'Procure to Pay' Overview
4.1 (73 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
214 students enrolled

'Procure to Pay' Overview

This course covers vendor master maintenance, creation of purchase orders, posting of goods receipts and more.
4.1 (73 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
214 students enrolled
Last updated 7/2017
English
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Current price: $34.99 Original price: $49.99 Discount: 30% off
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This course includes
  • 1 hour on-demand video
  • 2 articles
  • 2 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • Identify the components of the Procure to Pay work stream.
  • Identify the benefits of creating a Purchase Order (PO).
  • Explore the accounting transaction booked when a Goods Receipt is posted to a Purchase Order.
  • Recognize the pros and cons and differences between PO and Non PO invoices.
  • Explore the use of Purchasing Cards, printing a check, wire transfers and Automatic Clearing House payments.
Requirements
  • No advanced preparation or prerequisites are needed for this course.
Description

Procurement to Payment can be a significant workflow in any business. For the workflow to work effectively, each team involved; Procurement; Sourcing and Purchasing, Receiving, Vendor Master, Accounts Payable and Payment Processing and Treasury should have an understanding of the entire flow. 

In this presentation, we will review the basics of Procurement. In most businesses, nothing can be ordered until a supplier has been set up in the Vendor Master Maintenance system. The words Sourcing and Purchasing may be interchangeable or have different meanings in your organization.

The receiving of goods and services and the Posting of Goods Receipts against Purchase Orders can be more critical in some businesses than the processing of invoices. Auditing of aged receipts will also be covered.

Return of product to a supplier also needs to be tracked in order to ensure recovery of funds or receipt of replacement product.  We will explore some options on how that can be done in your organization.

Although Accounts Payable is toward the end of the work stream, their role is no less critical.  They need to ensure costs are posted promptly and accurately, that payments are made timely and that vendor relations are not negatively impacted while complying with best business practices; Compliance Policies, Segregation of Duties, Delegation of Authority, tax liabilities and other business specific rules.

Who this course is for:
  • Anyone in finance, accounting or related fields.
Course content
Expand all 8 lectures 47:39
+ Introduction
6 lectures 47:36
Purchase Order
08:13
Receipt of Goods or Services
03:47
Receipt and Processing of Vendor Invoices
09:58
Payments and Conclusion
12:17
+ Supporting Materials
2 lectures 00:03
Slides: Procure to Pay Work Stream
00:01
Procure to Pay Work Stream Glossary/Index
00:01
+ Review and Test
0 lectures 00:00

Review Questions: Procure to Pay Work Stream

Review Questions
3 questions

Final Exam: Procure to Pay Work Stream

Final Exam
5 questions