Accounts payable is responsible for ensuring that the company’s bills are paid on time and the company is not being overcharged for any services. At times, Accounts Payable may have accounts receivable responsibilities such as sending invoices to clients and other companies, collecting payments and handling payment and non-payment disputes.
- Set Up
- Unbilled Items
- Unbilled Expense Items
- Accrual Report
- Spend Tracker
- Expense Records
- Receiving Summary
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Set up the accounts payable feature to your users and for your organization.
Invoices are documents that are sent to buyers and they indicate the amount and cost of the products or services that are provided by the vendor. The invoice lets the buyer know what must be paid and it is according to the payment terms the vendor has set.
Partially received items will go into the Unbilled items tab. Your accounts payable team can go ahead and create Bills towards these partial payments.
Create unbilled expense item in the Accounts Payable tab and track your reimbursements to your employees! Allocate the expenses to the appropriate account code and split the cost equally, by dollar amount, or percentage.
Accruals are adjustments for revenues and expenses that have been earned but are not yet recorded in the accounts. Accruals need to be added by adjusting entries so that the financial statements reflect these amounts.
Use the spend tracker to track your spent amount through each location and department. You may filter by account code to see how much is being spent against each account code.
Record all of your expenses in the Accounts Payable tab.
A receiving report is an internal document that is used to record materials and inventory received by the company. This report is used to send to other departments to notify them on what has been received and ready for use. You can see the dollar amount received to date and received in period (within the time frame you selected), outstanding balance, and total.
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