stream
  • Identify the benefits of creating a Purchase Order (PO)
  • Explore the accounting transaction booked when a Goods Receipt is posted to a Purchase Order
  • Recognize the pros and cons and differences between PO and Non PO invoices
  • Explore the use of Purchasing Cards, printing a check, wire transfers and Automatic Clearing House payments.

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

9 Reviews (21 ratings)Reviews

4
Anonymous Author
This course provides the basics which I need to ensure that my AP foundation is solid. I am taking the entire collection of AP courses and will learn more details as I go through each course. The speaker seems very knowledgeable.
4
Member's Profile
Course was easy to understand and laid out in a logic format. The course is design to help those that are not normally involved in AP to consider what should be in place.
Member's Profile
Very basic, but could serve as a good introduction for someone that is new to AP or as a good refresher for someone who has been away from the function for awhile.
Anonymous Author
This was a basic review of the procure to pay work stream. Would be beneficial to someone who is just starting to work in A/P or wants a review.
4
Member's Profile
Gets down to the nitty-gritty details we all need to take into account when managing the AP process.
4
Member's Profile
A high level overview of the basics of a P2P process. A good introductory course.
3
Anonymous Author
Very basic but to the point review of the workflow.
4
Member's Profile
Good walkthrough of the process.
5
Member's Profile
Just Excellent.

Prerequisites

Course Complexity: Intermediate

No Advanced Preparation or Prerequisites are needed for this course. 

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 ext. 106, or send an e-mail to .
Course Syllabus
INTRODUCTION and OVERVIEW
Procure to Pay Work Stream
  12:03Requistion and Vendor Master
  8:13Purchase Order
  3:48Receipt of Goods or Services
  9:58Receipt and Processing of Vendor Invoices
CONCLUSION
  12:18Payments and Conclusion
Continuous Play
  47:35Procure to Pay Work Stream
SUPPORTING MATERIALS
  PDFSlides: Procure to Pay Work Stream
  PDFProcure to Pay Work Stream Glossary/Index
REVIEW and TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM