Preparing for Year-end in Accounts Payable (Course Id 582)

The year-end tasks in accounts payable are critical to accurate financial statements for any organization. Yet, often, they are a last minute affair, and proper attention is not accorded the tasks. This course is designed to highlight the issues both directly related to the year-end close and present information the professional can use to implement a smoother close in accounts payable. Industry expert Mary Schaeffer shows auditors, controllers, and managers where year-end problems are likely to occur, how to prevent those problems moving forward. She also offers some straightforward best-practice advice on how to run the close in accounts payable as smoothly as possible.

NASBA QAS - Text - NASBA Registry - 582

Course Learning Objectives

• Identify the tasks accounts payable needs to do to help the organization have an effective close
• Pinpoint problem areas in the close before they occur so the difficult issues can be addressed before difficulties occur
• Resolve problems caused by discrepant invoices in a timely manner
• Address the open vendor credit issue in a way that improves the organization’s bottom line
• Create effective solutions to handle employees who submit expense reports long after their due date
• Provide a workable approach to dealing with managers who don’t approve subordinates’ expense reports in a timely manner
• Create a document that will guide and track the accounts payable team through all its year-end tasks
• Identify which items must be included in year-end accruals completed in accounts payable
• Develop a best-practice approach to collecting all vendor tax information needed to issue Form 1099s in January
• Build workable solutions to address common Form 1099 problems
• Pinpoint steps any organization can take to ensure a smoother close in accounts payable

Chapter 1
The Start of the Year-End Close Process

Chapter 2
Operational Issues: Department Operations

Chapter 3
Operational Issues: Expense Reimbursements

Chapter 4
Operational Issues: Year-End Specific

Chapter 5
Form 1099 Reporting Issues

Chapter 6
The Finishing Touches

Chapter 1: The Start of the Year-End Close Process

1.      What AP Needs to Do to Get Ready for the Year-End Close

2.      This Year Will Be Different: Getting Ready for Year End

Chapter 2: Operational Issues: Department Operations

1.      The Last Check Run

2.      Handling Discrepant and Outstanding Invoices at Year End

3.      Handling Invoices at Year End: Getting Them into the Correct Fiscal Year

4.      An Eight Step Plan for Dealing with Vendor Credits   

Chapter 3: Operational Issues: Expense Reimbursements

1.      Dealing with The T&E Laggards

2.      When The Approving Manager Is the Problem

Chapter 4: Operational Issues: Year-End Specific

1.      The Year End Calendar

2.      Handling Accruals in Accounts Payable

Chapter 5: Form 1099 Reporting Issues

1.      A Ten Step Plan to Get Any Organization Ready In Compliance with the Form 1099 Reporting Rules

2.      Form 1099-MISC: Filing for an Extension

3.      You’re Not Alone: Biggest 1099/W-9 Headaches

Chapter 6: The Finishing Touches

1.      Closing Tips: Eight Simple Ways to Make Year End Run Smoother

2.      The Last Detail: Thanking the Staff

3.      Next Year Will Be Different: Laying the Groundwork for a Better Close Next Year

Glossary