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The Accounts Payable application allows you to maintain an accurate listing of monetary transactions for all your vendors. An accounts payable account represents the amount you owe a vendor for purchase orders or services. Through the A/P application, you can build and maintain a complete history of your accounts payable activity.
Using the A/P application, you can post invoices and credits from vendors. When you post to accounts payable,DDMSautomatically posts debits and credits to the AP-BATCH file. You release the AP-BATCH file to the GL-BATCH file when you release A/P Batches through the (QR) Accounts Payable Reports screen at the end of the day. You release the GL-BATCH file to general ledger when you release the G/L Baatch Reports throught he (W) General Ledger Reports screen.
You can pay invoices using system-generated checks or hand-written checks. When you enter invoices, you can assign your own voucher date or haveDDMSassign a voucher date. The voucher date can be the date that the invoice is due or the date on which you want to print the check.
Payment terms are defined as voucher dates and net dates. While both are considered due dates, the voucher date represents the date the payment is due in order to receive the discount from the vendor. The net date represents the date when the total amount of the invoice is due.
If
you do not set up payment terms for a vendor, the voucher date defaults to
the invoice date.
When you enter invoices, you can assign your own voucher date or have the voucher date assigned automatically. The voucher date can be the date that the invoice is due or the date on which you want to print the check.
You
can set the A/P parameters so voucher dates are automatically created according
to each vendor’s terms. You do this through the (LC) Vendor And A/P Parameters
screen. You can also specify the discounts for each vendor so that the discount
amounts are deducted from your payments. You do this in the Vendor Master
tab.
A history file of all checks written is maintained, and acts as a check register. It also provides a control mechanism for check usage.
If
this is your first opportunity
to learn about Accounts Payable, refer to About
Accounts Payable, Understanding
the Flow of Accounts Payable, and Understanding
Accounts Payable Files.
To begin using the Accounts Payable application, click one of the topics below.
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