Process Accounts Payable & Receivable (In Compliance with Australian Legislation)COURSE OVERVIEW: Welcome to the course, Process Accounts Payable & Receivable. This program is designed to provide you with the essential knowledge and skills necessary to efficiently manage accounts payable and receivable processes. By mastering these fundamental aspects of financial management, you can ensure the smooth operation of your organisation's cash flow and financial health. We begin with an introduction to accounts payable and receivable,

COURSE OVERVIEW:

Welcome to the course, Process Accounts Payable & Receivable. This program is designed to provide you with the essential knowledge and skills necessary to efficiently manage accounts payable and receivable processes. By mastering these fundamental aspects of financial management, you can ensure the smooth operation of your organisation's cash flow and financial health.

We begin with an introduction to accounts payable and receivable, where we define these key concepts and discuss their purposes. You will gain an understanding of the critical role these functions play in managing a business's financial transactions and ensuring timely payments and collections.

The course then covers Australian legislation and regulations relevant to accounts payable and receivable. You will learn about key provisions of legislation, relevant regulations, and standards and codes of practice. This section emphasises the importance of compliance and the implementation of these regulations in the workplace.

Understanding organisational systems and procedures is crucial for effective financial management. This section covers accounting systems and procedures, focusing on how they are implemented in the workplace to ensure accurate and efficient processing of financial transactions.

Error checking is a vital part of accounts payable and receivable management. You will explore methods to check for errors, identify discrepancies, and implement error-checking procedures in the workplace to maintain accuracy and reliability in financial records.

The scope of responsibility in accounts payable and receivable involves understanding tasks outside one's own responsibility and ensuring effective delegation and collaboration. This section highlights the importance of teamwork and clear delineation of duties in maintaining an efficient financial workflow.

Maintaining financial journal systems is a core function in accounts payable and receivable management. You will learn how to check source documents, refer errors and discrepancies, enter transactions, and total credit journals to ensure accurate financial record-keeping.

Preparing bank reconciliations is essential for verifying the accuracy of financial records. This section covers checking cash journals, updating cash journals, identifying and referring discrepancies, totalling cash journals, and preparing reconciliation reports to ensure alignment between bank statements and internal records.

Maintaining accounts payable and receivable systems involves entering transactions, preparing schedules for reconciliation, and reconciling schedules with journal data. You will learn the processes and techniques for keeping these systems up-to-date and accurate.

Processing payments for accounts payable requires reconciling statements with records and checking and rectifying payment documentation. This section provides the skills needed to ensure timely and accurate payment processing.

Preparing statements for accounts receivable involves producing and checking statements, rectifying discrepancies, and dispatching statements to customers. You will learn how to manage these tasks efficiently to maintain positive cash flow and customer relationships.

Following up on outstanding accounts is crucial for effective cash flow management. This section covers maintaining the ledger system, conducting aged-analysis, reporting or following up on outstanding accounts, and monitoring and reviewing credit terms to ensure timely collections and minimise bad debts.

By the end of this course, you will be equipped with the knowledge and practical skills needed to efficiently process accounts payable and receivable, ensuring compliance with regulations, accuracy in financial records, and effective cash flow management for your organisation.

This course is designed to align with the content outlined in the Nationally Recognised Unit of Competency BSBFIA303.

LEARNING OUTCOMES:

By the end of this course, you will be able to understand the following topics:

1. Introduction to Accounts Payable & Receivable

• Definition and Purpose of Accounts Payable
• Definition and Purpose of Accounts Receivable

2. Australian Legislation and Regulations

• Key Provisions of Legislation
• Relevant Regulations
• Standards and Codes of Practice
• Implementation in the Workplace

3. Organisational Systems and Procedures

• Accounting Systems
• Accounting Procedures
• Implementation in the Workplace 

4. Error Checking

• Methods to Check for Errors
• Identifying Discrepancies
• Implementation in the Workplace

5. Scope of Responsibility

• Tasks Outside Own Responsibility
• Ensuring Effective Delegation and Collaboration

6. Maintain Financial Journal Systems

• Check Source Documents
• Refer Errors and Discrepancies
• Enter Transactions
• Total Credit Journals

7. Prepare Bank Reconciliations

• Check Cash Journals
• Update Cash Journals
• Identify and Refer Discrepancies
• Total Cash Journals
• Prepare Reconciliation Reports

8. Maintain Accounts Payable and Receivable Systems

• Enter Transactions
• Prepare Schedules for Reconciliation
• Reconcile Schedules with Journal Data

9. Process Payments for Accounts Payable

• Reconcile Statements with Records
• Check and Rectify Payment Documentation

10. Prepare Statements for Accounts Receivable

• Produce and Check Statements
• Rectify Discrepancies and Despatch

11. Follow Up Outstanding Accounts

• Maintain Ledger System
• Conduct Aged-Analysis
• Report or Follow Up Outstanding Accounts
• Monitor and Review Credit Terms

COURSE DURATION:

The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.

ASSESSMENT:

A simple 10-question true or false quiz with Unlimited Submission Attempts.

CERTIFICATION:

Upon course completion, you will receive a customised digital “Certificate of Completion”.