Accounting professionals play a crucial role in the finance and accounting departments of businesses. Processing receivables and payables will be the responsibility of the accounting specialist. The individual may also be responsible for managing the general ledger account, entering invoices into the payment system, posting payments to customer accounts, and processing vendor payments.
Although the processes of an accounting or finance department may differ, one constant is that the department requires people to process, receive, and manage payments. Accounting professionals are essential to a business’s financial management. The accounting specialist will apply payments for products and services to the appropriate account as they come in. As part of their accounts receivable responsibilities, the person in this position may also complete bank deposits in small businesses.
Account payables, like account receivables, must be processed and applied correctly. The money that is paid out is usually deducted from the business’s operating or financial accounts. The accounting specialist may also apply and reconcile payments in the general ledger account of a company. It is critical to accurately record and report money received and paid out. The income statements and balance sheets of a company are updated and created using the cash flows of the general ledger account.
The accounting specialist should be able to process invoices. Payments to and from vendors are recorded in accordance with the payment management system in use and the business’s protocol. The accounting specialist will be in charge of applying payments to vendor accounts and ensuring that cleared checks are processed and recorded. Purchase orders are frequently required by vendors who are paid on a recurring basis. Payments of purchase orders to ongoing vendors and other service providers may be set up and managed by the accounting specialist.
Accounting transactions are recorded using journal entries. The accounting specialist will be in charge of entering journal entries for payable and receivable accounting transactions. It is standard business practice to reconcile entries at the end of each month and at the end of the fiscal year. The accounting specialist’s general ledger entries must be precise in order for the reconciliation to accurately reflect the company’s payment history and account balances.
A high school diploma or equivalent is required for employment as an accounting specialist. He or she should also have worked in an accounting department, with knowledge of payment processing, accounts receivable, accounts payable, and payment reconciliation. Computer skills are also required, as computerized accounting software is used to complete much of the work performed by an accounting specialist.