Procure to Pay - A Deep Dive into Accounts Payable
Author: Anne Wheeler
| CPE Credit: |
2 hours for CPAs |
Procurement to Payment can be a significant workflow in any business. For the workflow to work effectively, each team involved; Procurement; Sourcing and Purchasing, Receiving, Vendor Master, Accounts Payable and Payment Processing and Treasury should understand the entire flow.
In this course, we will review the basics of Procurement. In most businesses, nothing can be ordered until a supplier has been set up in the Vendor Master Maintenance system.
The receiving of goods and services and the Posting of Goods Receipts against Purchase Orders can be more critical in some businesses than the processing of invoices. Auditing of aged receipts will also be covered.
Although Accounts Payable is toward the end of the work stream, their role is no less critical. They need to ensure costs are posted promptly and accurately, that payments are made timely and that vendor relations are not negatively impacted while complying with best business practices, Compliance Policies, Segregation of Duties, Delegation of Authority, tax liabilities and other business specific rules.
Publication Date: April 2025
Designed For
Anyone working on a team within the Procure to Pay workstream
Topics Covered
- Components of the Procure to Pay workstream
- Accounts Payable Tasks
- Teminology
- Vendor invoices - details to be presented
- Other Payment Requests
- Accounting Transactions posted by AP
- Other AP responsibilities
Learning Objectives
- Identify the components of the Procure to Pay work stream
- Explain the benefits of creating a Purchase Order (PO)
- Identify the accounting transaction booked when a Goods Receipt is posted to a Purchase Order
- Recognize the pros and cons and differences between PO and Non PO invoices
- Explain the use of Purchasing Cards, printing a check, wire transfers and Automatic Clearing House payments
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
