Accounts Payable Career Guide and Counseling

Question: Accounts Payable....? My boss told me yesterday that she is going to teach me to do all of the accounts payables. I am very scared to take over this task. I am very willing to learn and am capable to do this task, I just don't want to screw anything up. Are there any tips that you can give me? I already do the order entry and all of the invoicing and a lot of the other data work here, but ap is all new to me.... Thanks in advance.

Answer: Hope the following will help: Accounts payable is one of a series of accounting transactions covering payments to suppliers owed money for goods and services. Reconciliations One of the most difficult and time-consuming tasks can be reconciling company records of invoices and payments against vendors' statements of outstanding invoices. If the two companies have applied invoices to different sets of credit memos and checks, and the situation has been going on for a long time, it can become very difficult to untangle. For instance, if a company cuts a check for invoice #3, and the vendor applies the check to invoices #1 and #2, the vendor may continue asking for a payment for invoice #3. If this situation is multiplied over hundreds of invoices, it can take hours or days to resolve the discrepancies. Expense administration Expense administration is usually closely related to accounts payable, and sometimes those functions are performed by the same employee. The expense administrator verifies employees' expense reports, confirming that receipts exist to support airline, ground transportation, meals and entertainment, telephone, hotel, and other expenses. This documentation is necessary for tax purposes and to prevent reimbursement of inappropriate or erroneous expenses. Airline expenses are, perhaps, the most prone to fraud because of the high cost of air travel and the confusing nature of airline-related documentation, which can consist of an array of reservations, receipts, and actual tickets. Petty cash is also usually paid out by AP personnel in the form of a check made out to an employee, who cashes the check at the bank and puts the cash in the petty cashbox. Internal controls A variety of checks against abuse are usually present to prevent embezzlement by Accounts Payable personnel. Separation of duties is a common control. Nearly all companies have a junior employee process and print the checks and a senior employee review and sign the checks. Often, the accounting software will limit each employee to performing only the functions assigned to them, so that there is no way any one employee – even the controller – can singlehandedly make a payment. Some companies also separate the functions of adding new vendors and entering vouchers. This makes it impossible for an employee to add himself as a vendor and then cut a check to himself without colluding with another employee. In addition, most companies require a second signature on checks whose amount exceeds a specified threshold. Accounts payable personnel must watch for fraudulent invoices. In the absence of a purchase order system, the first line of defense is the approving manager. However, AP staff should become familiar with a few common problems, such as "Yellow Pages" ripoffs in which fraudulent operators offer to place an advertisement. The walking-fingers logo has never been trademarked, and there are many different Yellow Pages-style directories, most of which have a small distribution. According to an article in the Winter 2000 American Payroll Association's Employer Practices, "Vendors may send documents that look like invoices but in small print they state 'this is not a bill'. These may be charges for directory listings or advertisements. Recently, some companies have begun sending what appears to be a rebate or refund check; in reality, it is a registration for services that is activated when the document is returned with a signature." In accounts payable, a simple mistake can cause a large overpayment. A common example involves duplicate invoices. A invoice may be temporarily misplaced or still in the approval status when the vendors calls to inquire into its payment status. After the AP staff member looks it up and finds it has not been paid, the vendor sends a duplicate invoice; meanwhile the original invoice shows up and gets paid. Then the duplicate invoice arrives and inadvertently gets paid as well, perhaps under a slightly different invoice number. As Mary S. Scheiffer points out in Accounts Payable: A Guide to Running an Efficient Department, "Depending on the controls in place, the second payment may or may not be caught! The phenomenal growth of payment recovery firms gives testimony to the fact that this is a serious issue in corporate America today."

Question: where can i get the Accounts Payable Certification course? I am living in Chennai (Tamilnadu, India). I have an experience in Accounts Payable and i would like to do some courses on accounts payable through online. Please advice in India who is providing the certification courses like Accounts Payable, Receivable and General Ledger.

Answer: you should get advice from your dad

Question: What should i expect at an accountemps interview for a accounts payable position? I just called accountemps about a accounts payable position's available in my town. I have no experience in that field but am very computer savvy with excel and other apps and also have been reading up on the job itself. How should i woo the interviewer into getting this job and what should I expect at accountemps.

Answer: Accountemps is not a recruiting firm, they actually get you lots of jobs. I started with them in April and am currently working at a Accounts Payable position with the for the summer. Be prepared for tests, if you do well on them I think that will be the main thing. Excel is important, I did really well on that one and ok on the others so they were able to get me jobs when I need them. Be yourself, don't be nervous, they like to see your personality to see how to place you. Dress professionally and just tell them you want to gain experience. Remember, they get paid for every job you go on so they really do want to have you working for them. If you don't get this job, they'll have another one for you soon. Good luck

Question: What is the difference between accounts payable and expenses payable? What is the difference between accounts payable and expenses payable?

Answer: In reality, not much. The two terms can be used interchangeably in everyday business finance. However, some firms may use Accounts Payable to designate those expenses that are due to specific accounts held with other firms; that is, the two firms agreed to payment terms other than immediately due and payable. Expenses payable can be construed as one-time payments due to vendors with which no specific account relationship was established. However, for practical purposes, they are one in the same.

Question: How to Balance Accounts Payable at Year end? I have been asked to balance our accounts payable GL account at year end, and I'm not sure where to start? Anybody? Thanks!

Answer: add all current vendor balances in the accounts payable subsidiary ledger and the total should match the account balance for accounts payable in the general ledger. If it does, then it is balanced. if doesn't, then you need to dig for errors either in the journals, the subsidiary ledger, or the general ledger.

Question: Describe the audit circumstances in which the auditors are likely to decide to confirm accounts payable? Principles of Auditing This is an internal control and Auditing class taken in the United States Auditing Financial Statements United States The confirmation of accounts payable is not a generally accepted auditing procedure. Describe the audit circumstances in which the auditors are likely to decide to confirm accounts payable Weak Internal Control Over Accounts Payable Lack of Vendor's Statements What else? Is this answer correct?

Answer: Auditor's will do confirmation of payables if the ledger shows long over-due accounts (which would mean payments are not either paid to the right person/company or payment was not really made) of which there are no subsequent payments made. Also, when even if the company has long outstanding payables, the supplier continuously deliver goods/services. This is surely impossible because if you are not a good payor nobody will grant another credit.

Question: What is the average pay for an Accounts Payable & Purchasing Agent? I work for an independent private school with more than 300 employees and 1600 students. I am the only accounts payable and purchasing person and I perform all the duties

Answer: Check out salary.com

Question: What happens to a firm’s net worth as it uses cash to repay accounts payable? What happens to a firm’s net worth as it uses cash to repay accounts payable?

Answer: Net worth stays the same.

Question: What order should accounts payable paperwork be stacked in? A temp agency sent me to work in accounts payable and when I first started, the owner told me to present the bills to him with the invoice, receiving report, purchase order ,and Certificate of Conformance but I can't remember what order he told me to put them in. I don't want to ask him because I would like to avoid the 30 minute lecture and giving him the impression that I don't pay attention.

Answer: The company I work for stacks them like this. Certs on bottom, then receiving info, then purchase order and finally the invoice on top. Hope this helps.

Question: What are the parts of Accounts Payable processing? I am applying for a job as an accounts payable person. I am vaguely aware of the process. Need more info

Answer: Every company is different, but the principles are generally the same. 1. Invoice is received and matched to Purchase Order &/or sent to the requestor for approval. It is also matched to shipper/packing slip or other proof of delivery of the goods/services. If it does not meet these criteria, give it to the requestor or accts. pay manager for investigation. 2. Information is entered into the company's accts. pay. computer system (tracking invoice aging by hand is a pain), the company will probably have an existing policy about payment terms for invoices. They'lll have to be aged 'x' number of days before payment can be issued (Net 30 days, Net 45 days, net 60 days). This info. should also be on the purchase order that was issued, so the vendor is aware of it. 3. On set days of the month payments are processed in batch check runs, usually on 1st & 15th, the 15th & 30th, the 1st or the 15th only, etc or the closest Monday or Friday. The check stub (remittance advice) should reflect which invoice numbers are being paid to that vendor, check date, check number, payor and payee. This will be kept by the vendor as a record. 4. Checks are then given to an authorized signor for approval and then given to someone, you or other AP clerk for mailing.

Question: My moms looking for work. Anyone looking for an accounts payable specailist? My mom is looking for work. She wants to work 20 hours a week and is an accounts payable specailist. She wants at least $16 an hour. It's in Kent, Renton, or bellevue. Plz email Madsterxl1@hotmail.com or madsterxl1@yahoo.com She's a hard worker and is very responsible. She is flexible and is very trustworthy. She is only looking for work because her other one is going to force her to work full time.

Answer: I'm not. I sent this on to friends..

Question: Please help with accounts payable and recievable? Calculate the cash conversion cycle if the inventory period is 60 days, the accounts receivable period is 60 days, and the accounts payable period is 30 days.

Answer: Cash conversion cycle = Inventory conversion + Receivables collection - Payables deferral CCC = 60 + 60 -30 = 90 days

Question: Need to know what kind of class i need to take learning how to do accounts payable for a business? My dad needs someone to help with his business and needs someone to do his accounts payable and reconcile and things like that and I'd really like to help and learn to do that kind of stuff. So what kind of classes should I take to learn that kind of stuff? answers much appreciated!

Answer: If you are in high school you would have to take any basic accounting class offered. That may be enough to learn how to do accounts payable. Reconciliation on the other hand is a more advanced topic and would require courses at the university level.

Question: Trying to get Accounts Payable position but recent job working as a Psychic Reader for well known company.? I'm trying to write resume for Accounts Payable position but feel if I put in Psychic Reader as present job it might not seem like i'll be taken seriously. Do you know what other words i could use to describe Psychic Reader.

Answer: Customer consultant The title you can allude to that you managed questions, concerns, billing, etc. Get to the intricate part of your job that entails your job functions. Technically you are not lying just repharsing your title position.

Question: Hello, I have been working in a law firm doing accounts payable work for 4 years.? I dont know excel, I do accounts payable very well and I dont know quick books. Hardly anyone has responded to my resume does anyone know od of an oprning in A/P. I'm a hard worker and for the perfect pay, I'll be more than happy to work for you and join your team...Thank you very much. Stacy

Answer: I'd recommend taking some courses in Excel and Quick Books, as they are key in working in an accounting position. Or teach yourself so you can come in with the knowledge. That will boost your hiring potential for sure.

Question: Accounts Payable : What are the 3 things one should know? Accounts Payable : What are the 3 things one should know?

Answer: The first payment The deffered payment The last payment