Wouldn’t it be great to hear the following from a vendor? “We show a past due invoice on your account. We must have made a mistake. Can you help us figure it out”? Believe it or not, it can happen.
This course covers Credit Holds - what they are, why they happen (it may not have anything to do with past due amounts) and how to have them removed. We also explore the pros and cons of Vendor Statement Reconciliations and some of the ways inquiries from vendors can be managed.
We also look at some of the connections between vendors and the company. Things like: What information should be supplied to or requested from the vendor when onboarding them? Does the information to be supplied to the vendor include Accounts Payable’s (AP) requirements? How does your Accounts Payable staff feel about calls from Accounts Receivable teams - Especially when the funds are not yet due?
Establishing strong working relationships with vendors can take a great deal of time in the beginning but once protocols are developed, the number of issues should go down and working on any remaining issues should take less time. And taking this course is the first step to strengthen those relationships.
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
- Discover how to initiate and strengthen a working relationship with a vendor.
- Investigate how employees outside of Accounts Payable (AP) can impact relationships with vendors; good and bad.
- Identify what a Credit Hold is and how one can be avoided or removed.
- Explore the benefits of performing Vendor Statement Reconciliations and how to complete them more efficiently.
- Consider options on how an Accounts Payable Operation can manage inquiries from Vendors more effectively.
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
16 CoursesAccounts Payable Management Certification
- Accounts Payable - Learn the Terminology
- A Deep Dive into the Responsibilities of Accounts Payable Operations
- The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing
- The Basics of 1099's
- Prioritizing Accounts Payable Workload - Divide and Conquer
- Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
- The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced
- Reconciling Aged Open Payables and Outstanding Checks
- Benefits of An Accounts Payable Recovery Audit
- No PO, No Pay – Can It Work for Your Organization?
- What to Consider in an Accounts Payable Workflow Solution
- Creating an Accounts Payable Documentation Management Policy
- Communicating the Role of Accounts Payable to Others
- Justifying and Presenting the Needs of Accounts Payable Operations
- The Basics of Project Management for Accounts Payable
- KPIs and Metrics for Accounts Payable Manual Processes
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Prerequisites
No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the courses "A Deep Dive into the Responsibilities of Accounts Payable Operations" and "The Vendor Master – Creating a Solid Foundation for Accounts Payable" prior to completing this one.
Education Provider Information
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