Accounts Payable

Introduction

Accounts Payable represents a collection of vendors with contracts for goods or services that have been performed, but for which payment has not yet been made. Because of the manner in which the contracts and resulting obligations being addressed may vary, the BusinessPlus Accounts Payable system has been separated into three major components:

1. Immediate Pay Accounts Payable System
2. Open Hold Accounts Payable System
3. Void, Typed and Reversed Accounts Payable System

Features

The major features of the Accounts Payable systems are listed below:

• Open hold Accounts Payable includes cash requirements reporting.
• System supports void, handwritten, and reversed checks.
• System includes consolidated check register. Multiple bank accounts are supported.
• Open hold Accounts Payable includes a powerful interactive Inquiry capability.
• Payment of open hold Accounts Payable may be specified by a variety of criteria (e.g., due date, vendor ID, and/or invoice number).
• All entries to the General Ledger (GL) are defined by the user at the time of system installation. User may selectively post to the GL or to the open hold Accounts Payable subsidiary ledger only.
• One-time vendor override payments are supported. System can assign vendor IDs. Vendors may be automatically added to the Person/Entity database from the various Accounts Payable data entry screens.
• Failsafe audit trail of all entries posted to the GL.
• System includes online vendor payment database. User controls the amount of history.
• All system functions are requested through user-friendly, menu-driven dialogue. Online Help is available for all functions, including data entry.
• Built-in security system allows users to be assigned to specific job running and database access capabilities.
• Interface to Accounts Receivable system available.
• Built-in interface to Encumbrance and Purchasing systems.

Concept Topics

The Accounts Payable System is a powerful and integrated tool for managing vendor payments. Logical integration of the Purchasing, General Ledger, Encumbrances, Accounts Receivable, Fixed Assets and other systems reduces data entry and makes your staff more efficient. BusinessPlus offers two methods for processing vendor payments: "post now and pay later" (Open Hold) and "post and pay at the same time" (Immediate Pay). You can use either or both methods as dictated by your business practices and needs. In addition, the void, typed, and reserved subsystem offers seamless processing exceptions - voided checks, manually issued checks and reversals of checks previously issued.