The Accounts Payable Software module is a full featured open payables system. Transactions can be entered in this module as invoices or credits, received from other ABECAS™ Insight modules or imported from outside. It allows you manage your open items, make payments either by check or electronically, take discounts, make adjustments, project cash requirements, and maintain a vendor history. A dashboard can be used to highlight critical and other relevant information.

Payable invoices can be quickly entered using one or more pre-defined account distributions associated with the vendor. If more than one distribution is defined for a vendor, then a pop-up list allows you to quickly select the correct distribution. Where multiple accounts apply, the distribution can be automatically allocated by percent or manually entered. The resulting distributions can be easily updated along with adding additional distributions. The sum of the distributions must equal the invoice amount, including taxes.

Selecting open items for payment can either be done automatically, including automatically taking any available terms discount, or manually. Adjustments are typically handled as credits/adjustments so that they more clearly show on the payment. Payments can be voided in one step with the option of recreating the open items. The payment process creates the cash-basis expense detail based on the open items being paid as well as reversing the payable liability created on an accrual-basis.

Once an invoice is received for items received in the Purchase Orders module, the PO receipt can be updated directly with the payable being transferred to this module as an open item. Payroll and the Equipment and Facilities modules also update Payables with tax/vendor liabilities. In the opposite direction, Payables updates Payroll and Settlements with deductions for expenses paid on behalf of an employee or contractor.

Reporting is flexible with aging reports, cash requirement reports, vendor summary, detailed and recap reports, transaction reports, payment reports, and vendor labels, among others. The standard reports may be modified by you, if desired.

Features

• Management screens that display linked information, such as the open items and historical transactions related to a vendor, and provide drill down capability, including to the source transaction
  
• Manages the payables from all ABECAS™ Insight modules as open items
  
• Vendor information includes terms, payment method and stub details, 1099
  
• Purchase Order invoices are turned into Payable open item once approved
  
• Auto distribution of expenses by amount or percentage
  
• Auto or manual selection of open items for payment, including discounts
  
• Checks may be immediate, manual or batched. Or paid electronically
  
• Flexible reporting, including aging, cash requirements, vendor recap, history
  
• Ad hoc reporting with ASCII/Excel® file export