Accounts Payable
This module is also sometimes known as
the Purchase Ledger. By designing this system to use a fully normalized
database and interactive updating of account balance records we have made
it immediate, real-time, up-to-date and effective.
This module supports invoices, credits
and journals. Both standard products and uncoded items are allowed. Invoices
and payments may be transferred electronically (EDI or BACS). Credit notes
can be raised from invoices.
The invoice entry program has been optimized
for speed of entry and automatic invoice approval. When the invoice value
is expected - it matches an outstanding receipt - there is no need to
key in invoice lines. Limits for controlling the matching process can
be set: The system is data-driven. Small differences in prices (and freight
charges, handling changes etc) will be prorated back to receipt lines
when using actual or average costing. For standard costing these differences
will remain as variance postings.
Approval for payment can be automatic
- and can be controlled by vendor. Exception reports and review screens
will identify unapproved invoices.
There are flexible definitions of the
payment and payment schedules which can be defined by company (as a default),
by vendor, or by invoice. Payment can be set to try to take advantage
of early-settlement discounts (if you want to) and to avoid late-payment
penalties: and payment scheduling can be manual or automatic. If you need
to make manual payments you can record them. The payments processing subsystem
is comprehensive and flexible.
Invoices from a variety of vendors are
possible - including invoicing cooperatives, separate freight invoices
and "head office" invoices. This flexibility will not slow up
your normal processing, because the default situation is where the vendor
supplies the goods and the invoice.
Account balances are maintained by period
and by vendor. "Drill down" facilities will allow you to investigate
a vendor's account to find the transactions which affected the balance,
and get back to the originating transactions involved including purchase
orders and receipts in the Purchase Order Processing module.
There are controllable interfaces to the
General Ledger allowing you to post transactions immediately or in deferred
or batch modes.
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