Description
An accounts payable and receivable system is an important part of any business today. This module will enable you to understand the processes behind purchase ledger and accounts receivable management which in turn improves accuracy and reduces costs associated with the work of the Accounts Payable and Receivable departments.
What you will learn
Accounts Payable (Day 1 and Day 2)
Key points which will be covered:
- Understanding the importance of your role
- Understanding the role of auditors and what you can do to prepare for their visit
- Internal checks and controls; error and fraud prevention and detection
- Setting up new supplier accounts
- Performing supplier statement reconciliations
- Processing expense claims and credit card statements
- Capital and revenue expenditure
- Introduction to VAT and non-deductible items
- Processing pro-forma invoices & VAT payment schedules
- Monitoring costs, reclaiming credit notes, rebates and overpayments
- Claiming settlement discounts
- Spotting errors and mistakes promptly and avoiding duplicate payments
- Journals, prepayments and accruals
- Performing supplier statement reconciliations
- Reviewing the Aged Creditors Listing
- Monitoring costs
- Managing Budgets and maximizing supplier discounts
- Cash Forecasting
- Month end and year end procedures, the purpose of management accounts
- Effective filing
- Paperless AP technology
Accounts Receivable (Day 3)
The accounts receivable information is as follows:
- The accounts receivable cycle
- The accounts receivable best practices
- Learn how to restrict fraudulent practices in your accounts receivable department
- How to increase your turnover.
- The importance of cash flow
- Techniques to get money into your business quicker
- Cash vs credit customers
- The working capital cycle
- How to calculate a bad debt provision
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