Module 4

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📌 BOOTCAMP MODULE 04

Vendor & Accounts Payable Workflow

Watch the tactical walkthrough below, read through your 30 professional refresher cards, and execute the complete service sector case study scenario.

📌 MASTER THE ACCOUNTING SOFTWARE WORKFLOW FOR BUSINESSES

BUSINESS CASE STUDY

Business Type: Business Advisory & Consulting Firm

Services Offered: Business Registration Services, Financial Advisory, Training & Workshops

OBJECTIVE

You have already set up your company and selected the service industry Chart of Operations. Now you will execute:

  • 👉 Manage vendors
  • 👉 Record bills
  • 👉 Track payments to suppliers
  • 👉 Handle vendor advances
  • 👉 Process vendor adjustments
  • 👉 Monitor outstanding payables

👉 SCENARIO 1: VENDOR WITH OPENING BALANCE

Vendor: Office Supplies Ltd

Background: The business owed this supplier before implementing the software.

Opening Balance: ₦80,000 (as at March 1, 2026)

TASKS:

  1. Create vendor: Office Supplies Ltd
  2. Add opening balance: ₦80,000
LEARNING: How to migrate existing payables into the system

👉 SCENARIO 2: NEW VENDOR (NO OPENING BALANCE)

Vendor: Digital Marketing Pro

Background: New service provider with no prior transactions.

TASK:

  • Create vendor without opening balance
LEARNING: Clean vendor setup

👉 SCENARIO 3: RECORD BILL (SERVICE / GOODS RECEIVED)

Transaction: Office Supplies Ltd supplies office materials on March 2, 2026

Bill Amount: ₦120,000

Payment Terms: Pay within 14 days

TASK:

  • Record bill for Office Supplies Ltd
LEARNING: Expense recognition & Accounts payable increase

👉 SCENARIO 4: PART PAYMENT TO VENDOR

Transaction: You pay Office Supplies Ltd ₦50,000 out of ₦120,000 on March 9, 2026.

TASK:

  • Record payment against the bill
LEARNING: Partial settlement & Outstanding liability tracking

👉 SCENARIO 5: FULL PAYMENT TO NEW VENDOR

Transaction: Digital Marketing Pro provides marketing services.

Bill: ₦90,000

Payment: Paid immediately

TASKS:

  1. Record bill for Digital Marketing Pro
  2. Record full payment
LEARNING: Bill + instant settlement & No outstanding payable

👉 SCENARIO 6: ADVANCE PAYMENT TO VENDOR

Vendor: Legal Advisors

Transaction: You pay Legal Advisors ₦150,000 in advance for future services on March 23, 2026.

TASKS:

  1. Record payment without a bill OR
  2. Apply the payment as a vendor advance
LEARNING: Vendor prepayment handling & Asset vs expense understanding

👉 SCENARIO 7: VENDOR REFUND / ADJUSTMENT

Situation: Office Supplies Ltd overcharged the business for items supplied.

Adjustment: ₦20,000 refund on March 12, 2026

TASK:

  • Record vendor credit (credit note equivalent)
LEARNING: Reducing payable balance & Handling supplier adjustments

👉 SCENARIO 8: APPLY VENDOR CREDIT

TASK:

  • Apply the ₦20,000 vendor credit to the outstanding bill on March 14, 2026
LEARNING: Proper adjustment of liabilities & Accurate vendor balance tracking

📌 FINAL TASK

  • Generate Accounts Payable Aging Summary
LEARNING: Identify outstanding vendor balances and monitor overdue payables

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