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 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.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Identify the tasks accounts payable needs to do to help the organization have an effective close
Pinpoint problem areas in the close before they occur so the difficult 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 reportslong after their due date
Provide a workable approach to dealing with managers who don't approve subordinates' expense reportsin 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 1099problems
Pinpoint steps any organization can take to ensure a smoother close in accounts payable
Major Topics
What AP Needs to Do to Get Ready for the Year-End Close
This Year Will Be Different: Getting Ready for Year End
The Last Check Run
Handling Discrepant and Outstanding Invoices at Year End
Handling Invoices at Year End: Getting Them into the Correct Fiscal Year
Dealing with The T&E Laggards
When The Approving Manager Is the Problem
The Year End Calendar
Handling Accruals in Accounts Payable
A Ten Step Plan to Get Any Organization Ready In Compliance with the Form 1099Reporting Rules
Form 1099-MISC: Filing for an Extension
You're Not Alone: Biggest 1099/W-9Headaches
Closing Tips: Eight Simple Ways to Make Year End Run Smoother
The Last Detail: Thanking the Staff
Next Year Will Be Different: Laying the Groundwork for a Better Close Next Year
