The Accounts Payable
AccountMate 7 for LAN
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 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.
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.
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.
AccountMate Software Corporation
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