ACCOUNTS RECEIVABLE: ACCOUNTING, MANAGEMENT, AND BEST PRACTICES

Available Dates & Locations

This course is offered exclusively as In-House or Virtual, with no public sessions currently available – please contact us for inquiries.

COURSE OVERVIEW

Accounts receivable are the lifeblood of a business’s cash flow. Business’s accounts receivable is an important part of calculating profitability and provide the clearest indicator of the business’s income. In this highly engaging workshop, we push attendees outside their comfort zones by building their skills in using and applying best practices to effective reporting of accounts receivables.

COURSE OBJECTIVES

By the end of this course, attendees will be able to:

Analyze accounts receivables’ transactions
Record accounts receivables’ transactions
Understand and apply the full accounting cycle
Prepare adjusting entries for accrual and deferral schedules
Understand and apply related IFRS standards
Do proper reconciliations
Accomplish timely closing
Perform effective reporting and benchmarks
Assess the credit policy

TARGET COMPETENCIES

Accounting Systems Proficiency
Financial Statement Expertise
Understanding of the Accounting Cycle
Accounts Receivable Management
Accruals and Deferrals Management
Reporting and Compliance

This course is designed to everyone within the organization who needs to understand the financial implications of receivables transactions ranging from managers to clerks. Accounts receivables employees, credit officers, billing officers and collection employees are few examples.

This course takes a very hands-on approach and equips participants with the understanding and techniques they need to record and report financial information. It strikes a balance between theory and application providing both conceptual and applied exercises from real life examples.

ACCOUNTING INTRODUCTION

Detailed examination of manual and computerized accounting systems.
Comparative analysis of various accounting methodologies and their applicability.
Techniques for maintaining the accuracy and reliability of financial data.
Role of ethical practices in upholding the integrity of accounting records.

THE HOLISTIC ACCOUNTING CYCLE

Detailed walkthrough of each phase in the accounting cycle for comprehensive understanding.
Deep dive into the function of the general ledger and subsidiary ledgers in financial recording.
Deep dive into the function of the general ledger and subsidiary ledgers in financial recording.
Exploration of various types of accounts including assets, liabilities, equity, revenues, and expenses.
Advanced understanding of the dual-entry system and its application in different financial scenarios.
Examination of the journalizing process and its significance in the accounting cycle.
Techniques for efficient and accurate posting of transactions to ledger accounts.
Strategies for trial balance preparation and error detection in the accounting cycle.

ACCOUNTS RECEIVABLES

In-depth look at the different types of receivables and their impact on business finances.
Techniques for effective management of short-term receivables.
Strategies for dealing with receivables over extended periods.
Methods for assessing the realizable value of receivables in financial reporting.
Understanding promissory notes and their treatment in accounting.
Employing financial information related to receivables for strategic decision making.
Ensuring ethical handling, preventing fraud, and maintaining governance over receivables.

THE ACCRUALS AND DEFERRALS

Mastery of adjusting entries for accruals and deferrals to reflect true financial status.
Ensuring that adjustments adhere strictly to recognized accounting principles.
Steps to compile an adjusted trial balance and its importance in the financial reporting process.

REPORTING FINANCIAL RESULTS

Guidelines for creating accurate and detailed accounts receivable reports.
Utilizing ratio analysis to understand the relationship among different financial statements.
Methodology for closing temporary accounts as part of the year-end accounting process.
Step-by-step summary of the closing process, ensuring complete and accurate financial reporting.

CONTROL OVER RECEIVABLES

Identifying and applying industry best practices for managing and collecting receivables.
Developing and enforcing policies to maintain control over receivables.
Techniques for assessing the effectiveness of internal control systems in managing receivables.