AP Accounting

Use Win-Win Communication in a Client-Facing AP Environment By Chris Dritsas, Accounts Payable Manager Top-quality customer service to both internal and external customers is our number-one goal in the North & South America (NSAM) Finance Hub of Cameron, a Schlumberger Company. Headquartered in Houston, TX, Schlumberger is the world’s leading provider of technology for reservoir...… Read More

Common accounts payable errors—such as overpayments, duplicate payments, pricing mistakes, inaccurately calculated taxes, and currency conversion errors—can lead companies to lose millions of dollars. Other AP glitches leading to lost dollars include missed discounts due to late payments and vendor fraud. To avoid (or regain) potentially huge losses, AP departments may want to undergo an...… Read More

Al Barrett, Shared Services Manager at Briggs & Stratton Corporation (Wauwatosa, WI), is dealing with a documentation challenge that presents itself when AP is undergoing an audit. Background: Barrett reports that approximately 65 percent of his company's payment transactions are based on automated Evaluated Receipt Settlement (ERS), consignment, or intercompany transactions, where there is no...… Read More

When a return merchandise authorization (RMA) from a vendor is not tied to the proper purchase order that accompanied the initial purchase, this can result in confusion, payment and credit errors, and accounting mistakes. To find out how to prevent these situations, Managing Accounts Payable interviewed Jordan Paganini, APS, who works in accounts payable at...… Read More

Pam Buda, MBA, Accounts Payable Manager at St Luke’s University Health Network in Bethlehem, PA, posed this month's AP Question of the Month. She asks: "Vendors like when they can ‘offset’ because it cleans the account up. The problem is, it creates an accounting nightmare for AP. How do you handle credits with your vendors?”...… Read More

"Once a business encounters budget-related issues such as version control, complex macros, formula errors, and the inability to consolidate input from a wide range of participants, it begins to make sense to explore a packaged application that is specifically designed for budgeting," reports a recently-released white paper, Moving Beyond Spreadsheets. "Yet breaking the spreadsheet habit...… Read More

The Security and Exchange Commission (SEC), requires auditors to send out audit confirmation letters as part of the process of confirming an audited company’s sales and earnings. The most common way for companies to create fictitious revenues is to dummy up sales that did not occur. In order for this fraud to succeed, the fraudster...… Read More

Did you know that audit confirmation letters pose a risk to your company if they are not handled properly? The Security and Exchange Commission (SEC), requires auditors to send out audit confirmation letters as part of the process of confirming an audited company’s sales and earnings.  Such letters do not contain account numbers, banking information,...… Read More

According to a recent survey conducted at the CFO Leadership Summit, financial professionals believe the biggest challenges they face with their financial systems are a lack of real-time reporting and poor integration with other systems in their organization. Other challenges CFOs cited include: Their system's inability to adapt to change; Poor ease-of-use; Minimal support; and...… Read More

According to Accounting Tools, an accounting journal entry is "the method used to enter an accounting transaction into the accounting records (or, more likely, the online accounting database). The accounting records, at a minimum, are aggregated into the general ledger, or the journal entries may be recorded in a variety of sub-ledgers, which are later rolled...… Read More

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