This Help File Page was last Modified on 11/28/2017
✓Some of what is owed may still be owed after it was due to be paid.
✓The time - within which these Purchases must be paid - should be easily reported, because knowing how much is owed, and when it is due to be paid, is important if you want to manage of your Company properly.
•So, you will need all types of Reports that detail (or summarize) all of these Financial Transactions in many, many ways.
✓If applicable, all of these Financial Transactions must post automatically to your Company's General Ledger module.
Overview of some Payables related Forms - The Vendor, Bills, Allocations, and Payments Form
❑To start using the Accounts Payable module, you should first:
•Read this Overview chapter completely for a better understanding of what you will need to do.
•Enter your Company's Vendors (e.g., Remittance Address, Tax Rate, Shipping Instructions, Contact Information)
❑Then, while using the Accounts Payable module:
•Execute the Daily Procedures as required
•On a Monthly basis (at least), perform the Periodic Procedures
•Examine/Review your Company's purchases and verify and confirm your Company's payments by Reporting the Results
•What must I do Now?
1.Read and complete the entries documented in these Payables - Maintenance Entries chapters:
b)Define your Company's preferred Shipping Methods
c)Create codes and descriptions of Purchase Categories - generic groupings for the goods and services your Company will be buying, and specific identifications of the Parts your Company will be purchasing for resale.
e)If your Company will use Credits Cards to Pay Bills, enter a Vendor record for each Credit Card that will be used for that purpose, enter the associated Purchase Category, then identify each of the Credit Cards that may be used to Pay a Bill (see the Credit Card Maintenance & Tracking chapter for detailed instructions).
2.Finally, complete the start-up process:
a)Enter Vendor Information so the system knows from whom your Company purchases goods and services.