Accounts Payable System > Periodic Procedures

❑Weekly - This is the suggested list of what you should be doing at least once a week (or sometimes just once each month). Larger companies may have to perform many of these tasks on an almost daily basis.

•Forecast your Company's Upcoming Cash Needs with the Cash Requirements Report

•Enter Payments and Print Checks

•Review and Apply any Unallocated Payments & Credits

•Review Bills on Payment Hold

❑Monthly - These procedures must be completed every month, but will probably be done on different days throughout the month.

•Post & Pay Recurring Purchases - Automatically creates and then pays your Recurring Purchases.

✓This eliminate the need to repeatedly enter and then pay the Bills that are for the same charges every month (Vehicle Payments, Loans Payments, Rent, etc.).

✓It prevents you from forgetting to make the payment and so you avoid late fees and/or credit rating issues.

•Review your Unreconciled Items Report for outstanding Bank Checks that may have gone missing (e.g., lost in the mail, eaten by the dog, still in someone's outbox).

•Review the Missing Checks report which is used to for Identify, List, Print and/or Export a list of Missing Check Numbers for a Selected Bank

•Reconcile all Bank Statements - Your favorite task of the month, for sure, but easier when using this Bank Reconciliation dialog.

•If your Company is required to do so, be sure to remit Sales Taxes to the appropriate Sales Taxing Authorities (see the Calculate & Remit Sales Taxes chapter for more information).

•Reconcile all Credit Card Statements - Your next favorite task of the month, for sure, but easier when using this Credit Card Reconciliation dialog.

•Prepare to Close the Month:

✓Finish entering all your Company's Bills

✓Make all the Disbursements you intend to make before the end of the month

✓Print Checks for those Payments

✓Review and/or Print and/or Export the Accounts Payable (As Of) Report for All Bills with an outstanding Balance after you've completed the steps above for this (As Of) month ending date.

•Print Month End Reports - Here is your chance to start going Paperless.

✓These reports may be Previewed and/or re-Printed at any time in the future.

▪They will contain the same set of information as long as you specify the requirements in the same way, particularly the Date Range.

▪Unless you have a very specific reason to actually "Print" it, don't!

✓View and/or Print your Purchases Analysis Report - This report may be Viewed and/or (Re-)Printed at any time in the future, so unless you have a very specific reason to actually "Print" it, don't.

✓View and/or Print the Check Register for each Bank

✓View and/or Print the Taxes Billed Report to Confirm that you have paid Sales Tax on all applicable purchases.

✓View and/or Print the other Accounts Payable Related Reports that would be appropriate for your Company's business needs.

•Calculate the Sales Taxes Owed - One of more Reports will be needed for calculating Sales Taxes that are Owed to the the governing State, Local, and/or Federal Taxing Authority (although these reports are created in the Accounts Receivable System, pay the sales taxes that are owed is usually the responsibility of the Accounts Payable Department)

•Close the Month - Finally, if you are not yet using the General Ledger System, complete the Month Closing Process in the Accounts Payable module.

✓This Month Closing Process is used when the General Ledger System is not active (i.e., the General Ledger Setup Wizard has not been executed successfully).