Preparing for Year-end in Accounts Payable ON DEMAND

Overview

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.

Highlights

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 1099 reporting rules. Form 1099-MISC: filing for an extension. You’re not alone: biggest 1099 and W-9 headaches. 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.

Prerequisites

None.

Designed For

CPAs, CEOs, CFPs, and other accounting professionals.

Objectives

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 reports long after their due date. Provide a workable approach to dealing with managers who don’t approve subordinates’ expense reports in 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 1099 problems. Pinpoint steps any organization can take to ensure a smoother close in accounts payable.