This course focuses on important concepts bookkeepers should be prepared to manage/understand in relation to all the components of accounts payable and accounts receivable.
An accounts payable (AP) is a liability for an amount owed to a creditor, usually for the purchase of goods or services. Consider a buyer who makes a purchase and takes delivery of the goods but does not pay the seller immediately. The seller is, therefore, selling "on credit." As a result, the buyer and seller now have a creditor-debtor relationship. The processing of accounts payable is a core responsibility of bookkeepers. The bookkeeper may issue and monitor purchase orders (which result in accounts payable) and then match them with invoices when they are received. The bookkeeper then codes the invoices with the proper general ledger information and obtains approval for payment. Bookkeepers check to pay the invoices and ensure bills are paid in a timely manner.
Accounts receivable (AR) are legally enforceable claims for payment held by a business for goods supplied and/or services rendered that customers/clients have ordered but not paid for. AR is sort of a mirror to AP. The AR process begins with billing customers for goods or services. Bookkeepers prepare and send invoices to customers and ensure they are entered into the proper accounts in the accounting system. Customer statements are prepared and sent out and bookkeepers often contact customers with past-due invoices to make payment arrangements.
This course focuses on important concepts bookkeepers should be prepared to manage/understand in relation to all the components of accounts payable and accounts receivable. We review the concepts of purchase orders, receipting, payments, billing, collections, and accounts receivable aging.
Field of Study: Accounting
Lynn Fountain has over 45 years of experience spanning public accounting, corporate accounting and consulting. 24 years of her experience has been working in the areas of internal and external auditing. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. In 2011, as the Chief Audit Executive for an international construction/ engineering firm, she was involved in the active investigation of a joint venture fraud. The investigation included work with the FBI and ultimately led to indictment of the perpetrators and recovery of $13M. Ms. Fountain is currently engaged in her own training and consulting business and is a regular trainer for the AICPA. Ms. Fountain is the author of three separate technical books. “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations” was published by the Institute of Internal Auditors Research Foundation. -“Leading The Internal Audit Function” and -“Ethics and The Internal Auditor Political Dilemma” were published by Taylor & Francis In addition Ms. Fountain was a contributing author to the certification program exam for the National Association of Accountants. She also has certificate programs on various on-line platforms. Ms. Fountain has performed as an adjunct instructor for the School of Business for Grantham University and developed the first internal audit curriculum for the School of Business at the University of Kansas. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate (non-active).
