AP Course Outline

This section outlines the topics that are covered in the Accounts Payable Training classes that are offered by Cove Systems. This information is presented here in order to give the user an overview of the things that they should be familiar with when processing transactions using the Accounts Payable System.

1.  Accounts Payable File Structures/Design Overview

•      AP Register File

•      Bank File

•      Inventory Activity File

•      Journal Entry File

•      Vendor Master File

2.  Invoice Creation and Posting Methods.

•      AP Entry

•      Return to Vendor/Pending File Transactions

3.  Daily Processing Procedures

1.  Daily Startup Procedures

2.  Vendor Setup/Maintenance

3.  Invoice Verification

4.  Processing Vendor Invoices.

•      Expense Invoices

•      Inventory Invoices

5.  Processing Credit Memos

6.  Handling PO Variances during AP Entry

7.  Processing Computer Generated Checks/Paydate Management.

8.  Processing Manual or Handwritten Checks.

9.  Applying AP Credit memos to open invoices

10. Vendor Remittance Options.

11. AP Invoice Assignment

12. AP Tax Processing

13. Voiding, reversing an AP invoice.

14. Voiding, reversing an AP check.

15. Processing Vendor Prepayments

16. Issuing a Refund Check

17. Cross Applying AR and AP Balances

4.  Auditing Daily Accounts Payable Activity

•      Balancing the AP Sub-ledger

•      Balancing the AP Sub-ledger to the AP Control Account

5.  Monthly or End Of Period Processing

1.  Closing the period

2.  Changing the  Period

3.  Month End Maintenance Processing

4.  Prior Period Adjustment Procedures.

6.  Year End Processing

1.  Closing the Year

2.  Changing the Year

3.  Year End Maintenance Processing

4.  Prior Period/Year Adjustment Procedures.

7.  Error Correction and special processing procedures

•      Auditing Accounts Payable Transaction Activity.

8.  Questions and answers, design or enhancement topics.

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AP Document Controls