Accounts Payable Operations Responsibilities | Accounting & Bookkeeping Online Course by Udemy

Finance & Accounting Online Course by Udemy, On Sale Here

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

An excellent training about Accounting & Bookkeeping

Accounts Payable Operations Responsibilities

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 vendors 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.

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