Essential Level 2 (Accounts Payable And Receivable)

Chapter 1: Storage and Classification of Inventory

Understanding inventory management. Methods of inventory storage. Classification of inventory items based on various criteria.Importance of proper inventory  classification for efficient management.

Chapter 2: Accounts Receivable and Payable Management

Managing accounts receivable: tracking customer invoices, payments, and aging analysis. Managing accounts payable: tracking vendor invoices, payments, and aging analysis. Importance of timely collection and payment for maintaining healthy cash flow. Strategies for effective accounts receivable and payable management.

Chapter 3: Purchase and Sales Order Management

Creating and processing purchase orders. Creating and processing sales orders. Importance of accurate order management for inventory control and fulfillment. Streamlining the order management process for efficiency and accuracy.

Chapter 4: Tracking Additional Costs of Purchase

Understanding additional costs associated with purchases, such as freight, insurance, and taxes. Methods for tracking and allocating additional costs to inventory items. Impact of additional costs on inventory valuation and cost of goods sold. Ensuring accurate cost tracking for informed decision-making and financial reporting.

Chapter 5: Goods and Services Tax

Overview of Goods and Services Tax (GST) and its implications on business transactions. Understanding GST registration, compliance, and filing requirements. Handling GST invoicing, input tax credits, and reconciliation. Ensuring GST compliance to avoid penalties and maintain regulatory compliance

Chapter 6: Cost/Profit Centres Management

Introduction to cost and profit centers. Allocating costs and revenues to specific cost and profit centers. Analyzing performance and profitability of cost and profit centers.
Utilizing cost and profit center management for strategic decision-making.

Chapter 7: Budgets and Scenarios

Creating budgets for revenue, expenses, and cash flow. Monitoring and controlling actual performance against budgeted targets. Scenario planning and forecasting to assess potential impacts on financial performance. Utilizing budgets and scenarios for financial planning and risk management.

Chapter 8: Generating and Printing Reports

Generating standard reports for inventory, accounts receivable, and accounts payable.Customizing reports to meet specific business requirements. Understanding key metrics and insights derived from financial reports. Importance of accurate and timely reporting for informed decision-making and compliance.