Organizations often deal with a continuous flood of supplier invoices and check requests from employees. There are demands to issue payments as expeditiously as possible, despite an offsetting need to investigate each request to ensure that it is valid. Payables Management describes a number of ways to create an efficient payables system that processes invoices at low cost, while still maintaining close control over the payments made. The course also covers an array of related topics, including procurement cards, use taxes, closing the books, payables controls, unclaimed property, and more.
You can find the answers to many questions about payables in the following chapters, including:
- Which alternatives are available for processing invoices?
- How can I make the review of expense reports more efficient?
- What process flow is needed to generate a use tax liability?
- How can I calculate the interest rate associated with an early payment discount?
- How can I minimize the amount of property that must be reported as unclaimed?
- What are some of the targets of a cost recovery effort?
Payables Management is designed primarily for professionals, who can use it as a reference tool for developing payables systems and researching the correct accounting to deal with various transactions. Given its complete coverage of these topics, Payables Management should earn a permanent place on your bookshelf.
Upon successful completion of this course, participants will be able to:
- Recognize the types of transaction cycles as well as the effects of the different organizational structures.
- Note the effects of the matching concept and the use of adjustment documents in invoice processing.
- Identify the types of payments, their advantages, and when they are used.
- Note the exclusions from expense reports.
- Recognize the steps used in the reconciliation of a procurement card statement.
- Identify the parties involved in remitting sales and use taxes.
- Identify the concepts under which supply chain financing is offered to suppliers.
- Note how accounting software applies information when an invoice is recorded.
- Note how accrued expenses are calculated.
- Identify the types of process improvements as well as the methods used to improve the layout of a department.
- Recognize the controls used for invoice processing, recurring payments, expense reports, procurement cards, and petty cash.
- Identify the types of fraud that can apply to payables.
- Cite the impacts and features of the different types of payables technology.
- Identify the fields used in the vendor master file, and the methods used to derive supplier identification numbers.
- Note the uses of the Form 1099 copies.
- Identify the fields used in the Form 1099.
- Note the situations in which backup withholding is not required.
- Recognize the rules under which unclaimed property is sent to the applicable state government.
- Note the processes related to unclaimed property.
- Note the areas in which cost recovery efforts can yield a significant return.
- Cite the situations in which certain payables measurements can yield incorrect or skewed results.
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