Jewel - Accounts Payable

The Accounts Payable module, which is an integral part of the purchase management system, manages vendor related data. Entries made here are posted in corresponding accounts in the General Ledger module.

Its interface with the Purchase Order & Invoicing and the Cash Manager modules helps in liquidity planning and ensuring that payments are made appropriately on due dates.

Module Highlights

• Allows creation of advance payments even before an invoice is raised
• Lets users group vendors into vendor categories for greater efficiency and uniformity in the data entry process
• Periods can be defined for aging payables
• Protects posted transactions from alteration ensuring highest form of data security
• Flexible reporting system to print registers, Memos, Aging Analysis, vendor statements for one or many accounting periods and range of values
• Manual posting gives user complete control over posting the transactions
• The payment system supports standard payment methods like issuing of checks
• Customized reports generated can give an “at-a glance” position of amounts due and help to maintain the health of the business to suit your requirements

Setup

• Vendor category
  The various vendors can be grouped into categories based on certain parameters like the nature of services rendered, discounts offered by them, terms and conditions, the types of invoices they have raised, type of items regularly purchased from them etc. This enables users to apply the same information while transacting with them and avoids repetition of data.
• Vendor
  Details of each vendor like their contact information, which category they belong to, what is the credit period offered by them, any standard messages to be sent etc, are entered here. Once this information is available here, it is easily picked up by the system and is used in preparation of vendor related documents where this information is often used
• Payment Terms
  This is used to make a list of payment terms that are offered by vendors to the organization. Each payment term that corresponds to a discount (that may or may not be applicable) and the credit period that is offered by the vendor.

Transactions

• Vendor Invoice/ Expense Entry
  This feature is used to record and administer the invoices raised by vendors .The user needs to enter the vendor Id and the type of invoice that is being recorded, i.e. whether it was for some job work done or whether it is an expense The terms of payment are chosen from the look up provided There is a provision made to sanction a part payment or a full payment also thus ensuring a high degree of flexibility to suit business needs.
• Write Check
  This facilitates the creation of checks required to make a payment. This screen also records whether the payment is made on account .The bank via which the payment is being made is also recorded is also mentioned alongside the cheque details
• Vendor Invoice Payment Query
  This is used to find details of an invoice given by a vendor using a set of options given in an inbuilt search facility of the software. Very often users are required to follow up for some issues with customers. This feature makes it easy for users to have to have the right facts and records available with them in a matter of seconds.
• Select Invoices For Auto Check Generation
  A list of invoices against which payments need to be made are displayed while using this feature .The user can by means of a simple check box (yes / no) indicate whether the cheques need to be prepared for those invoices.
• Approve Selected Invoices for Payment
  The cheques selected above are approved by the appropriate department head or designated authority
• Prepare Check for Selected Invoice
  The invoice amounts that have been both selected and approved for payment are then printed on the cheques
• Make Transaction View Only
  Transactions that have been entered into with vendors can be made as view only to ensure that they are not altered. This can be done for a particular transaction or a range of transactions

Reports

• Vendor Invoice Register
  This is a register or a list of all the invoices that have been received from all vendors. For ease of analysis, the register can be customized to view the invoices issued in a range of values, e.g. invoices issued from one accounting date to another, invoices issued by vendor category, by GL account, by status of the invoices etc. The report also provides individual invoice values along with totals for a set of invoices.
• Vendor Payment Register
  Similar to the invoice register this has a list of payments that have been made. The register can be customized with parameters like date, transaction number, purchase person etc. as explained in Customer Invoice Register.
• Purchase Journal
  This gives the total sales made for a particular duration and also can throw up results for purchases made from vendors with the total billing or invoice values .Is extremely useful to check at a glance at the value paid to each vendor. Will help the management classify & grade vendors with the value of business given to them
• Vendor Statement
  This will give the history, nature & status of the transactions made with each vendor.
  The management will know with the aid of this report which type of vendors have open transactions, with memos, without memos, and what is the balance to be paid to vendors. An analysis of this nature will help the organization constantly revise its payment policy towards a set of vendors or a vendor category leading to greater profitability for the business.
• Vendor Aging Report
  This shows the amounts due to vendors for a certain time frame .The accounts team, with the help of this analysis can easily detect which payments have been due for more than 30 days, between 30 – 60 days, between 60 – 90 days etc.
• Summary Vendor Activity
  This gives a one-line summary of each vendor with details of opening balance and closing balance against each vendor.
• Set up Reports
  • Vendor Category
    This gives the entire list of vendor categories that have been prepared using the set up category option
  • Vendor List
    Using this report we can see the entire list of vendors and their contact details that the organization deals with. Is also very useful for printing a list of labels
  • Vendor Payment Terms
    This displays the entire list of payment terms that have been set up using the set up payment terms option. The management can periodically review this list according to the changing business needs and economic scenario.