Money Matters Accounts Payable Mastery

Course overview

What function does Accounts Payable serve? Accounts Payable’s responsibilities include supplying the company with specific financial, administrative, and clerical assistance.

Their job is to receive payments, process, verify, and reconcile invoices in order to finish payments and keep costs under control.

Accounts Payable is the business process in charge of creating an organization’s financial reports; therefore, it is crucial that everyone employed by your accounts payable departments get training.

When your accounts payable department receives the proper training, the result will be a well-organized, coordinated department that aligns with the broader goals of the business.

What is the AP Process (Accounts Payable)? Invoice data capture, precise account and cost center coding, invoice approval, invoice matching with purchase orders, and posting for payments are all parts of the accounts payable process cycle.

People will receive a thorough introduction of accounts payable and how it can be managed successfully within an enterprise through this Training Bee course.

Introduction

Accounts Payable (AP) is a type of accounting transaction used to record money owed by a business to its suppliers and vendors for goods and services purchased on credit. It is also used to record payments made to suppliers and vendors for the same. Accounts payable is typically reported on the balance sheet as a current liability, as it is usually due within a year of the date of the transaction. Accounts payable is an important part of a company’s cash flow management, as it ensures that the company has sufficient funds to pay its suppliers and vendors in a timely manner.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

Learning Objectives

Upon completing Money Matters: Accounts Payable Mastery, participants will be able to:

• Conduct internal audits and controls, as well as fraud and error detection.
• Establish new supplier accounts
• Track costs
• Reconcile supplier statement data.
• Examine the listing of senior creditors.

Our Unique Training Methodology

This interactive course comprises the following training methods:

• Mind mapping and brainstorming – A session will be carried out between participants to uncover unique ideas, thoughts, and opinions having a quality discussion.
• Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.
• Presentations – Participants will be presented with multimedia tools such as videos and graphics to enhance learning. These will be delivered engagingly and interactively.
• Group discussions – The course will incorporate group discussions and debates to encourage active participation and collaboration.
• Case studies – Participants will be presented with realistic scenarios and case studies that demonstrate effective strategies related to the topic. These activities will encourage participants to think critically and apply their knowledge to real-life situations.

Training Medium

This Money Matters: Accounts Payable Mastery training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hours crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

• What are the key responsibilities of an accounts payable specialist?
• What accounting principles are relevant to accounts payable?
• What skills do you need to have in order to be successful in an accounts payable role?
• What are the best practices for entering and managing accounts payable transactions?
• What are the common types of accounts payable reports that must be prepared?
• How can accounts payable processes be automated?

Course Modules

This Money Matters: Accounts Payable Mastery covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – Overview of Accounts Payable

• What are payable accounts?
• Examples of Current/Long-Term Liabilities for Accounts Payable
• Provisions
• Accounts Payable Staff’s Role in Working Capital Management

Module 2 – Trade creditors’ accounts payable

• Evaluation of Supplier Credit Needs
• Credit Caps
• Cross-Supply Contracts
• Payment Conditions Warranty Provisions
• Returned Items

Module 3 – Shop for System

• Purchase Request Purchase Order
• Goods Received Note (GRN) Invoice
• Post-Purchase Rejections
• Pre-GRN Inspection

Module 4 – Recording

• Payment Processing
• A triangular match
• Inventory A.T. Accounting update

Module 5 – Payments

• Payment Methods
• Payment Frequency
• Making Use of Credit Limits
• Periodic Closing

Module 6 – Various Liabilities

• Corporate Tax Liability of AT
• Employees Benefits at Termination Proposed Dividends

Module 7 – Internal Measures

• Monthly Sub Ledger Reconciliation
• Regular balance confirmation
• Continual examination of creditor reports
• Analysis of Creditors’ Ages
• Examining the use of credit limits
• Reply with provisions

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

• What is the purpose of Accounts Payable and how does it work?
• What are the different types of Accounts Payable transactions?
• What are the best practices for processing Accounts Payable transactions?
• How do you manage and track Accounts Payable activity?
• What are the different methods of payment used in Accounts Payable?
• How do you reconcile Accounts Payable accounts?

Lessons Learned

The main lesson learned from an Accounts Payable Certification Course is that accurate and timely payments are essential for maintaining a successful Accounts Payable process. Furthermore, it is important to understand the various payment methods available and the impact that each has on the organization. Finally, it is critical to maintain accurate records and to adhere to best practices in order to ensure compliance with relevant regulations.

“Taking care of your finances? Ensure that Accounts Payable is handled correctly!”