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The handling and controlling Creditors’ Accounts

The least expensive form of financing of a business is the Creditors of the business. The reason for this is the fact that most creditors don’t charge interest on the outstanding amount of their customers’ accounts. However, the most common mistake made by most managers, is to employ unskilled workers to handle this vital source of finance – with the result that the benefits are lost.

To equip learners to utilise electronic creditors’ programs and to understand the process of recording and handling creditors’ accounts, this course firstly exposes learners to the manual control of the accounts. Once the manual system is mastered, learners will be able to understand and maximise the use of computerised systems.

Outcomes Based Expectation

On completion of this course, learners will:

Recognise various classes of creditors of a company;
Know and understand the documentation, filing and methods of recording used in the control of creditors’ accounts;
Know and understand the preparation and use of a Purchases Journal;
Know and understand the principles of accruing for outstanding accounts;
Know and understand the recording and calculation of goods in transit;
Know and understand the recording and calculation of Value Added Tax, and
Be able to reconcile creditors’ accounts.

Course Content

Types of Creditors
     Suppliers of Raw Materials
     Suppliers of essential requirements
     Suppliers of Overheads
     Suppliers of Stocks for re-sale
Sources of Creditors
     Buying Department
     Leases / Rentals
     Purchase Requisition
     Purchase Order
     Goods Received Voucher
     Delivery Note
     Credit Note
     Claims Advice
        Open Item
        Balance brought Forward
     Cheque Requisition
The processing of orders
     Orders placed – not yet delivered
     Orders received not yet invoiced
The Purchases Journal or Purchases Day Book
     Manual system
     Various Mechanical Systems
     Electronic Systems
The Payments Cash Book
Remittance Advice
Submission of Claims
Discounts and deductions
Accounting for Value added Tax
Accounting for Goods in Transit
Reconciliation of Creditors’ Accounts
     Debit Notes
     Credit Notes
Reconciliation of Bank Accounts
Reconciliation of Control Accounts
Terms of Payment
     End of Month Terms
     Open Account Terms
     Consignment Stock
     Floor Plan

Practical exercises are given to ensure that the subject taught is correctly utilised, as envisaged by the Outcomes-based Expectation requirement of the National Qualification Framework and the South African Qualification Authority.


This course and its notes and contents, is accredited by the International Institute of Credit Management (Africa). Learners submit assignments which will be marked and evaluated. Learners must obtain at least 50% for all assignments to qualify for the Handling Creditrs Accounts certificate.

Course facilitator

Christine Jordaan was born and raised in the Republic of South African. Christine initially obtained a B.A degree.

She studied and obtained the master’s Degrees in business leadership and Diploma in Credit Management and several other financial disciplines. She is a Fellows of the South African and African Institutes of Credit Management and the Principal of PBS College.

She has presented various public and in-house training courses throughout South Africa, Namibia and neighbouring countries, to several large corporations and Government Institutions. They are currently actively presenting courses (both face-to-face and correspondence) in the certificate in Credit Management of the Institute of Credit Management since 1981.

She has been contracted to present correspondence courses in Credit Management disciplines to UNISA and also lectured at UNISA summer schools. She has also act as guest lecturers at several colleges and universities in Credit Management and has facilitated and organised various seminars for large corporations.

She was appointed members of the National Credit Education Forum since 1997 and is a past director on the board of the Association of Debt Recovery Agents. She is presently the chairperson of the Institute of Credit Management (Africa).

She has lectured extensively since 1981.

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