Accounts Payable Overview
The accounts payable is a sub ledger which records any invoices received by the organization. It then tracks them according to the due date or date of payment.
As bills are received they should be entered into the A/P Vouchers program. This helps ensure an accurate picture of the organization's financial status.
Voucher Options:
 Distribute vouchers to multiple funds.
Notification when vendor credit limits are reached.
Recurring vouchers.
Posts directly to the General Ledger.
Payment Options:
Pay multiple vouchers with a single check.
Make partial payments on open vouchers.
Select vouchers to approve or pay based on user defined criteria.
Posts directly to the General Ledger.
Vendor Tracking:
Vendor detailed information.
Access to detailed payment and purchase information maintained for an unlimited number of years.
Summary purchase information maintained for an unlimited number of years.
Ability to bill to another Vendor.
1099 Reporting:
Checks written to individuals or companies which aren't incorporated must be reported to the IRS using the 1099 form if the total of all of the checks or cash given to the "vendor" exceeds the minimum required by the IRS.
In Vendor Entry there is an indicator whether or not the "vendor" should receive a 1099. The default is to include the vendor on a 1099.
In A/P Vouchers each line item can be marked whether or not to include on a 1099. The default action is to include the item on a 1099. This is regardless of the vendor's 1099 status.
Check with the IRS for the latest requirements.
Cash Expenses:
Cash used to pay expenses should be recorded on the A/P Vouchers screen. A bank account should be setup in the
Bank Accounts program for "Cash on Hand" transactions. This will allow reconciliation of the cash on hand for proper accountability.
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