Instructor for this course
more

If a Vendor has not received payment for goods or services, it should be their responsibility to perform the work to collect the amounts due, right?  Maybe, but what if the aged Open Payables amounts are Credit Memos representing amounts due to the Company?  What if the amount of an Outstanding Check is an overpayment or was not due to the Vendor for many reasons?

In these cases, it is up to the Company to perform the research then take the necessary action.  In this course, we cover methods for determining what needs to be audited.  Research options and the order of these steps will also be addressed.

The benefit to the Company in performing this work?  Potentially  the recovery of funds due to the Company and/or corrections to costs and liabilities.

Learning Objectives

  • Explore how aged Open Payables can impact a Company’s financials.
  • Discover the benefits of reconciling aged Open Payables.
  • Recognize the impact of outstanding checks on both the Vendors and the Company.
  • Identify ways for researching then resolving aged Open Payables and Outstanding Checks.
Last updated/reviewed: October 15, 2018

Included In Certifications

This course is included in the following Certification Programs:

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

8 Reviews (38 ratings)Reviews

3
Anonymous Author
I felt the question phrasing was somewhat disconnected from the content, or that while the questions pertained to the content, they didn't really test on the content the way it was taught. I need multiple attempts to pass the final exam because of the lack of clarity I perceived. The class content was great and very informative, my issue was with the structure of the exam.
4
Member's Profile
Be sure to take notes to assist with slides when taking test. Comments were part of material tested.
5
Anonymous Author
What you would expect for a foundation level course. The questions proved to be a nice refresher.
4
Anonymous Author
Exam was much harder than I expected. Pay close attention to Anne's discussion.
3
Anonymous Author
I thought the wording used on the exam questions was somewhat unclear.
4
Member's Profile
This course was a decent introduction to aged outstanding payables.
4
Member's Profile
Appreciate Anne’s ability, informative material and explanations.
5
Anonymous Author
Great course! Nice overview of the payables process.

Prerequisites

Course Complexity: Intermediate

It is recommended to take the following course prior to taking this one: "The Payment Process".

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
  1:58Introduction to Reconciling Aged Items
Aged Open Payables
  8:00Reconciling Aged Open Payables – Part 1
  10:33Reconciling Aged Open Payables – Part 2
  2:38Open Payables - Making Corrections
Outstanding Payments
  1:13Introduction to Aged Outstanding Payments
  8:15Outstanding Payments – Doing the Research
  3:23Outstanding Payments – Making Corrections
CONCLUSION
  3:45Reconciling Aged Items - Conclusion
CONTINUOUS PLAY
  39:45Reconciling Aged Open Payables and Outstanding Payments Continuous Play
SUPPORTING MATERIALS
  PDFSlides: Reconciling Aged Open Payables and Outstanding Checks
  PDFReconciling Aged Open Payables and Outstanding Checks Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM