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The normal flow of activity in the Payables module consists of posting vendor invoices, recording vendor payments and printing the various accounts payable reports.
| 1. | Posting vendor invoices - Vendor invoices should be entered into the system as quickly as possible in order to keep the job cost and general ledger totals as up to date as possible. If the accounting method has been set up as accrual (this is the preferred method), then the invoices will be expensed and aged in the system based on the vendor invoice date. The invoices will remain in an 'open' accounts payable file until paid. |
| Note: If your company will be using the subcontractor payment sheets, then the payable invoices for the subcontractor will be created automatically when these payment sheets are generated. Do not enter the invoice received from the vendor as this will cause a duplicate entry of the invoice. |
| Note: Vendor invoices that are related to purchase orders created in the Orders module must be entered through the Invoices option in the Orders module. |
| 3. | Printing accounts payable reports - There are currently six reports available in the Payables module including a 1099 information report. Detailed reports of vendor invoices (purchase journal) and payments (cash disbursements) may be printed at any time for any period and with a variety of options. The accounts payable aging schedule may also be printed for any period and may include an option to 'reconstruct' the balances of those invoices that have already been paid. 1099s can be printed using the Payables > Tax Forms / E-File / 1099s menu option. Refer to the Calendar Year End Notes for more information on 1099s. |
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