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.
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.
Types of Creditors
Suppliers of Raw Materials
Suppliers of essential requirements
Suppliers of Overheads
Suppliers of Stocks for re-sale
Sources of Creditors
Leases / Rentals
Goods Received Voucher
Balance brought Forward
The processing of orders
Orders placed – not yet delivered
Orders received not yet invoiced
The Purchases Journal or Purchases Day Book
Various Mechanical Systems
The Payments Cash Book
Submission of Claims
Discounts and deductions
Accounting for Value added Tax
Accounting for Goods in Transit
Reconciliation of Creditors’ Accounts
Reconciliation of Bank Accounts
Reconciliation of Control Accounts
Terms of Payment
End of Month Terms
Open Account Terms
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.
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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