Cash management is an important and difficult task: important because it can directly affect the financial status of your company; difficult because monthly payments must be made to numerous suppliers and vendors.
ASI/Accounts Payable simplifies cash management. It is designed to perform every Accounts Payable function, from invoice entry to check reconciliation. It is capable of managing Accounts Payable for multiple companies, departments, and branches. ASI/Accounts Payable can be used independently or it may be interfaced to ASI/General Ledger. Either way, it simplifies payments, provides information to assure accurate and timely settlements of debts, and reduces clerical efforts.
ASI/Accounts Payable simplifies payments by:
- Processing Accounts Payable. In addition to maintaining a detailed record of all invoices received, ASI/Accounts Payable handles all normal Accounts Payable receipt and invoice payment functions automatically.
- Processing Recurring Payables. With a onetime entry, you can set up a payment that is due periodically over a period of time with an optional end date. ASI/Accounts Payable continues to generate recurring transactions until payment is complete or the transaction is removed from the system. Rent is an example of a recurring payable.
- Supports Allocation tables by fixed dollar amount or percentage to quickly enter invoices applicable to multiple departments &/ branches.
- Providing Online Inquiry to Open Payables. You can instantly view the status of any open transaction.
- Flagging Open Invoices. You can flag invoices to be paid when they become due or in the next run of computer checks. If you flag an invoice "open", it is held open until you flag it for payment. Invoices can be flagged individually or in batches according to criteria you select.
- Providing Immediate Access to Vendor Information. Data such as name, address, contact, discount terms, default GL account monthly purchase history for two years, and tax and freight charges, are available on command. Allows for consolidated vendor payment: purchase history maintained on a detail vendor basis while payment is made to one consolidation vendor.
- Providing Flexibility for Immediate Payment. When you need to make immediate payment, such as for COD shipments, and you can't wait for the normal automated check-printing cycle, ASI/Accounts Payable allows you to manually enter checks for check reconciliation and expense distribution.
- Simplifying Entries. When ASI/Account Payable is used with ASI/General Ledger, one entry updates all cash transactions and Accounts Payable functions.
ASI/Accounts Payable assures accurate and timely settlement of debts by:
- Improving Payment Efficiency. The system automatically calculates discounts and informs you of the discount date as well as the due date.
- Tracking Paid Invoices. A variety of reports and screen displays are available to show paid invoices. You can choose how much history to keep on-line.
- Anticipating Cash Requirements. A detailed Aged Trial Balance report allows you to monitor the status of transactions open for payment.
- Analyzes Vendors. A number of reports are offered that show in various degrees of detail the purchases from a specific vendor during a selected time period. A summary report compares current and prior year purchases for all vendors.
- Tracking Partial Payments. If you make a partial payment on an invoice, the system retains the invoice and reminds you that a partial payment is still due.
ASI/Accounts Payable reduces clerical efforts by:
- Provides a Master Vendor List. The list may be printed by vendor number or alphabetically, making it easy to cross check transaction records for accuracy. Printing Mailing Labels. Labels can be printed for all or selected vendors.
- Provides 1099-MISC handling. Invoices are can be flagged as 1099 applicable for Vendors flagged to receive 1099’s.
- IRS Continuous form 1099 can be printed or you can submit 1099 information electronically via the IRS FIRE system.
- Verifying Entries. When data is being entered, errors are minimized because ASI/Accounts Payable rejects invalid input, such as a date in the wrong month.
- Recording and Printing Checks. Automatic check printing on continuous forms is easy with ASI/Accounts Payable. The Check Register reports provide essential information on every check, whether machine-printed or hand-written.
- Reconciling Checks. The Open Checks report shows all checks issued that have not been reconciled or voided. A reconciliation routine allows you to quickly flag checks that have been paid by the bank.
- Providing Offset Flexibility. You can divide Accounts Payable into any number of separate accounts. For example, you can distinguish between car loans, bank notes, and general trade. However, ASI/Accounts Payable is equipped with a default function which allows simple entry of normal transactions.
- Providing Several Void Functions. Open invoices and open checks may be voided. When a check is voided the invoice is reopened. The system supports prior month voids.
- Providing Posting Control. ASI/Accounts Payable lets you to specify default General Ledger and Accounts Payable offset accounts for cash, discounts, tax, freight, and normal trade. Each combination of company, department, branch, and checking account can be uniquely coded.
Key reports produced by ASI/Accounts Payable:
- Screen/Print of Vendor Invoice History
- List Vendor Payables
- Detailed and Short Vendor Lists
- Aged Trial Balance
- Vendor Mailing Labels
- List Recurring Payables
- Batch Print Report
- Vendor Analysis
- MTD Purchases with Batch Total Checks
- Check Reconciliation Print
- G/L Account Distribution (Daily and MTD)
- Check Register by Month
- AP1099 Report/Form/Electronic Submission