Payables process flow
Payables is comprised of these main processes:
| Process | Description |
|---|---|
| Setup | When setting up Payables, consider your payment processing and
reporting requirements, determine the company and vendor structures that
best fit those requirements, and set up Payables accordingly. Setup includes defining the bank
accounts from which you create payments, the terms under which you
create payments, and the vendors that you pay. See the Financials Setup and Administration Guide for setup information. |
| Invoice processing | Payables invoice
processing consists of creating, releasing, and paying invoices. You can
also maintain invoices between the time you release and pay them, and
you are required to close your accounting periods. The setup that you complete before invoice processing can help you streamline invoice creation and manage your cash flow. For example, you can define codes that are used on an invoice to indicate when to pay the invoice. You can define the accounts to which to distribute the expense. |
| Special processing | In addition to creating and paying expense invoices, you can use Payables for other special processing such as generating bills of exchange. You can also track and report on vital information such as reportable income, VAT, and Intrastat. |
| Reporting | There are Payables reports that you can run for open payables, cash forecasting, payment history, vendor balances, and more. You can also use Payables to complete required federal reporting, such as submitting reportable income information. |