Introduction
What is the role of Accounts Payable? The role of Accounts Payable comprises of providing and specifying financial, administrative and clerical support to the organization.
Their role is to complete payments and control expenses by receiving payments, then processing, verifying and reconciling invoices.
Accounts Payable is the business process that is responsible for preparing an organization financial reports, it is imperative that all individuals working within your accounts payable departments are trained.
When you get the right training for your Accounts Payable, the output will be a well-organized and coordinated Accounts Payable department that matches up with the overall objectives of the company.
What is Accounts Payable (AP) Process? The full cycle of the accounts payable process involves invoice data capture, coding invoices with accurate account and cost center, approving invoices, matching invoices to purchase orders, and posting for payments.
This Course will provide individuals with a comprehensive overview of Accounts Payable and how it can be managed effectively within an organization.
Course Objectives
On successful completion of the Accounts Payable Certification Course, participants shall be able to:
- Execute internal checks and controls, error and fraud prevention and detection
- Set up new supplier accounts
- Monitor cost
- Perform supplier statement reconciliations
- Review the Aged Creditors Listing
Who Should Attend?
- Accounts Payable Clerk / Team Leader / Manager
- Accounts Analyst
- Finance Assistant
- Finance Operations Manager
- Financial Controller
Course Outline
Module 1: Introduction to Accounts Payable
- What is Accounts Payable?
- Examples of Accounts Payable
- Current/ Long-Term liabilities
- Provisions
- Working Capital Management
- Role of Accounts Payable Staff
Module 2: Accounts Payable – Trade Creditors
- Assessment of Suppliers
- Credit Requirement
- Credit Limits
- Cross-Supply Arrangements
- Payment Terms
- Warranty Arrangements
- Return of Goods
Module 3: Purchase System
- Purchase Order
- Purchase Requisition
- Pre- GRN Inspection
- Goods Received Note (GRN)
- Invoice
- Post- Purchase Rejections
Module 4: Recording
- Invoice Processing
- Three-Way Match
- Update Inventory
- T. Accounting
- Posting to Sub-Ledger
Module 5: Payments
- Modes of Payments
- Frequency of Payments
- Utilization of Credit Limits
- Month-End Closing
Module 6: Other Liabilities
- T.
- Corporate Tax Liability
- Employees End of Service Benefits
- Proposed Dividends
- Others
Module 7: Internal Controls
- Monthly Reconciliation of Sub Ledger
- Regular Confirmation of Balances
- Regular Review of Creditors Reports
- Age Analysis of Creditors
- Review of Utilization of Credit Limits
- Write back of Provisions
Module 8: Case Study
Complete Cycle of Accounts Payable