Accounts Payable Operations Responsibilities

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

Ratings 4.12 / 5.00

Accounts Payable Operations Responsibilities

What You Will 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.

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.