Accounts Payable Accounting A Guide to Almost Everything

To work in or manage the accounts payable function, you need to know a little bit about a lot of different things. One of those areas is accounting. While you certainly don’t need a CPA to work in or manage accounts payable, you do need a certain minimal level of accounting knowledge. We put this session together to provide our community with a fundamental understanding of the accounting concepts that impact the accounts payable function. Stick around until the end when we briefly discuss what management expects you do with this knowledge.#accountspayable #accounting #finance
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00:00 Accounting Basics for Accounts Payable
00:38 Debits and Credits
03:22 Chart of Accounts
09:33 Journal Entries
12:13 Accrued Expenses
15:04 What is the Statement of Cash Flow
20:25 What is the Balance Sheet
23:57 What is the Income Statement

[@literallyheather]

Using a white board to illustrate enteries would be helpful.

[@APNow]

Hmmm - I hadn't thought of that - good suggestion

[@Thund3rSt0rm123]

I would also state out the direct relation between AP and CashFlow.
When AP increases, that's good for the cashflow, means cash is not changing hands therefore we have a cash inflow
When AP decreases, that's bad for the cashflow, means company is paying her bills in cash which results in an outflow
The opposite applies for A/R in relation with CashFlow.

[@APNow]

I like that explanation. Thanks for sharing it.

[@ytr8989]

You started talking about accrued expenses 14:10, then the screen went black at 14:16 and doesn’t come back until 14:32 when you start talking about cash.

[@APNow]

Well that is not good. Thanks for letting me know and let me see what I can do to fix it.

[@Dianthusrain]

I noticed this too which led me to your AP vs Accrued Expense video and it worked out great! Love your videos, thank you.

[@APNow]

@@Dianthusrain thank you for your kind words