Tasks and Duties
Week 1 Task: Vendor Invoice Verification and Journal Entries:
Your task for this week is to delve deep into the role of an Account Payables Specialist by understanding and applying the concepts of vendor invoice verification and creating journal entries. You will create a mock vendor, generate invoices, verify them, and then post the relevant journal entries. While doing this, ensure you maintain an accurate record of all transactions. Your deliverable will be a DOC file containing the records of all the transactions, the process you followed for verification, and the journal entries you posted. The evaluation will be based on the accuracy of the transactions, the vendor invoice verification process, and the journal entries.
Week 2 Task: Understanding and Applying Aging of Accounts Payable:
This week, you will focus on understanding and applying the concept of aging of accounts payable. You will create a hypothetical company's accounts payable data for 8 vendors. Based on this data, prepare an aging report that groups outstanding invoice amounts by the length of time they remain unpaid. Remember to include the process you used to calculate the aging of accounts payable in your DOC file. Your work will be evaluated based on the accuracy of your calculations and the clarity of your process explanation.
Week 3 Task: Planning Payment Schedules:
Your task for this week is to strategize and plan payment schedules for a hypothetical company. Based on the accounts payable data and the aging report you created in Week 2, plan a payment schedule that ensures timely payments and maintains good relationships with vendors. Consider the company's cash flow and the terms of trade with each vendor. Submit a DOC file with your payment schedule and a detailed write-up of your strategy. Evaluation will be based on the feasibility of your payment schedule and the thoughtfulness of your strategy.
Week 4 Task: Managing Vendor Queries and Discrepancies:
This week, you will deal with managing vendor queries and discrepancies. Imagine a scenario where vendors have queries about payments, or there are discrepancies in invoices. Write down how you would handle these situations. Also, detail the internal controls that can be put in place to minimize these discrepancies. Your deliverable will be a DOC file detailing the above scenarios and your approach towards handling them. Evaluation will be based on your problem-solving skills and the preventive measures you suggest.
Week 5 Task: Reporting and Analysis of Accounts Payable:
In the final week, you'll be tasked with reporting and analysis of accounts payable. Based on all the previous weeks' tasks, create a comprehensive report that gives an overview of the accounts payable function of the hypothetical company. Your report should include key metrics, trends, and insights that could help the company improve its accounts payable process. Submit your report in a DOC file. Your evaluation will be based on the comprehensiveness of your report, the relevance of your metrics, and the insights you provide.