The accounts payable sub-system or “A/P” tracks money owed by the company. It does this by tracking bills and payments. It can also track fees for making payments through certain channels.
Anything going through accounts payable is done through journal transactions. The main screen in A/P displays any transactions that have not yet been added to a journal. To journalize these transactions there is an input field to input a date. Put the last day of the previous month there and enter. The system will create a new journal and attach any un-journalized transaction up to that date to it.
To view an existing journal enter it’s number in the appropriate field. You can also list all journals and select from the list.
Payables start with bills. These are normally imported from another module such as billing. Bills create an open item in the A/P and transactions track the original amount of the bill as well as payments made against it. The transactions contain a number of fields to track how much, what G/L it applies to and other information for tracking purposes. If the billing module is included then it also tracks the bill reference.
See the secion on foreign currencies for details on handling bills in currencies other than the native one.
Payments are tracked in a few ways including manual entry of cheques, Paypal and direct deposits. The amounts and other information is entered into a “Pay bills” screen. If there are handling fees associated with the deposit type chosen then that value is requested as well. Custom payment types can be added to the system.
Periodically, usually at the end of the month, any un-journalized transactions can be journalized. By putting the end date of the period in the field all transactions that have not yet been journalized are put onto a new journal. At this point a summary of the journal is created and is added to the G/L import table to be picked up by the G/L module and put into a G/L entry.
There are reports that show the state of accounts payable. Besides the ones below we can customize a report to your requirements.
At any point in time an aged listing can be pulled from the system. This report shows a list of all vendors with money owed and the amounts separated into 30, 60 and 90+ columns. You can specify a date to show the aged listing as of that point in time.