• Minimizes Invoice Entry Effort
• Accelerates Payment Approval Process
• Improves Vendor Relationships
• Eliminates Manual Accounting Intervention
• Automates Check Generation Process
• Simplifies Bank Reconciliation Process

This module is designed to greatly simplify the task of entering and tracking invoices received from vendors and the cash outflow resulting from paying those invoices. A rich complement of inquiry and reporting functions provide maximum visibility into payment scheduling and vendor discounting. This information facilitates accurate and on time payment of vendors while taking full advantage of all available vendor discounts.

Complete 3-way matching capability is available to ensure the accuracy of each invoice. The system is designed around real-time database update and inquiry transactions. Several types of invoices can be entered into the Accounts Payable system.

• Invoices that can be matched to purchase orders via the 3-way matching process
• Miscellaneous invoices that do not require 3-way matching process
• Invoices to be processed and paid with a manual check
• Recurring invoices

Invoice Entry

On-line entry of vendor invoices is greatly simplified when the standard discount percentage, cost center and expense distribution are predefined for a vendor. The predefined values can be manually overridden during invoice entry. Vendor discounts can either be calculated by the system or manually entered. Taking the discount can also be forced, regardless of the discount date. The invoice distributions can be maintained either before or after payment of the invoice, and adjusting journal entries are automatically created if necessary.

Payment Processing

The payment processing cycle is based upon a Cash Requirements report that identifies each invoice to be paid based on a pay through date. Summary cash flow recaps are also included on the report. If payment adjustments are necessary prior to the check run, selected invoices can either be placed on hold indefinitely, placed on hold for the upcoming check run, or split into multiple partial payments.

Payments can be assigned to another vendor (e.g., the vendor’s parent), or they can be mailed to an address other than the address used for mailing your purchase order (e.g., the vendor’s lock box). Manual checks can be entered on-line and are included on the subsequent check register.

A check register is produced for each check run, and a month-to-date check register is available on demand. A check register can also be produced for any date range that you supply. As a by-product of each check run, payment history is automatically generated and can be used for displaying payments by vendor, check or invoice.

Check cancellation allows you to either cancel the associated invoices and automatically reverse the distributions, or reinstate the invoices that were paid by the check.

Any cancelled checks are included on the subsequent check register.

Bank Reconciliation

Both automatic and manual check reconciliation are available as two different methods of on-line bank reconciliation. If automatic check reconciliation is desired, the system will mark as reconciled those unreconciled checks within a given check number range.

Alternatively, selective check reconciliation will allow you to browse through the unreconciled checks and selectively reconcile. Either format is available to unreconcile any checks that were mistakenly reconciled.

Two different methods of reconciliation/unreconciliation are available. The first method allows you to browse through a range of checks and selectively identify those checks that you wish to reconcile or unreconcile. Alternatively, the second method lets the system automatically update a range of checks for you

Three-way matching can be optionally implemented, and either the quantities received to dock, accepted by inspection, or received to stock can be used for matching purposes. Mismatches place the invoice on hold until all quantity and/or cost discrepancies are resolved.

Recurring invoices allow a one-time entry of invoice information for bills that are paid on a regular basis (e.g., rent, lease, insurance, etc.). Vendor invoices are then generated weekly, monthly or quarterly depending on the payment instructions for the recurring invoice.

Selective Updating

When selectively updating checks, a browse screen will display a list of checks starting with the first check number of the check range and ending with the second number of the check range. This will allow you to identify which unreconciled checks you wish to reconcile, or which reconciled checks you wish to reconcile. When selectively unreconciling checks, the display will include reconciled checks only

Automatic Updating

In contrast to selective updating, all checks within the check range are automatically updated. When automatically reconciling checks, all unreconciled checks within the check range will be reconciled. When automatically unreconciling checks, all reconciled checks within the check range will be unreconciled. In order to expedite the reconciliation process, you can reconcile a range of check numbers, and then selectively unreconcile those exceptions within the range that were not actually processed by the bank.

General Ledger Interface

If the General Ledger module is implemented, journal entries will be automatically generated for cash, discounts, unvouched receipts, accounts payable, and the invoice expense distributions. Additionally, journal entries are automatically reversed for the invoices associated with a cancelled check if the invoices are not reinstated.