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Accounts Payable Module
Instant
Access to Vendor Information
You always have instant access to a vendor’s balance, open debit, available
credit as well as year-to-date and accumulated-to-date purchase totals
while posting an invoice for the vendor.
Enhanced Vendor Maintenance Functions
Vendor YTD Purchase Amount
Having the Year-to-Date purchase figure gives you a quick overview of the
purchase history with each vendor. The vendor Year-to-Date purchase
amount is calculated based on your company’s total purchases from a
vendor within a user–defined year.
Vendor Ledger Card
The Vendor Ledger Card provides you a snapshot of each vendor’s balance
by displaying detailed invoice and payment information including applied
payments, applied adjustments, and GL Account ID distribution.
Vendor Ledger Card
One-Time Vendor Invoice Entry
The one-time vendor option provides a quick way to enter information when
processing an invoice from a vendor without necessarily creating a vendor
record.
Vendor Beginning Balance
You can record beginning balances for new vendors. This feature provides you the flexibility to
establish an outstanding liability that is not transferred to the general ledger as an expense
until it is paid.
Archive Deleted Vendors
Inactive vendors that have no outstanding balance can be deleted and archived. Archived
vendor records can be reactivated at any time; thus, eliminating the need to re-enter data.
Prevention of Duplicate Accounts Payable Invoice Numbers
If an Accounts Payable invoice with the same invoice number has already been created for a
given vendor, an alert appears preventing the creation of duplicate invoices. Invoice look-up is
also available during invoice posting to determine whether the vendor’s invoice is paid or
outstanding.
Automated Prepayment Features
With this feature, you can post advance payment transactions prior to the receipt of the AP
invoice. AccountMate automatically posts to prepayment accounts and handles the expense
posting when the prepayment is applied to AP invoices.
Recurring Invoices
Recurring AP invoices can be quickly generated from templates set up for rent, loan
payments, and other recurring payables with fixed amounts. You can save time and maximize
productivity by eliminating duplicate work on a regular cycle.
Purchase Order Lookup
The ability to look up all purchase orders for a selected vendor while posting an invoice aids in
matching a purchase order to an invoice.
Nonpaying Invoicing
This feature enables you to enter the portion of an invoice that your company will not pay in
cash. It is especially useful when an employee will pay that portion of the invoice.
Built-in Multi-Currency Feature
When the multi-currency feature is activated, you can assign a currency code to a foreign
vendor, and thereby use the vendor’s currency when posting transactions for the vendor.
Handling Currency Exchange Rate Fluctuation between Goods Receipt and Invoice Posting
This feature facilitates close observation of any fluctuation in the exchange rate of foreign
currencies for foreign vendors, thereby enhancing global commerce management. Difference
in the exchange rate occurring between the date of the receipt of goods and the posting date
of the invoice is posted to a user-defined Unrealized Exchange Gain/Loss GL Account ID.
Reverse Accruals
With the link between PO and AP, you can accrue liabilities upon receipt of purchased goods
and can reverse the accrual upon posting of the accounts payable invoice.
1099 Payments
You can set up for each vendor a default 1099 type including Rent, Royalties, Crop
Insurance Proceeds, among others; and you can override the 1099 type when entering
invoices. AccountMate tracks 1099 payments and produces the appropriate 1099 forms.
You can also specify the minimum cumulative amount of each type of 1099 payment
within the year that will require you to issue a Form 1099-Misc for the vendor.
AP Invoice Transactions – Post Credit Card Payment
Paying AP Invoices by Credit Card
You can choose to pay by credit card when posting an AP invoice and maintain an
accurate purchase history for the regular vendor record and a clear payment history for the
credit card vendor record. This feature can also be used to process employee
reimbursement transactions; each purchase can be tracked under the regular vendor
record and the payment under the employee reimbursement record.
Invoice Payment Urgency Code
For each invoice, you can create a payment urgency code that is used to prioritize
invoices when applying payments and printing checks.
Mass Payment Application
Payment can be applied at one time to any number of invoices that are grouped by due
date, urgency, discount date, vendor, or reference. The system then automatically
calculates for each invoice the default discount and payment amounts.
Record Wire Payments
The Post Handwritten Check function allows recording of wire payments. No check needs
to be issued, and users can generate reports for this kind of payment.
Handwritten Checks
The Post Handwritten Check function is designed for recording checks that need to be
issued outside of your regular check-printing cycle (e.g., emergency payments).
Check On-Hold Feature
This feature allows you to flag checks that must be excluded when printing checks at one
time. You have the option to display in the Aging Report the total amount of the
unreleased checks.
Record Canceled Checks
Reconcile bank accounts easily by comparing the system-generated list of all outstanding
checks against the cleared checks stated in the current bank statement.
Other Features
- Aging periods can be defined
- Finance charges can be recorded in the system
- A variety of reports (e.g., showing discounts, checks, vendors and 1099 payments) can be generated
- Invoices and checks posted prior to a specific date can be purged
- Purchase order numbers can be required when entering invoices
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