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Course Details

Best Practices for Accounts Payable (Course Id 1139)

QAS / Registry   Add to Cart 
Author : Mary S Schaeffer, MBA
Status : Production
CPE Credits : 13.0
IRS Credits : 0
Price : $112.95
Passing Score : 70%
Primary Subject-Field Of Study:

Accounting - Accounting and Auditing 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 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 : 2013
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 : 05-Jul-2013
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 :

Course Learning Objectives


    • Establish strong master vendor file practices
    • Incorporate appropriate segregation of duties into master vendor file process
    • Create effective invoice receipt practices
    • Construct best practice invoice handling routines
    • Define effective practices when short-paying invoices
    • Establish a process for managing discrepant invoices
    • Design an suitable process for storing check stock
    • Understand the benefit of paying electronically
    • Develop a process to weed out fraudulent change of bank account requests
    • Develop strong controls in a p-card program
    • Identify ways to pay small dollar invoices without issuing a check
    • Identify lost funds through an effective supplier statement review policy
    • Integrate the concept of segregation of duties across the payment process
    • Uncover practices that will eliminate weak control points
    • Understand the importance of having a separate computer for online banking
    • Integrate check fraud prevention practices into the accounts payable process
    • Create a strong travel and entertainment policy the is compliant with IRS guidelines for the entire organizations
    • Develop policies for handling travel issues created when employees leave
    • Understand what is required for information reporting to the IRS for independent contractors
    • Integrate use of IRS TIN Matching into the new vendor setup function
    • Create a policy that will enable the organization to report and remit unclaimed property in all instances
    • Incorporate regular OFAC checking into the payment process to ensure payments are not made to terrorists
    • Identify potential situations where a payment may actually be a bribe to a foreign official in conflict with FCPA regulations
    • Understand how payment timing can both help and hurt the organization
    • Create procedures to ensure all early payment discounts are earned

Chapter 1
Managing the AP Function

    • Implement a best practice policy
    • Utilize a policy and procedures manual effectively

Chapter 2
Master Vendor File

    • Establish strong master vendor file practices
    • Incorporate appropriate segregation of duties into master vendor file process
    • Create reasonable master vendor file cleanup practices

Chapter 3
Invoice Processing

    • Create effective invoice receipt practices
    • Establish effective data entry rules for invoice processors
    • Construct best practice invoice handling routines

Chapter 4
Invoice Headaches: The Problem Children Invoices

    • Define effective practices when short-paying invoices
    • Develop stands for handling unidentified invoices
    • Establish a process for managing discrepant invoices

Chapter 5
Checks

    • Create effective processes for printing and signing checks
    • Design an suitable process for storing check stock

Chapter 6
ACH (Electronic Payments)

    • Understand the benefit of paying electronically
    • Develop a process to weed out fraudulent change of bank account requests
    • Construct a process to provide vendors with remittance information when paying electronically

Chapter 7
An Effective P-card Program

    • Craft an operative p-card policy
    • Identify places where rebates on p-cards can be increased
    • Develop strong controls in a p-card program

Chapter 8
Payment Strategy

    • Create a best practice process for payments made outside accounts payable
    • Develop a policy that limits emergency payments
    • Identify ways to pay small dollar invoices without issuing a check

Chapter 9
Policy and Procedures Manual

    • Create an accurate policy and procedures manual with the least amount of fuss
    • Design a policy to update the policy and procedures manual on a regular basis

Chapter 10
Operational Aspects

    • Create a strategy to avoid double payments when the original invoice is missing
    • Develop a policy to limit the intrusions in accounts payable
    • Identify lost funds through an effective supplier statement review policy

Chapter 11
Duplicate Payment Issues

    • Design processing standards to limit problems • Develop routines to avoid making duplicate payments • Craft an effective policy for requiring backup for rush payments

Chapter 12
Internal Controls

    • Understand the importance of segregation of duties
    • Integrate the concept of segregation of duties across the payment process
    • Develop a list of issues to address when an employee leaves the organization
    • Uncover practices that will eliminate weak control points

Chapter 13
Fraud Prevention: General

    • Understand the importance of having a separate computer for online banking activities
    • Implement a mandatory vacation policy as well as a job rotation policy
    • Develop procedures for handling wire transfer information requests that do not enable fraud

Chapter 14
Fraud Prevention: Checks

    • Understand the importance of using positive pay
    • Implement strong controls around pre-printed check stock
    • Integrate check fraud prevention practices into the accounts payable process

Chapter 15
Travel and Entertainment Policy

    • Create a strong travel and entertainment policy the is compliant with IRS guidelines for the entire organizations
    • Develop procedures for verifying data and handling receipts
    • Understand why organizations are moving towards requiring the detailed meal receipt
    • Identify policy violations the detailed meal receipt might uncover

Chapter 16
Travel and Entertainment Issues

    • Understand why cash advances are counterproductive for the accounts payable function
    • Develop policies for handling travel issues created when employees leave
    • Create an efficient and effective policy for reimbursing employees for travel expenses

Chapter 17
Regulatory Issues: Information Reporting

    • Understand what is required for information reporting to the IRS for independent contractors
    • Develop a policy that will enable the organization to conform with IRS reporting guidelines
    • Integrate use of IRS TIN Matching into the new vendor setup function

Chapter 18
Regulatory Issues: Unclaimed Property

    • Understand the unclaimed property obligations of every organization
    • Create a policy that will enable the organization to report and remit unclaimed property in all instances
    • Develop a practice that takes advantage of social media to track down the rightful owners of your organization’s unclaimed property before it has to be turned over to the states

Chapter 19
Regulatory Issues: Other

    • Construct a policy that includes accruing and reporting use tax for all the organization’s sales tax obligations
    • Incorporate regular OFAC checking into the payment process to ensure payments are not made to terrorists
    • Identify potential situations where a payment may actually be a bribe to a foreign official in conflict with FCPA regulations

Chapter 20
Technology

    • Craft a policy for the receipt of invoices, regardless of the manner they are delivered
    • Create a process to effectively deal with invoices that are e–mailed
    • Develop a policy to address the emerging issue related to the use mobile devices (Smartphones and tablets) in accounts payable

Chapter 21
Communications/Vendor Relations

    • Identify methodologies for communicating relevant payment information to vendors before problems arise
    • Develop a policy for effective communication with internal customers
    • Cultivate ways to work effectively with the purchasing department

Chapter 22
Cash Flow Management Issues

    • Understand how payment timing can help and hurt the organization
    • Develop strategies for sharing critical payment status information with vendors
    • Create procedures to ensure all early payment discounts are earned
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

Chapter 4: Invoice Problems


            Short-Paying Invoices

            Handling Unidentified Invoices

            Handling Invoices without Invoice Numbers

            Discrepant Invoices

 

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

 

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

 

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

 

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

 

Chapter 21: Communications/Vendor Relations

 

            Communicating Relevant Information to Vendors

            Communicating with Internal Customers

            Working with Purchasing

            Customer Service in Accounts Payable         

 

Chapter 22: Cash Management

 

            Taking Early Payment Discounts

            Payment Timing

            Payment Status Information for Vendors

 

Closing Thoughts

 

Glossary

Accounting Course 1139 Home: https://www.cpethink.com/accounting-cpa-courses
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