Accounts Payable process flow
The Accounts Payable application can be broken down into four main processes: setup, invoice processing, special processing, and reporting. This section takes a closer look at setting up Accounts Payable and using the application to process invoices and generate reports.
Accounts Payable setup
While setting up Accounts Payable, you are required to consider your payment processing and reporting needs, determine the company and vendor structures that best fits those needs, and set up your Accounts Payable application.
Hands-on setup of your Accounts Payable application will include defining the bank accounts from which you will make payments, the terms under which you will make payments, and the vendors you will pay.
Accounts Payable invoice processing
Accounts Payable invoice processing consists of specifying, 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 you complete before invoice processing can help you streamline invoice entry and manage your cash flow. For example, you can define codes that will default on an invoice to specify when the invoice should be paid and to which accounts the expense should be distributed.
Accounts Payable special processing
In addition to specifying and paying expense invoices, you can use the Accounts Payable application for other special processing such as voiding payments, paying employee expenses, and generating bills of exchange. You can also track and report on vital information such as reportable income, VAT, and Intrastat.
Accounts payable reporting
Accounts Payable contains programs that will allow you to gather reports on open payables, cash forecasting, payment history, vendor balances, and more. You can also use the Account Payable application to complete required federal reporting, such as the submitting reportable income information.
Accounts Payable: A big picture
To mirror Accounts Payable's major processes, this user guide is divided into four parts: Setup, Invoice Processing, Special Processing, and Reporting.
The big picture flow shows Accounts Payable's four main processes, breaks the processes down into sub-processes, and serves as a reminder of where you are in the user guide.
