Accounts Payable Accounting Course No Experience Needed.

Accounts payable is money owed by a business to its suppliers shown as a liability on a company’s balance sheet .

An accounts payable is recorded in the Account Payable sub-ledger at the time an invoice is vouched for payment. Vouched, means that an invoice is approved for payment and has been recorded in the General Ledger or AP sub-ledger as an outstanding, or open, liability because it has not been paid.

Accounts payable are ordinarily bills from the electric company, cable company, or any other company that provides services or suppliers that goods are purchased from . Accountants and Bookkeepers use software like Quickbooks to enter bills that need to be pay this entry creates a liability for the company which clears when payment is issue against it.

When a company orders materials a purchase order is created and sent to the supplier, the supplier ships the goods and generates an invoice and packing slip for the purchaser. The purchaser receives the invoice and packing slip and matches them to the purchase order if everything is in order then the invoice is entered in the accounting software which creates a liability until is clear with a payment. This process of matching the suppliers invoice and packing slip to the purchase order is referred to as the three – way match.

The accounts payable process or function is very important since it involves nearly all of a company’s payments. The accounts payable process is carried out by an accounts payable clerk in a large or small corporation.

The responsibility of the accounts payable clerk or manager is to pay only the company’s bills and invoices that are legitimate and accurate. This means that before a vendor’s invoice is entered into the accounting records and scheduled for payment, the invoice must be 100% accurate.

 

Course Goal

  • Post outgoing payments and process automatic payment runs
  • Run important financial reports such as A/P Info systems, Vendor balances, Vendor lists
  • Learn to work with vendor records, balances and line items
  • Post, search and display vendor invoices

Program Information:

Accounts receivable clerks keep records and are responsible for the billing and collection of monies owed to the company. The accounts receivable clerk needs to have the proper training to succeed in this role. Fornaris Accounting Academy will provide the proper training for you to succeed in the lucrative career.

Lesson Description:

1-Overview of Debits and Credits and how it affects Accounts Payable

2-General Ledger Accounts

3- Create Vendor

4-Create Purchase Order

5-Reconcile Packing Slip against Purchase Order

6-Post vendor invoice against Purchase Order

7-Apply Credit Memo

8-Select Invoice for payment

9-Print Check

10-Void Check

11-Vendor Balance

12-Change vendor master record

13-Bank Reconciliation

14-Process Expense Reports and Petty Cash

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