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:
5 CoursesProcure to Pay Purchasing
- Procure to Pay Work Stream
- No PO, No Pay – Can It Work for Your Organization?
- The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing
- Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
- 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 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
74 Reviews (264 ratings)
Prerequisites
No Advanced Preparation or Prerequisites are needed for this course.