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Secure Transaction Payables Management
Format
Self-Study
Course Level
Overview
CPE Credits
10 Credits: Accounting
Course Description
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.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Chapter 1
- Recognize the types of transaction cycles as well as the effects of the different organizational structures.
Chapter 2
- Specify the effects of the matching concept and the use of adjustment documents in invoice processing.
Chapter 3
- Identify the types of payments, their advantages, and when they are used.
Chapter 4
- Specify the exclusions from expense reports.
Chapter 5
- Recognize the steps used in the reconciliation of a procurement card statement.
Chapter 6
- Identify the parties involved in remitting sales and use taxes.
Chapter 7
- Identify the concepts under which supply chain financing is offered to suppliers.
Chapter 8
- Specify how accounting software applies information when an invoice is recorded.
Chapter 9
- Specify how accrued expenses are calculated.
Chapter 10
- Identify the types of process improvements as well as the methods used to improve the layout of a department.
Chapter 11
- Recognize the controls used for invoice processing, recurring payments, expense reports, procurement cards, and petty cash.
Chapter 12
- Identify the types of fraud that can apply to payables.
Chapter 13
- Cite the impacts and features of the different types of payables technology.
Chapter 14
- Identify the fields used in the vendor master file, and the methods used to derive supplier identification numbers.
Chapter 15
- Specify the uses of the Form 1099 copies.
- Identify the fields used in the Form 1099.
- Specify the situations in which backup withholding is not required.
Chapter 16
- Recognize the rules under which unclaimed property is sent to the applicable state government.
- Specify the processes related to unclaimed property.
Chapter 17
- Specify the areas in which cost recovery efforts can yield a significant return.
Chapter 18
- Cite the situations in which certain payables measurements can yield incorrect or skewed results.
Course Specifics
1143408
August 10, 2023
There are no prerequisites.
None
Compliance Information
CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
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Meet The Experts
Steven M. Bragg, CPA, is a full-time book and course author who has written more than 250 business books and courses. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and …