The Accounts Payable
module automates a
wide range of
vendor-related tasks
providing you with the
ability to effectively
manage your
expenditures — saving
valuable time and
reducing costs. This module’s key components include stringent controls that aid in saving your company money. They include features that
aid in avoiding duplicate invoices, set up authorized GL Account IDs for use with a specific vendor’s transactions, copy and paste an AP invoice’s account distribution
from an Excel file,
require that invoices entered into the system be supported by purchase orders, automatically take advantage of early-payment discounts and minimize late payments.

AccountMate simplifies the payment process by supporting ACH and credit card payments, and check issuance directly after AP invoice recording. It can
manage payments to all types of 1099 vendors and prints the applicable 1099-MISC forms. And when integrated with AccountMate’s Purchase Order module, you have a complete vendor and purchasing system that will enhance your ability to manage your vendor base and valuable financial resources.

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AccountMate 7 for LAN
Accounts Payable Module

Instant Access to Vendor Information

Users always have instant access to a vendor’s balance, open debit, available credit, as well as year-to-date and accumulated-to-date purchase totals while posting an invoice for the vendor. Year-to-date purchase information is calculated based on the company’s total purchases from a vendor within a user–defined year.

AP Invoice Transaction – Information Tab

Enhanced Vendor Maintenance Functions

Vendor Ledger Card—The Vendor Ledger Card provides a snapshot of each vendor’s balance by displaying detailed invoice and payment information including prepayments, applied payments and adjustments, and invoice GL Account ID distribution.

Archive Deleted Vendors—Inactive vendors that have no outstanding balance can be deleted and archived. Archived vendor records can be reactivated at any time, eliminating the need to re-enter data.

Set up Authorized Referenced Accounts

Set up a list of GL Account IDs that may be used when posting AP invoices for a vendor to minimize data entry errors and control the transactions that affect GL Account balances.

One-Time Vendor Invoice Entry

The one-time vendor option provides a quick way to input information for a one-time expense without creating a vendor record.

Warning about Duplicate Invoices

If a payable invoice with the same invoice number has been recorded for a vendor, an alert appears to help prevent duplicate recording of invoices. Invoice look-up is also available during invoice posting to determine whether the invoice is paid or outstanding.

Automated Prepayment Feature

With the prepayment invoice feature, users can process payments even before receiving the vendor’s invoice. AccountMate posts the disbursement to a prepayment GL account and handles the expense posting when the prepayment is applied to vendor invoices.

Recurring Invoices

Recurring AP invoice templates are easily set up for rent, loan payments and other recurring disbursements. Invoices can be set to recur at different intervals with a defined limit to the number of recurring cycles and/or a recurring end date. Several invoices can be quickly generated from these templates without having to re-enter the data, and can be amended like other invoices. Users can save time and maximize productivity by eliminating duplicate data entry for recurring transactions.

Purchase Order Lookup

The ability to view all purchase orders for a selected vendor while posting an invoice aids in matching a purchase order to an invoice.

Nonpayment Invoicing

When recording an invoice, users can designate the amount that will not be paid. This is especially useful when part of an invoice is paid directly by a third party, covered by a barter agreement or offset against a receivable.

Reverse Accrued Liabilities for PO Receipts

With the link between PO and AP, users can accrue liabilities upon receipt of purchased goods and then reverse the accrual upon posting of the accounts payable invoice.

1099 Payments

Users can set up a default 1099 type for each vendor and override the 1099 type when recording invoices. AccountMate tracks 1099 payments and produces the appropriate 1099 reports. Users can also specify the minimum cumulative amount of each type of 1099 payment within the year that will require the issuance of a 1099-Misc Form to the vendor.

Credit Card Handling

When credit card vendors are set up, users can record purchases against each vendor account and record payment through one or several credit card companies. This allows the system to maintain an accurate purchase history for the regular vendor and a clear payment history for the credit card vendor. Accounting entries are generated to reclassify the payable balance from the original vendor to the credit card companies. This feature also comes with a separate void function to allow recording of reversed credit card charges.

Invoice Payment Urgency Code

A payment urgency code can be assigned to each invoice to help prioritize invoice payments and check printing.

Mass Payment Authorization

Several invoices can be authorized for payment based on due date, urgency, discount date, vendor or reference. The system automatically calculates early-payment discount and payment amounts for each invoice. All the payments can be authorized in an instant.

Built-in Multi-Currency Feature

When multi-currency is activated, a foreign currency code can be assigned to a vendor, so that invoices and payments can be recorded in the appropriate currency. The system automatically computes the realized gains or losses upon payment of foreign vendor invoices. Outstanding foreign currency invoices can be revalued based on a user-defined exchange rate as of a selected revaluation date.

Flexible Check Printing Options

Print checks on either pre-printed or blank check stock. Customize the order in which the bank routing number, account number and check number are printed using the Microline font that comes standard with AccountMate. Print checks upon invoice recording for petty cash-type disbursements or generate them using the Print Computer Check function for larger expenses.

Record Wire Payments and Handwritten Checks

Record wire payments using the Post Handwritten Check function. This function is also designed to record handwritten checks that were issued outside of the regular check-printing cycle.

Check On-Hold Feature

The on-hold feature allows users to print all checks at once but flag checks that have not been released. The total amount of checks held will be shown separately at the end of the aging report.

Record Cleared Checks

Users can view all outstanding Accounts Payable checks drawn against a bank account. Reconcile bank accounts quickly by matching the checks displayed on-screen against the current bank statement to easily identify which checks have cleared the bank.

Integration with General Ledger and Purchase Order

Integration with the General Ledger module enables users to easily post accounting entries for accounts payable transactions to the General Ledger temporarily or permanently using the Transfer Data to GL or Period-End Closing functions, respectively. Integration with the Purchase Order module also allows users to record and track a purchase transaction from order entry, through receipt and invoicing, to payment; thus allowing users to more effectively manage their vendor base and inventory. Users can also accrue liability as soon as a purchased item is received or postpone recording of liability for when users receive the vendor’s invoice.

Other Features
  • Aging periods can be defined

  • Maintain specimen signature files for use when printing checks on blank check stock

  • Set up vendor alias to facilitate grouping of related vendor records

  • Finance charges can be recorded in the system

  • A variety of reports (e.g. showing discounts, checks, vendors and 1099 payments) can be generated

  • Invoices and checks posted prior to a specific date can be purged

  • Purchase order numbers can be required when entering invoices
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