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Accounts Payable

Streamlining the way Credit Unions Pay Their Bills With
On-line Status of Pending and Paid Bills For Easy Monitoring

The Accounts Payable system simplifies the accounts payable process by maintaining invoice and vendor databases and automating general ledger posting and check writing.

Vendor Management

A database, which tracks every vendor's name, address, phone number and contact with a unique vendor number, provides efficient functionality and control to your accounts payable department. The vendor database maintains a current balance which is updated as invoices are input and paid.

Monthly Invoice Processing

Upon receipt of an invoice, a data-entry clerk enters the unique vendor number into the invoice file maintenance screen. The screen is then updated with the vendor's default field information, appropriate dates, and any changes and the record is saved.

Invoices are posted daily based on the posting date. The invoice posting routine affects the expense and accounts payable general ledger accounts automatically. After the invoices are posted, checks are printed. By running the "check printing preview" routine, the controller can determine if there are any invoices that shouldn't be paid. The final check run will actually generate checks.

Financial Control

With monthly recurring invoices maintained in the database and onetime invoices entered upon receipt, daily cash requirements can be easily projected. This information allows the financial controller to effectively manage cash flow through the cash requirements report. This report lists each released invoice in order by due date or discount date. For each day, the report totals the net amount; grand totals are included for gross, discount, and net amounts.

Reports

Some of the many preprogrammed management reports available with the Accounts Payable module include: