Course Description

If you are new to the profession, or a business owner that is trying to do your own accounting, perhaps nothing is more confusing than trying to figure out when something needs to be entered into the accounting records. While cash basis tends to be straightforward enough, accrual basis accounting can feel like a whole new world! In this course, we will be exploring basic entries pertaining to accounts payable. We will discuss accounting for timing differences between cash and accrual basis, as well as how accounts payable is handled differently for tax purposes. In the context of lots of practical examples, we will help you get more comfortable with the ins and outs of accounts payable so you can be sure your books are in great shape!

Learning Objectives

  • State what an account payable is and why it differs from a long-term debt.

  • Identify the basic journal entries for accounts payable.

  • Recognize the tax implications for accounts payable.

Additional Required Materials

  • Level: Basic

  • Field of Study: Taxes (NASBA)

  • Who Should Attend: Bookkeepers and practitioners new to the accounting profession, as well as business owners who want to keep their own books.

  • Required Knowledge: None

  • Advanced Prep: None

Instructor

CPA, CPCU, MST, MBA David Peters

David Peters is the Founder and Owner of Peters Tax Preparation & Consulting in Richmond, VA. He has over fourteen years of experience in financial services, including 3 years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for the AICPA, Surgent, and Kaplan. He regularly teaches courses in accounting, finance, insurance, and ethics throughout the United States. He holds four Masters degrees and contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018 Virginia CPA Ethics course – a required course for all CPA’s licensed in the Commonwealth of Virginia.