Payables Management. 2 nd Edition. Steven M. Bragg

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1 Payables Management 2 nd Edition Steven M. Bragg

2 Chapter 1 Overview of Payables... 1 Learning Objectives... 1 Introduction... 1 Transaction Cycles... 1 Organizational Structure of the Accounting Department... 2 Payables Functions... 4 Payables Job Descriptions... 6 Chapter Summary... 6 Review Questions... 7 Review Answers... 8 Chapter 2 Invoice Processing... 9 Learning Objectives... 9 Introduction... 9 The Need for Precise Invoice Processing... 9 The Supplier Invoice Processing Procedure (Manual System)... 9 The Supplier Invoice Processing Procedure (Integrated System) Accounts Payable Credits Processing Procedure The Evaluated Receipts Processing Procedure The Check Payment Issuance Procedure Payment Alternatives The Void Checks Procedure Enhancements to Invoice Processing Direct Invoice Delivery Centralize ed Invoice Processing Return Incomplete Invoices Invoice Numbering Convention Request Aggregated Invoice Minimize Approvals Analyze Matching Discrepancies Monitor Invoice Disputes Automate Recurring Payments Restrict Manual Checks Analyze Manual Checks Restrict Manual Delivery of Checks Restrict Cash Advances Schedule Frequent Check Runs Use a Signature Stamp or Plate Reduce the Need for Second Signatures Encourage Use of ACH Clean the Payables Aging Report Search for Open Credits Reduce the Number of Suppliers Final Thoughts Chapter Summary Review Questions Review Answers Chapter 3 Types of Payments Learning Objectives Introduction Cash Payments (Petty Cash) Check Payments Foreign Check Clearing... 35

3 Float Advantages of Checks Disadvantages of Checks Bank Drafts Automated Clearing House Payments Advantages of ACH Impact on Float Global ACH Wire Transfers The Letter of Credit The Standby Letter of Credit Chapter Summary Review Questions Review Answers Chapter 4 Expense Reimbursement Learning Objectives Introduction The Need for Expense Reimbursement The Expense Report Submission Procedure (Manual System) The Online Expense Report Submission Procedure The Expense Report Review Procedure The Travel and Entertainment Policy Additional Expense Reimbursement Topics Form of Documentation Cash Advances Expense Report Auditing Expense Report Outsourcing Spend Management Employee Reviews Chapter Summary Review Questions Review Answers Chapter 5 Procurement Cards Learning Objectives Introduction When and How to Use Procurement Cards The Card Reconciliation Procedure The Lost Card Procedure Additional Procurement Card Topics Card Issuer Relations Card Rebates Cash Flow Management Card User Relations Departure of Card Users Chapter Summary Review Questions Review Answers Chapter 6 Use Taxes Learning Objectives Introduction Sales and Use Tax Overview Use Tax Systems Additional Use Tax Issues Use Tax Audits ii

4 Sales Tax Exemption Certificate Multiple Points of Use Certificate Chapter Summary Review Questions Review Answers Chapter 7 Finance Issues Learning Objectives Introduction Early Payment Discounts Payment Timing Supply Chain Financing Chapter Summary Review Questions Review Answers Chapter 8 Accounting for Payables Learning Objectives Introduction Routine Accounts Payable Entries Gross and Net Price Methods Period-End Accounts Payable Entries Applicable Accounts to Charge Chapter Summary Review Questions Review Answers Chapter 9 Closing Payables Learning Objectives Introduction Accounts Payable Accruals Expense Reports Issues with the Credit Card Close Accounts Payable Suspense Items Discrepancy Invoices Uncashed Checks Reconciling Accounts Payable Additional Year-End Tasks Closing the Ledger Chapter Summary Review Questions Review Answers Chapter 10 Department Management Learning Objectives Introduction Payables Manager Responsibilities Schedule of Activities Error Tracking System Process Reviews Queue Management Department Layout Skills Review and Training Measuring the Results of Training Consolidate Accounting Quality of the Work Environment Flexible Work Hours Job Sharing iii

5 Permanent Part-Time Work Chapter Summary Review Questions Review Answers Chapter 11 Payables Controls Learning Objectives Introduction Accounts Payable Processing Controls Verify Obligation to Pay Data Entry Payment Alternative Accounts Payable Control Systems Control System for Manual Accounts Payable Control System for Computerized Accounts Payable Additional Payables Controls Trend Analysis Additional Payables Controls Fraud Related Additional Payables Controls Periodic Actions Expense Report Processing Controls Expense Report Submission Expense Report Examination Alternative Expense Report Control Systems Control System for Manual Expense Reporting Control System for Computerized Expense Reporting Additional Expense Report Controls Fraud Related Additional Expense Report Controls Periodic Actions In-Process Procurement Card Controls Purchasing Reconcile Card Statements Approve Card Reconciliations Alternative Procurement Card Control Systems Procurement Card Control System without a Transaction Log Procurement Card Control System with a Transaction Log Additional Procurement Card Controls Fraud Related Additional Procurement Card Controls Periodic Actions Petty Cash Controls Fund Petty Cash Disburse Petty Cash Document Petty Cash Expenditures Additional Petty Cash Controls Fraud Related Payables Policies Payables Policies Expense Report Policies Procurement Card Policies Petty Cash Policies Chapter Summary Review Questions Review Answers Chapter 12 Payables Fraud Learning Objectives Introduction Personal Purchases Refunds of Personal Purchases Fake Suppliers Supplier Overbillings Unauthorized Shipments Supplier-Staff Collusion Authorization Limit Avoidance iv

6 Petty Cash Theft Redirected Payments Check Fraud Check Theft ACH Debits Keystroke Logging The Need for Controls Reviews Summary Review Questions Review Answers Chapter 13 Payables Technology Learning Objectives Introduction The Payment Factory Automated Expense Report Submissions Automated Payables Matching The Reverse Lockbox Supplier Portals Automated W-9 Forms Chapter Summary Review Questions Review Answers Chapter 14 Payables Record Keeping Learning Objectives Introduction The Vendor Master File Vendor Master File Usage Supplier Naming Conventions Vendor Master File Errors Duplicate Record Detection and Prevention TIN Matching The Payables Filing System Off-site Storage Document Imaging Document Destruction Chapter Summary Review Questions Review Answers Chapter 15 Government Reporting Learning Objectives Introduction The Form 1099-MISC Treatment of Incorrect Filings The Form W Backup Withholdings Form 1099 Administrative Issues Form W-9 Administrative Issues Chapter Summary Review Questions Review Answers Chapter 16 Unclaimed Property Learning Objectives Introduction The Unclaimed Property Liability Uncashed Checks v

7 Treatment of Credits Due Diligence Letters The Dormancy Period The Unclaimed Property Audit Document Retention Policy Filing Unclaimed Property Reports Claiming Unclaimed Property Chapter Summary Review Questions Review Answers Chapter 17 Cost Recovery Learning Objectives Introduction Internal Cost Recovery Targets Advertising Expenditures Allowances Contracts Duplicate Payments Freight Billings Health Plan Enrollment Legal Billings Spend Compliance Supplier Credits Telecommunications Billings Unclaimed Property Unreturned Deposits Internal Cost Recovery Staff Recovery Auditors Cost-Benefit of Cost Recovery Activities Cost Recovery Timing Fertile Ground for Cost Recovery Efforts Chapter Summary Review Questions Review Answers Chapter 18 Payables Measurements Learning Objectives Introduction Days Payables Outstanding Supplier Billed Price Variance Transaction Error Rate Full-Time Equivalent Measurements FTEs per $1 Million of Revenue Staff Cost per FTE Line Items per FTE Paperless Measurements Percent of Paperless Invoices Percent of Paperless Payments Additional Payables Measurements Chapter Summary Review Questions Review Answers Glossary Index vi

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