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Best Practices for Accounts Payable (Course Id 1139)

Updated / QAS / Registry   Add to Cart 
Author : Mary S Schaeffer, MBA
Status : Production
CPE Credits : 13.0
IRS Credits : 0
Price : $107.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1139

Description :

Best practices for the accounts payable function are critical for those organizations concerned about their profitability. For poor practices result in excess cost, duplicate payments, increased processing expenses, fraud and frayed vendor relationships. And, of course there is the growing issue of regulatory compliance as the Feds and states look for their fair share. This accounts payable course presents information the professional can use to identify best practice problems as well as regulatory concerns. Industry expert Mary S. Schaeffer explains the issues related to the accounts payable function to auditors, controllers, and managers. She then reveals the best practices for a myriad of these issues as well as identifying almost best practices for those cases where it is not possible to use the best practice and the worst practices which are likely to cause trouble. 

Usage Rank : 0
Release : 2019
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 01-Apr-2019
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 1139

Keywords : Accounting, Best, Practices, Accounts, Payable, cpe, cpa, online course
Learning Objectives :
    To view Learning Objectives, please Click here.
Course Contents :

Course Learning Objectives

Introduction

Chapter 1: Managing the AP Function

            Best Practice Policy

            Policy and Procedures Manual

            Staff Training

            Soliciting Process Improvement Recommendations

            Payment Audits

Chapter 2: Master Vendor File

            Who Has Access
            Master Vendor File Set-up

            Using Naming Conventions

            Making Changes to the Master Vendor File

            Master Vendor File Cleanup

            Self-service Master Vendor Files

Chapter 3: Invoice Processing

           

            Receipt of Invoices

            Invoice Handling: Approvals

            Invoice Data Requirements

            Verifying Invoice Data

            Invoice-Coding Standards
            Handling Emailed Invoices

Chapter 4: Invoice Problems


            Short-Paying Invoices

            Handling Unidentified Invoices

            Handling Invoices without Invoice Numbers

            Discrepant Invoices

            Second Invoices with a Different Invoice Number

 

Chapter 5: Checks


            Approach to Paying by Check           

            Check Printing

            Check Signing

            Check Stock Storage


            Distribution of Checks

            Check Fraud

            Use of Payee Name Positive Pay

 

Chapter 6: ACH (Electronic Payments)

 

            Approach to Paying Electronically

            Converting Vendors to ACH Payments        

            Handling Change of Bank Account Requests

            Convincing Vendors to Convert

            Handling Remittance Information

 

Chapter 7: P-cards

 

            Designing a Best Practice P-Card Program

            Setting Strong Internal Controls in Your P-card Program

            Increasing Usage of the P-card in Your Organization

            Setting Attractive Payment Terms

           

Chapter 8: Payment Strategy

 

            Establishing an Overall Payment Strategy

            Paying Small-Dollar Invoices

            A Rush or Emergency Payment Policy

            Payments Made Outside Accounts Payable

            Basic Fraud Protection against ACH Fraud

 

Chapter 9: Policy and Procedures Manual

 

            Use of the Manual

            Creating an Accounts Payable Policy and Procedures Manual

            Updating an Accounts Payable Policy and Procedures Manual

            Providing Access to the Accounts Payable Policy and Procedures Manual

 

Chapter 10: Operational Aspects

 

            Paying When the Original Invoice Is Missing

            Limiting Calls to Accounts Payable

            Petty Cash

            Reviewing Supplier Statements

            Adopting a Policy of Never Returning Checks to Requisitioners

 

Chapter 11: Duplicate Payment Issues

 

            Using Processing Standards


            Duplicate Payment Avoidance

            Mandating a Rigid Work Process or Eliminating Creativity when Processing Invoices

            Some Quick Checks

            Backup for Rush Checks       

 

Chapter 12: Internal Controls

 

            Appropriate Segregation of Duties

            Appropriate System access

            Policy when Employees Leave

            Eliminating Weak Control Practices

            Staff Training

 

Chapter 13: Fraud Prevention: General

 

            Separate Computer for Online Banking

            Wire Transfer Information Requests

            Information on Internet for Vendors

            Mandatory Vacation Policy

            Job Rotation Policy

            Handling of Change of Bank Account Requests

            New Verification Best Practices

 

Chapter 14: Fraud Prevention: Checks

 

            Use of Positive Pay

            Pre-printed Check Stock Controls

            Check Stock Storage 

            Other Check Fraud Prevention Practices

 

Chapter 15: Travel and Entertainment Policy

 

            Formal Policy
            Expense Report Form

            Verifying Data

            Handling Receipts

            Detailed Meal Receipts

 

Chapter 16: Travel and Entertainment Issues

           

            Cash Advances

            Unused Tickets

            Departing Employees

            Making Travel Reservations

            Reimbursing Employees

            Reimbursing for Items Paid for with Points

 

Chapter 17: Regulatory Issues: Information Reporting

 

            A Form W-9 Requirement Policy

            Collecting and Tracking W-9 and W-8 Policy

            Using IRS TIN Matching Properly

            The Second TIN Match

 

Chapter 18: Regulatory Issues: Unclaimed Property

 

            Reporting and Remitting Unclaimed Property

            Performing Due Diligence for Unclaimed Property

            Using Social Media to Track Rightful Owners of Unclaimed Property

 

Chapter 19: Regulatory Issues: Other

 

            Proper Handling of Sales and Use Tax

            Regular OFAC Checking

            Foreign Corrupt Practices Act (FCPA) Monitoring

 

Chapter 20: Technology

 

            An Accounts Payable Technology Plan

            Handling E-mailed Invoices

            Invoice Automation

            Use of Mobil Devices in Accounts Payable

            Getting Staff to Adopt not Fight Technology

 

Chapter 21: Communications/Vendor Relations

 

            Communicating Relevant Information to Vendors

            Communicating with Internal Customers

            Working with Purchasing

            Customer Service in Accounts Payable         

            Dealing with Employees who Do Not Use Approved Vendors

            Dealing with Critical Vendors

 

Chapter 22: Cash Management

 

            Taking Early Payment Discounts

            Payment Timing

            Payment Status Information for Vendors

 

Closing Thoughts

Glossary

CPE Accounting Course: https://www.cpethink.com/accounting-cpa-courses
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