Preparing for Year end In Accounts Payable

  • Credits: 2
  • Format: Self-Study eBook
  • Field of Study: Accounting | Auditing
  • Author/Speaker: Mary Schaeffer
Available Formats:   
Advanced Preparation: None
Experience Level: Overview
Program Prerequisites: General Understanding of Accounting
Course ID: MS-110
Published Date: © March 2018

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 to 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.

Topics include:
  • 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

Learning Objectives:

After reading the course material, you will be able to:

  • Identify the tasks accounts payable need to do to help the organization have an effective close
  • Pinpoint problem areas before they occur so the problematic 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
  • Build a process that will help make next year’s close-run better

Who Should Attend:
  • All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s: