Reconciling Aged Open Payables and Outstanding Checks | Finance Online Course by Udemy

Finance & Accounting Online Course by Udemy, On Sale Here

This course covers the methods for determining what needs to be audited.

An excellent training about Finance

Reconciling Aged Open Payables and Outstanding Checks

If a Vendor has not received payment for goods or services, it should be their responsibility to perform the work to collect the amounts due, right? Maybe, but what if the aged Open Payables amounts are Credit Memos representing amounts due to the Company? What if the amount of an Outstanding Check is an overpayment or was not due to the Vendor for many reasons?In these cases, it is up to the Company to perform the research then take the necessary action. In this course, we cover methods for determining what needs to be audited. Research options and the order of these steps will also be addressed. The benefit to the Company in performing this work? Potentially the recovery of funds due to the Company and/or corrections to costs and liabilities.

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