Accounts Payable

AccountMate's Accounts Payable module includes features designed to help you carry out even the most basic invoicing transaction with ease. To give you an idea of what is possible with the AccountMate Accounts Payable module, we have put together a list of some of our key features.

oAP Invoice Transactions

You can post and amend various AP invoices using the AP Invoice Transactions function. The following transactions can be easily captured using this function:

•Regular Invoices

•Open debits

oAP Prepayment Transactions

With the prepayment feature, you can record advance payment transactions where your vendor requires partial or full payment of the items ordered before delivery. These prepayment amounts can be offset against vendor invoices. Hence, month-end analysis of your prepayments for reclassification to expenses is no longer necessary. The system automatically posts to prepayment accounts when recording the prepayment transaction and handles the expense posting when the prepayment is applied to vendor invoices.

oAuthorize Payment

AccountMate provides you with the function to authorize payment for certain AP invoices, prepayments and charge transactions. Payment authorization is required before an invoice or a charge transaction can be eligible for payment. This gives you better control over handling your payables.

oRecord Finance Charge

You can post the vendor’s assessed finance charges to invoices recorded in the system. This function can be used as a tool to control finance charge expense in your company. With this function, you can determine which of the invoices from a particular vendor is due or will be coming due since a Due Date field is displayed; thus, you are alerted and may be prompted to prepare payments to avoid finance charges.

oRecord Check Payments

With the Record Check Payment function, you can record in the Accounts Payable module, information from a check written outside the system. This function also allows you to simultaneously apply payments using open debits to your invoices and prepayments.

oRelease On-hold Check

This function allows you to keep track of held checks in the system. The system updates your cash account by creating a credit entry to your cash account at the time you print or post checks even if the status has been set to on-hold. Thus at the end of each period, you need to update the list of held checks to help you when reconciling the cash balance in your books with the cash balance in your bank.

oSet Up and Generate Recurring Vendor Invoice

Recurring AP invoice templates can be easily set up for rent, loan payments and other needs. Recurring invoices can be quickly generated without having to reenter the data each time and they can be amended like any other invoice. This allows you to save time in recording invoices every time they have to be prepared either daily, weekly, bi-weekly, semi-monthly, monthly, bimonthly, quarterly, semi-annually or annually.