BEST PRACTICES IN ACCOUNTS PAYABLE AND ACCOUNTS RECEIVABLE

₦165,000.00

Content

Preparing Reconciliation Reports

  • Errors and Discrepancies
  • Bank Reconciliation
  • Reconcile Outstanding Balances
  • Policies and Procedures
Accounts Payable Process and Best Practices
  • Invoice Handling and Routing
  • Methods of Payment Processing
  • Maintaining the Vendor Master File
  • Travel and Entertainment (T & E)
  • Electronic Payment Options
Credit Management
  • Monitor and review Credit Terms
  • Good Credit Policy
  • Dealing with Credit Complaints
Key Topics in Accounts Payable Management
  • Continuous Process Improvement
  • Developing Performance Metrics
  • Identifying Proper Internal Control
  • Detecting Fraud in Accounts Payable
Debt Collection and Recovery
  • Verify Bad and Doubtful Debts
  • Plan Recovery Action and Collection Procedures
  • Legal Action
  • Pros and Cons of Early or Late Payment
Overview of Accounts Receivable
  • Age- Analysis of Accounts Receivable
  • Accounts receivable Ledger System
  • Overdue Amounts to be Paid
  • Billing Adjustments
  • Discounts

FOR WHOM: Reconciliation Officers, Credit Managers, Managers of Accounts Payable, Accountants, Auditors, and specialists who wish to advance their career. The workshop is also beneficial to professionals in accounting, finance, purchasing and procurement who work closely with Accounts Payable and Receivable.

 

DATE:                15th – 17th May, 2024

                              13th – 15th November, 2024

 

Category:

Objective

In accounting, confusion sometimes arises when working between accounts payable and receivable. The two types of accounts are very similar in the way they are recorded but it is important to differentiate between accounts payable and receivable because one of them is an asset account and the other is a liability account. Mixing the two up can result in a lack of because in your accounting equation, which carries over into your basic financial statements. This course will show you exactly how to account for and manage receivables and payables for your organization. By the end of this workshop, participants will learn;

  • How to make known liabilities, estimate warranty liabilities and plan for the contingent liabilities that result from legal issues
  • The main techniques for how to calculate a bad debt provision amount based on a company’s history
  • Receivables and payables are essential tasks of any accounting desk, so learning how to understand and manage them is an absolute must for any aspiring accountants

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