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Course : Understanding accounts payable

Understanding accounts payable




This training will enable you to understand and apply the legal, accounting and tax rules as they apply to accounts payable. You will also learn about basic accounting entries.


INTER
IN-HOUSE
CUSTOM

Practical course in person or remote class

Ref. FOU
  2d - 14h00
Price : Contact us

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This training will enable you to understand and apply the legal, accounting and tax rules as they apply to accounts payable. You will also learn about basic accounting entries.


Teaching objectives
At the end of the training, the participant will be able to:
Review the main accounting entries relating to transactions with suppliers
Post transactions in relation to services, fixed assets and purchase of goods.
Understand the different methods of settlement and learn how VAT is calculated.
Carry out accounting operations and adjustment entries in relation to transactions with suppliers

Intended audience
Accounting staff responsible for the monitoring and supervision of accounts payable.

Prerequisites
Have a basic knowledge of general accounting.

Course schedule

1
Basic accounting principles

  • The Standard Accounting System of the company.
  • Presentation of the balance sheet and the profit and loss account: focus on accounts payable and charges.
  • Accounting chaining: log books; ledger; balance.
  • Importance of supporting documents: supplier invoices.
  • Related accounts, supplier adjustments.
Hands-on work
Case study Familiarize yourself with the accounts of the supplier’s Standard Accounting System. Put together the accounting documents (logs, balances, etc.).

2
Accounts payable entries

  • Reminder of the accounting mechanisms giving rise to accounts payable.
  • Sub-ledger accounting: creation, analysis and monitoring of accounts payable.
  • Principles of VAT. Deductible or recoverable on debits and receipts. VAT in France, in the EU and abroad.
  • Procurement activities. Fixed assets and charges.
  • Accounting for services, fixed assets and purchase of goods. Invoices, credit notes.
  • Specific characteristics of purchases abroad. Rebates, allowances and discounts received. Holdback, review of prices.
  • Cash. Report and accounting. Payment methods. Discounts received. Exchange-rate differences.
  • Impact of economic modernization regulations on supplier payments.
Hands-on work
Case study Calculation of monthly VAT on debits and receipts. Entry of receipts, invoices, credit notes and discounts. Recording of settlements, outcome of supplier debts.

3
Accounting operations and adjustment entries

  • Report and accounting. Invoices and credit notes to be received.
  • Prepaid expenses. Translation variations.
  • Provisions for risks and charges relating to suppliers.
  • Tax statements impacted by the accounts payable.
Hands-on work
Case study Adjustment of charge surpluses or shortfalls via the closure exercise.

4
Work relating to consistency in accounting

  • Clearance and analysis of accounts payable.
  • Accounting revision process to ensure that the accounting balances fully reflect reality.
Hands-on work
Case study Identify and resolve clearing tasks.