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AccountMate - Accounts Payable Module
The Accounts Payable module automates a wide range of vendor-related tasks providing you with the ability to effectively manage your expenditures— saving valuable time and reducing costs. This module’s key components include stringent controls that aid in saving your company money. They include features that aid in avoiding duplicate invoices, set up authorized GL Account IDs for use with a specific vendor’s transactions, copy and paste an AP invoice’s account distribution from an Excel file, require that invoices entered into the system be supported by purchase orders, automatically take advantage of early-payment discounts and minimize late payments.
AccountMate simplifies the payment process by supporting ACH and credit card payments, and check issuance directly after AP invoice recording. It can manage payments to all types of 1099 vendors and prints the applicable 1099-MISC forms. And when integrated with AccountMate’s Purchase Order module, you have a complete vendor and purchasing system that will enhance your ability to manage your vendor base and valuable financial resources.
Instant Access to Vendor Information
Users always have instant access to a vendor’s balance, open debit, available credit, as well as year-to-date and accumulated-to-date purchase totals while posting an invoice for the vendor. Year-to-date purchase information is calculated based on the company’s total purchases from a vendor within a user–defined year.
Enhanced Vendor Maintenance Functions
Vendor Ledger Card
The Vendor Ledger Card provides a snapshot of each vendor’s balance by displaying detailed invoice and payment information including prepayments, applied payments and adjustments, and invoice GL Account ID distribution.Archive Deleted Vendors
Inactive vendors that have no outstanding balance can be deleted and archived. Archived vendor records can be reactivated at any time, eliminating the need to re-enter data.Goto Top
Set up Authorized Referenced Accounts
Set up a list of GL Account IDs that may be used when posting AP invoices for a vendor to minimize data entry errors and control the transactions that affect GL Account balances.
One-Time Vendor Invoice Entry
The one-time vendor option provides a quick way to input information for a one-time expense without creating a vendor record.
Warning about Duplicate Invoices
If a payable invoice with the same invoice number has been recorded for a vendor, an alert appears to help prevent duplicate recording of invoices. Invoice look-up is also available during invoice posting to determine whether the invoice is paid or outstanding.
Automated Prepayment Feature
With the prepayment invoice feature, users can process payments even before receiving the vendor’s invoice. AccountMate posts the disbursement to a prepayment GL account and handles the expense posting when the prepayment is applied to vendor invoices.
Recurring Invoices
Recurring AP invoice templates are easily set up for rent, loan payments and other recurring disbursements. Invoices can be set to recur at different intervals with a defined limit to the number of recurring cycles and/or a recurring end date. Several invoices can be quickly generated from these templates without having to re-enter the data, and can be amended like other invoices. Users can save time and maximize productivity by eliminating duplicate data entry for recurring transactions.
Purchase Order Lookup
The ability to view all purchase orders for a selected vendor while posting an invoice aids in matching a purchase order to an invoice.
Nonpayment Invoicing
When recording an invoice, users can designate the amount that will not be paid. This is especially useful when part of an invoice is paid directly by a third party, covered by a barter agreement or offset against a receivable.
Reverse Accrued Liabilities for PO Receipts
With the link between PO and AP, users can accrue liabilities upon receipt of purchased goods and then reverse the accrual upon posting of the accounts payable invoice.
1099 Payments
Users can set up a default 1099 type for each vendor and override the 1099 type when recording invoices. AccountMate tracks 1099 payments and produces the appropriate 1099 reports. Users can also specify the minimum cumulative amount of each type of 1099 payment within the year that will require the issuance of a 1099-Misc Form to the vendor.
Credit Card Handling
When credit card vendors are set up, users can record purchases against each vendor account and record payment through one or several credit card companies. This allows the system to maintain an accurate purchase history for the regular vendor and a clear payment history for the credit card vendor. Accounting entries are generated to reclassify the payable balance from the original vendor to the credit card companies. This feature also comes with a separate void function to allow recording of reversed credit card charges.
Invoice Payment Urgency Code
A payment urgency code can be assigned to each invoice to help prioritize invoice payments and check printing.
Mass Payment Authorization
Several invoices can be authorized for payment based on due date, urgency, discount date, vendor or reference. The system automatically calculates early-payment discount and payment amounts for each invoice. All the payments can be authorized in an instant.
Built-in Multi-Currency Feature
When multi-currency is activated, a foreign currency code can be assigned to a vendor, so that invoices and payments can be recorded in the appropriate currency. The system automatically computes the realized gains or losses upon payment of foreign vendor invoices. Outstanding foreign currency invoices can be revalued based on a user-defined exchange rate as of a selected revaluation date.
Flexible Check Printing Options
Print checks on either pre-printed or blank check stock. Customize the order in which the bank routing number, account number and check number are printed using the Microline font that comes standard with AccountMate. Print checks upon invoice recording for petty cash-type disbursements or generate them using the Print Computer Check function for larger expenses.
Record Wire Payments and Handwritten Checks
Record wire payments using the Post Handwritten Check function. This function is also designed to record handwritten checks that were issued outside of the regular check-printing cycle.
Check On-Hold Feature
The on-hold feature allows users to print all checks at once but flag checks that have not been released. The total amount of checks held will be shown separately at the end of the aging report.
Record Cleared Checks
Users can view all outstanding Accounts Payable checks drawn against a bank account. Reconcile bank accounts quickly by matching the checks displayed on-screen against the current bank statement to easily identify which checks have cleared the bank.
Integration with General Ledger and Purchase Order
Integration with the General Ledger module enables users to easily post accounting entries for accounts payable transactions to the General Ledger temporarily or permanently using the Transfer Data to GL or Period-End Closing functions, respectively. Integration with the Purchase Order module also allows users to record and track a purchase transaction from order entry, through receipt and invoicing, to payment; thus allowing users to more effectively manage their vendor base and inventory. Users can also accrue liability as soon as a purchased item is received or postpone recording of liability for when users receive the vendor’s invoice.
Other Features
• Aging periods can be defined
• Maintain specimen signature files for use when printing checks on blank check stock
• Set up vendor alias to facilitate grouping of related vendor records
• Finance charges can be recorded in the system
• A variety of reports (e.g. showing discounts, checks, vendors and 1099 payments) can be generated
• Invoices and checks posted prior to a specific date can be purged
• Purchase order numbers can be required when entering invoices
© 2008 AccountMate Software Corporation. All rights reserved. Reproduction in whole or in part without permission is prohibited. The capabilities, system requirements and/or compatibility described herein are subject to change without notice. Contact AccountMate or an Authorized AccountMate Solution Provider for current information.
Accounts Payable Features
- Instant Access to Vendor Information
- Enhanced Vendor Maintenance Functions
- Set up Authorized Referenced Accounts
- One-Time Vendor Invoice Entry
- Warning about Duplicate Invoices
- Automated Prepayment Feature
- Recurring Invoices
- Purchase Order Lookup
- Nonpayment Invoicing
- Reverse Accrued Liabilities for PO Receipts
- 1099 Payments
- Credit Card Handling
- Invoice Payment Urgency Code
- Mass Payment Authorization
- Built-in Multi-Currency Feature
- Flexible Check Printing Options
- Record Wire Payments and Handwritten Checks
- Check On-Hold Feature
- Record Cleared Checks
- Integration with General Ledger and Purchase Order
- Other Features
About AccountMate:
Since 1984, AccountMate Software Corporation has provided customers with powerful and flexible accounting and business management software. AccountMate provides the most stable and technologically innovative modifiable accounting solutions for the mid-market. The accounting systems are sold by the module which enables customers to acquire the software they initially need and add modules as their business needs evolve. The availability of source code makes this software highly modifiable so that it can be adapted to any changing business environment.
Software That Fits:
AccountMate is real-time, customizable financial and business management software designed to address the needs of small to mediumsized businesses. It takes advantage of the speed of client/server technology and the latest productivity-enhancing tools in Microsoft’s suite of products to help you better manage your business.
This leading-edge application combines the full functionality of our award-winning AccountMate system with the power of Microsoft’s SQL Server. It offers AccountMate users enhanced investment protection for the long haul with superior scalability, up-time performance, stronger data security and software applications.
A SQL database also optimizes the application’s performance so users can experience uniform highspeed performance—no more system slowdown at the end of your reporting period.