Accounts Payable
At the time of invoice entry, a purchase invoice can be validated against a purchase order in the Purchasing module, and the appropriate receiving documents in the Receiving module, before being recognized as a liability. All purchase invoices, and their subsequent payments, are posted automatically to the General Ledger using the accounts derived from the subsidiary ledger distribution.
• User-defined purchase order validation criteria by either company or specific vendor.
• Purchase order "tolerance parameter" definition. The invoice amount can exceed the associated purchase order amount by either a fixed dollar value, a percentage of the purchase order value, or as a combination of both, and still be accepted as a liability.
• Vendor master records can be flagged with a threshold amount; any invoice below the specified threshold does not require an associated purchase order or receiver for invoice processing.
• Accommodates sales tax, use tax, goods and services tax, and value added tax methods.
• Vendors and suppliers can share the same numbering system.
• Vendors can be accessed globally by a keyword name or by vendor number.
• Invoices may be recognized as liabilities of one company and expensed to other companies; the system automatically generates the appropriate intercompany clearing entries in the General Ledger.
• On-line validation prevents entry of a duplicate invoice for a vendor.
• On-line validation of all entered subledger expense distributions.
• Retention amounts can be entered on any invoice; the system separates payment of "net" and "retention" amounts.
• Freight type invoices from one vendor can be processed against a purchase order issued to another vendor.
• Recurring invoice entry and processing capability.
• Optional user-defined feature requires that a "receiving transaction" be posted before an invoice is applied to a purchase order.
• Automatically reverses any expense entries generated by the receiving transaction, and posts the actual invoice cost to the appropriate subledger.
• The "Check Request" feature allows you to enter an invoice, pay it and print the check simultaneously.
• Payments via check or Electronic Funds Transfer
• Credit memos may be issued against a specific invoice or as a general credit to a vendor.
• User controlled selection of unpaid invoices for payment using one or a combination of the following criteria:
♦ Specific invoices
♦ All unpaid invoices
♦ All invoices due before a user specified date
♦ All invoices with discount available
♦ All or selected invoices for a specified vendor(s)
♦ All invoices for a specific vendor type(s)
♦ All invoices by vendor class(es)
♦ All invoices which are past due a user-specified number of days
♦ Invoices associated with a selected operating center(s)
♦ Invoices associated with a selected cost center(s)
♦ Subcontract payments requests
♦ Retention invoices only
• Invoices can be paid for the total amount due or a partial payment.
• Invoices can be paid from multiple bank accounts.
• Discount amounts are automatically calculated based on user specified payment terms that can be assigned to each vendor and/or invoice. Discount earned is treated as miscellaneous income in the General Ledger.
• Invoices can be paid by either check or wire transfer.
• Easy customization of user-defined check formats.
• Automatic consolidation of all invoices payable to a single "pay to name" on one check.
• “Pay to name" can be different from a vendor's name on selected invoices. This feature can be used for joint check issuance or to insure separate and accurate disbursements for miscellaneous type vendors who are assigned a single vendor number.
• Subcontract payment requests can be broken into multiple checks with different joint payee names.
• Multiple "payment hold" methods:
♦ Attach an accounts payable invoice to an accounts receivable invoice, so a vendor is not paid until a customer has paid.
♦ Establish multiple criteria on a purchase order that can verify a "yes/no" condition, e.g., a date comparison or a value check.
♦ Hold a specific invoice or hold all invoices for a vendor.
• Advance payments can be entered before receiving an invoice. This feature is often used for employee expense advances.
• Manually prepared checks, with "instant printing" capability.
• Commitment and commitment relief logic.
• Encumbrance and encumbrance relief logic for government accounting methods.
• Separate recognition of expense and liability entries from the payment entries in the General Ledger.
• On-line inquiry of historical vendor activity including demographic data, total amount invoiced to date, and balance due.
• Multi-level On-line Invoice Inquiry by Vendor
Total Invoice Activity for Selected Vendor
Summary Invoice Information
Receiver Information
Subledger Distribution Detail
Payment Details
• Multi-level On-line Check Activity Inquiry
Total Check Activity for Selected Vendor
Payment Detail associated with each Check
• Automatic accumulation of vendor activity by year.
• Generation of cash forecast report based on user-defined payment schedule.
• Bank reconciliation features that support multiple banks and multiple checking accounts.
• Purge processes for paid invoices, checks, etc. with interlocks that prevent deletion of "incomplete" transactions.
The following System 20/20 modules send (
) transactions to and receive (
) transactions from the Accounts Payable module.
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TRANSACTIONS | ||
Payroll |
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Invoices for contributions and deductions |
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Subcontracts |
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Subcontract payment request invoices |
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Cost Accounting |
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Actual invoiced costs, quantities and commitment relief transactions |
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Equipment |
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Quantities and costs associated with external parts and equipment repair |
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General Ledger |
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Liability, expense and payment journals |
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Inventory |
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Purchase invoices |
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Payroll |
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Deductions for employee purchases |
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Purchasing |
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Invoiced quantities and costs against a purchase order |
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Receiving |
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Invoiced quantities, costs and invoice status |
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Work Order |
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Purchase invoices |
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Control File Section Listings |
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Lost Discounts |
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Vendor Listing |
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Scheduled Payments |
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Vendor Transactions |
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Payment Check Register |
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Vendor Summary |
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Outstanding Checks |
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Vendor Disbursements |
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Processed Checks |
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Unposted Invoices |
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Cash Requirements |
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Unpaid Invoices |
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Accounts Payable Subledger |
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Invoice Distribution |
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Aged Accounts Payables |
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Wire Transfers |
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Federal 1099 Report |