Accounts Payable overview
To get started using Accounts Payable, you or your system administrator subscribes to and configures the application for your company. This involves selecting the features you want to appear in the AP menus and pages and assigning permissions to those who need to access those features. For step-by-step instructions on how to configure AP for your company, go to Configuring Accounts Payable.
With Accounts Payable, you can:
- Set up Accounts Payable to emulate your payment process.
Optional payment and AP supplier invoice approval cycles includes different levels authorization for approvers. For example, cheques less than R500 might not need approval, but ones over R5,000 might need additional approval by staff authorized for that amount. You can require two cheque signatures that can be signed or digital, where the second is required at a preset amount. You can add digital files or attachments to transactions, providing permanent and secure access to underlying documentation.
- Pay suppliers in numerous ways.
Payment types include full or partial payments against AP supplier invoices, recurring and future payments, and advances. Payment methods include printed cheques, online cheque delivery, cash, credit cards, manual payments, and funds transfer (EFT). You can apply over payments and other amounts that suppliers owe you to the next AP supplier invoice you pay.
- Categorize suppliers into different types, so you can run reports and other processes on an entire class of suppliers
- Create custom terms.
In addition to the default Accounts Payable terms and aging periods, you can create custom terms as you need them.
- Close Accounts Payable periods while keeping the General Ledger open; financial data is retained indefinitely.
- Easily adjust accounts with debit or credit memos.
- Create and print reports.
To aid in cash management, the application generates a wide variety of easily customizable aging and payables reports and graphs.
The Accounts Payable application is fully integrated with other Sage Intacct accounting applications for real-time posting. And, you can seamlessly integrate your external applications with our XML gateway.
The Purchasing application synchronizes with Accounts Payable to give staff procurement tools such as RFQs, and POs. PO transactions post automatically to both Accounts Payable and the General Ledger.
The Accounts Payable application comes with many standard reports that you can run immediately. To learn more, see the summary of standard Accounts Payable reports.
