Accounts Payable Operations Responsibilities

[LeeAndro]

Last updated 3/2018MP4 | Video: h264, 1280x720 | Audio: AAC, 44.1 KHzLanguage: English | Size: 311.50 MB | Duration: 1h 51m

This course reviews liabilities as it pertains to Accounts Payable (AP) and the different responsibilities of AP.​

What you'll learn
Explore the definition of a liability as it pertains to Accounts Payable.
Identify the different types of documents processed by the Accounts Payable operation.
Explore the differences between Purchase Order (PO) and Non PO invoices.
Identify the most critical data points that should be present on a vendor's invoice.
Discover the difference between a duplicate invoice and a duplicate billing.
Explore the accounting transactions that are posted as invoices and recognize how credit memos are processed.
Discover the responsibilities the Accounts Payable organization has in monitoring for business specific rules.
Identify some tips and tricks in working with vendors inquiring about the status of invoices and payment.
Requirements
No advanced preparation or prerequisites are needed for this course.
Description
This course reviews the definition of liabilities as it pertains to Accounts Payable before exploring the different responsibilities of many Accounts Payable operations.We discover the different types of documents an Accounts Payable operation may be involved in processing; Invoices, Credit Memos, adjustments to Accrued Purchase Order (PO) Receipts, review of Aged Accounts Payable and Outstanding Checks, identification of Funds to be Accrued, etc. We identify the differences between processing a Purchase Order invoice and an invoice that does not reference a PO. We discover some of the challenges Accounts Payable can face with each classification. We identify the most critical components of the vendor's invoice and discover solutions on how to address the issue of missing data. We explore the risks of processing the same invoice more than once and what can be done to mitigate this risk. We also identify the difference between a duplicate invoice and a duplicate billing. Discussions include explanation of the accounting transactions resulting from the posting of an invoice, by type, and the posting of a credit memo. Batch processing will also be addressed.Finally, we identify the responsibilities of the Accounts Payable operation in monitoring common business specific rules; Payment Terms, Payment Methods, and Sales and Use Tax to name a few.

Overview

Section 1: Introduction

Lecture 1 Introduction to A Deep Dive into the Responsibilities of Accounts Payable

Lecture 2 What is a Liability

Lecture 3 Accounts Payable Tasks and Documents

Lecture 4 Receiving Documents and Details Supplied

Lecture 5 Processing Documents and PO Invoices

Lecture 6 Non PO Invoice Documents

Lecture 7 Other Payment Requests, Credit Memos and Accruals

Lecture 8 Addressing Aged Transactions

Lecture 9 Payment Process

Lecture 10 Business Rules to Consider

Lecture 11 A Deep Dive into the Responsibilities of Accounts Payable Continuous Play

Section 2: Supporting Materials

Lecture 12 Slides: A Deep Dive into the Responsibilities of Accounts Payable Operations

Lecture 13 A Deep Dive into the Responsibilities of Accounts Payable Glossary/Index

Section 3: Review and Test

Anyone interested in accounting, finance, or related fields.

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