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Best Practices for Accounts Payable (Course Id 1139)

QAS / Registry
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Author : Mary S Schaeffer, MBA
Course Length : Pages: 0 ||| Review Questions: 0 ||| Final Exam Questions: 65
CPE Credits : 13.0
IRS Credits : 0
Price : $107.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
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 best practices training 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 in the accounts payable process 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 practices and the worst practices that 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 : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 01-Oct-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 - Text - Technical - 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


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


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