Principles of Accounts Payable and Receivable Management

Go to Course: https://www.coursera.org/learn/accounts-payable-and-receivable-management

Introduction

### Course Review: Principles of Accounts Payable and Receivable Management **Overview** As businesses evolve in their operations, the essential need for efficient bookkeeping becomes paramount. The "Principles of Accounts Payable and Receivable Management" course on Coursera is an excellent opportunity for aspiring bookkeepers and finance professionals to deepen their understanding of this crucial aspect of business finance. Building on the foundational knowledge acquired in the "Fundamentals of Accounting and Reporting" course, this course provides an in-depth exploration of accounts payable and receivable management while familiarizing students with Tally, a leading computerized accounting software. **Course Structure** The course is structured into several modules, each culminating in the practical application of learned concepts. Here's a brief overview of what to expect: 1. **Storage and Classification of Inventory** This module covers the principles of inventory management, including how to classify and store inventory effectively. Learners will gain hands-on experience in creating inventory masters in Tally and managing batch-wise details. Tracking price levels and maintaining price lists are also an integral part of this section. 2. **Accounts Receivable and Payable Management** A critical module that teaches the fundamentals of managing accounts payable and receivables. Students will learn how to maintain bill-wise entries, track outstanding accounts, and generate important documentation like reminder letters. The ability to split a single sales bill into multiple bills adds flexibility to your financial management skills. 3. **Purchase and Sales Order Management** This module focuses on the complete processing of purchase and sales orders, including how to manage outstanding orders and understand pre-closure conditions. It's a foundational skill for anyone working in accounting, as order management is crucial for maintaining cash flow. 4. **Tracking Additional Costs of Purchase** Students will learn to track and record additional costs associated with purchases, such as packing and transportation costs. This section is vital for businesses to ensure comprehensive cost analysis and accurate financial reporting. 5. **Cost/Profit Centres Management** Here, learners will understand how to create and manage cost centres, enabling them to generate insightful reports that can inform operational decisions. This knowledge is important for controlling and optimizing business expenses. 6. **Budgets and Scenarios** Effective budgeting is a cornerstone of successful finance management. This module provides practical insights into maintaining budgets within Tally and generating variance reports that can highlight deviations from planned expenditures. 7. **Generating & Printing Reports** The final module equips participants with the skills to analyze and generate various financial reports. This includes stock queries, inventory analysis, and generating financial statements. The ability to print invoices and reports adds a functional touch to these skills. **Recommendation** I highly recommend this course for anyone looking to embark on a career in bookkeeping or enhance their accounting skills. The combination of theoretical knowledge and practical application through Tally ensures that participants are well-prepared for real-world challenges they may face in finance roles. Moreover, the detailed modules provide a structured pathway to mastering both accounts payable and receivable management. Whether you are a recent graduate, a professional looking to switch careers, or someone interested in improving your current bookkeeping capabilities, this course delivers value that extends beyond the classroom. By investing time in this course, you are not only learning crucial financial management skills but also gaining expertise in one of the most sought-after accounting software solutions in the industry. **Conclusion** In summary, the "Principles of Accounts Payable and Receivable Management" course on Coursera is a comprehensive program that bridges foundational accounting concepts with advanced management practices. It lays down a robust framework for anyone aiming to excel in the field of bookkeeping. Embrace the opportunity to learn, practice, and grow your financial acumen with this well-structured course, and position yourself for success in the world of finance.

Syllabus

Storage and Classification of Inventory

At the end of the module- storage and classification of inventory you will be able to: • Describe inventory management• Explain storage and classification of inventory • Create inventory masters in Tally • Maintain batch-wise details • Purchase and sell the goods using batch wise feature• View the batch reports• Maintain price level and price lists • Revise the price list for different price levels

At the end of the module, Accounts Receivable and Payable Management, you will be able to: • Explain accounts payable and receivables • Maintain and activate bill-wise entry in Tally • Describe the usage of bill-wise entry in purchase, sales, payment and receipt vouchers. • Manage outstandings by keeping track of receivables and payables • Generate reminder letters and confirmation of accounts • Also, split the single sales bill into multiple bills

At the end of the module, Purchase and Sales Order Management you will be able to • Maintain complete purchase and sales order processing • View the order outstandings reports • Explain Pre-closure of Orders • Maintain Reorder Levels

At the end of the module Tracking Additional Costs of Purchase, you will be able to: • Track additional costs of purchase like Packing Cost and Transportation Cost • Record Purchase Transaction with Additional Cost Details in Voucher Mode • Rcord Purchase Transaction with Additional Cost Details in Item Invoice Mode • Record Debit Note Voucher with Additional Cost

In this module you will learn to: • Create and maintain cost centres • Create and maintain the cost categories • View reports relating to cost centres and cost categories • Create and maintain cost centres class, and • Generate reports related to cost centre and categories

At the end of the Module Budgets and Scenarios, you will be able to…. • Explain the meaning and importance of maintaining a budget in an organisation • Create and maintain budgets using Tally • Generate the variance report • Manage and create Scenarios in Tally

At the end of the module Generating and Printing Reports, you will be able to…. • Analyze and Generate the reports like Stock Query, Godown wise Stock Availability, Stock Summary Analysis and Movement Analysis report • Compare the reports quarterly • Generate Financial Statements • Generate Books and Registers • Take Print of invoice and Reports