Accounts payable

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    Yifan Zhu Instructor: Professor Paul Sheldon Foote ACCT 302 SAP writing assignment May 1, 2017 Account payable records accounting data in a firm for all the vendors. It is a necessary portion of the purchasing system. All the deliveries and invoice information are provided and managed based on the vendor’s data. The recording process automatically occurs when operative transactions happened such as the cost of goods sold transactions. In general, SAP uses electronic documents into the account payable process for faster and reduce possible errors invoice processing. This helps the customers to ensure that the invoices deliveries to the intended destinations on time. SAP is a game changing way of managing the documents. It assists streamline…

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    I did a lot of research on how to follow my major in a way that could allow me to work and gain experience while studying. I began my path as a student at Miami Dade College where I obtained my Associate in Arts of Accounting, at the same time, I got an entry level job as an Accounts Payable Specialist in the Accounting Department of a bank. Since I had completed all the pre-requirements of the school of Accounting at FIU, I was a step closer to obtain a Bachelor’s Degree from a United States…

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    organizational structure of the company is of two types. One for the division in the organization and other is one for the human resources of the organization. The company is divided into two divisions namely retail and industry & other businesses. Under the retail it has four organizations while under the industrial and other businesses. The human resources structure of the company indicates hierarchy structure where there are directors, managing directors who are parallel in hierarchy. All…

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    through eight, Abby’s unit sales forecast was 467, 700, 665, 350, 648, 558 and 700. Additionally, Ace unit sales forecast was 200 (Capsim.com, n.d). By the same token, the firm maintained an account receivable and payable lag time of 30 days throughout all eight years. Throughout these years, A/R reflected balances of $3,943,000, 4,623,000 and 5,340,000, $4,100,000, $4,934,000, $4,728,000 and $5,566,000. Likewise, the same years, A/P presented balances of $2,718,000, $3,137,000, $4,308,000,…

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    The types of reports that need to be generated are consumer list (information in regards to consumer profile, such as name, address, and contact information), customer request of product or service, agreement of sale or service, financial records (accounts payable and receivable, order entry, procurement, sales and purchasing history, invoicing and shipping, payroll), and list or record of products and its…

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    The accounts payable even issued money transfers to the US customs when they normally issued checks, something that should have raised red flags. The fraud was eventually caught on a simple issue that Cecile had overlooked. The nature of the US custom invoices was to pay the US government for the import fees brought about by importing the cars. This means that it would be highly unlikely for one invoice to be the similar as a previous invoice in a small time frame. Cecile had gotten lazy and…

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    The intention of efficiency ratios is to measure the efficient handling of receivables, payables, and total assets. The three major types of efficiency ratios are receivables ratios payable ratios, and total asset turnover. How receivable ratio is used by when the money is received the organization would be paying less interest or would be earning more interest, (Finkler, S.A., Ward, D.M. & Calabrese, I.D., 2013). As a result, collecting the receivables punctually is a must. The efficiency…

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    In our department we have 4 categories, one group is responsible for incoming funds (accounts receivable), the second group is involved with outgoing funds (accounts payable), third group is in charge of school uniforms and the last group oversees the other three groups and are in charge of the department. Credibility -Character, trust - “To build an environment of trust, leaders must hold to a high standard in their behavior and communication,” (Kelly, 2016). Trust in business means doing the…

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    Inventory Turnover Ratios

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    settlement period is usually preferred, as a delay in receiving funds can place strain on an organisations abilities to meet its obligations. Effective management of accounts receivable minimises the risk of bad or doubtful debts. The efficiency calculations completed for GWA (Appendix *), show the average settlement period for accounts receivables was 73.5 days for the period. As illustrated below in Figure *, the settlement period was relatively stable at 73 days in 2011 to 71 days in 2012 and…

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    Nguyen recommended that the student should pursue a master’s degree in Accounting. Although double majoring will fulfill the 150 credit hours required to sit for the CPA exam, it will not help the students tackle the CPA exam itself due to the lack of rigor of undergraduate courses. Ms. Nguyen also strongly emphasizes the importance of relevant work experience that undergraduate students need to possess in order to compete with other applicants. She recommended taking internships and entry level…

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