1 CPE 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: August 11, 2023
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Included In Certifications
This course is included in the following Certification Programs:
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22 Reviews (86 ratings)
Reviews
Anonymous
(Collections Specialist)
My brother, who is a CPA, was equally confused by the exam wording. Content was fine, but exam was poorly written and less than half of the questions were directly referenced in a comment or a slide.
The content was probably best used in a consulting context, hence the instructor's CV, but the exam was written as if we were testing on the psychology of the vendor. "What would happen if.." seems far too ambiguous for an accounting course.
Anonymous
(Senior Accounting Spec)
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.
Anonymous
(Manager, Credit & Collections)
The course was fine but the questions on the quiz were worded strangely. Illumeo would benefit from letting you know what answers are correct so you can actually learn instead of having to do process of elimination.
Sherman Bamford
(Accountant at Carilion Clinic)
Anyone who works with cash, fixed assets, expenses, AP reconciliations or other functions in general accounting or who oversees AP would get the most out of this class.
Anonymous
(Lead Accounts Payable Coordinator)
Great lesson plan. Workflow provided in the examples were slightly different than my company, but still able to apply what was learned.
Mary Oconnor
( at Scribcor Global Lease Administration)
This material may be more suited for novice Accounts Payable personnel but was not what i was looking for
Richard B. Walser
(Controller at SASCO)
Be sure to take notes to assist with slides when taking test. Comments were part of material tested.
Anonymous
(Accountant II)
What you would expect for a foundation level course. The questions proved to be a nice refresher.
Anonymous
()
some opinions rather than facts presented. Repetition of items. Exam questions are ambiguous.
Anonymous
()
Great source of information to keep as reference. Would recommend this course to others
Anonymous
(Associate Accountant)
Hard to understand this course from listening to the course and then reading the slides
Anonymous
()
Instructor was clear and information was presented in a format that was easy to grasp.
Momnica Tucker
(AP Suppervisor at WInstead PC)
I liked how the instructor broke down the reconciliation process for open payables.
Anonymous
(Accounting Specialist)
Exam was much harder than I expected. Pay close attention to Anne's discussion.
Anonymous
(CFO)
Good refresher course on aging and open payables and outstanding payments
Anonymous
(Self employed)
I thought the wording used on the exam questions was somewhat unclear.
Janine Korovesis
(Controller at Google)
This course was a decent introduction to aged outstanding payables.
Cynthia Edinger
(AP at Bandera Electric Cooperative)
Appreciate Anne’s ability, informative material and explanations.
Anonymous
(UP Specialist)
lots of great tips and explanations on why things should be done
Anonymous
(Staff Accountant)
again, quiz questions are good, but complicated to understand
Anonymous
(Accounting Specialist)
The questions on the final exam were very poorly worded.
Anonymous
(Compass Consultant)
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
.
Anne WheelerOwner of CS Process Flows - Consulting and Project Management
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