Click to view/hide picture.Use the Accounts Payable tab of the Other Definitions screen (in conjunction with the Invoice & Check Settings tab) to set up how you pay invoices and produce checks.
Click to view/hide picture.
The Accounts Payable tab includes the following options:
AP Invoices
Paid By Specifies the restaurant or accounting
entity that pays this entity's AP invoices. Within your business,
you can use a combination; that is, you can have five entities pay
their own invoices, and have another restaurant or accounting entity
pay the invoices for all of the other restaurants.
When processing payments, if an accounting entity pays the invoices,
a single check is written to a vendor for all restaurants that owe
that vendor money. Each invoice and restaurant included on the payment
is indicated on the check stub. If all restaurants pay their own invoices,
they will each write a check to each vendor to whom they owe money.
If another restaurant or accounting entity is selected here, Computer
Payment Processing and Manual Payments options do not appear on the
restaurant's Transactions menu.
You cannot change this option while there are outstanding payment batches.
If you change who pays invoices, you will not be able to void previously
entered payments.
Post Standard Costs To Specifies the entity that will receive the posting for the standard cost variances in both AP Invoice postings and Manual Check postings.
Note that this will only happen if "Use Standard Costs" is selected on the Setup > Other Definitions screen's Other tab.
Computer Checks Bank The default bank account for computer checks.
Manual Checks Bank The default bank account for manual checks. Manual checks will always post, creating a single entry for each check, to the cash account number associated with this bank account in the Bank Accounts screen.
Advantage
IQ Bank (for Advantage IQ users only) If you wish to allow
selection of a bank from a different entity in the Import
Advantage IQ Journal Entries screen when "Allow selecting
bank codes from any entity" is unchecked under Group security,
specify the bank in this field.
This has the end affect of adding the specified bank to the Bank Code
drop-down list in the Import Advantage IQ Journal Entries screen.
AP Acct # The accounts payable account number is needed if this entity is defined as the AP Invoices paid by entity as described above. If another entity is assigned to pay invoices, then the AP Acct # will be defined in that entity.
Purchase Discount Acct # The account in which purchase discounts are recorded. When you assign a terms code to a vendor to receive a discount for early payment, Compeat will credit this account when the payment is posted and a discount is calculated.
Inventory in Transit Acct # The account in which inventory in-transit is recorded. This account records the value of inventory that has been transferred out of this entity to another entity, but has yet to be received by the destination entity.
Fulfillment Variance Acct # The account used to record any difference between what is received by the receiving entity and what was shipped by this entity in an inventory transfer. When less is received than was transferred, the sending entity expenses the shortage in this account.
Invoice Import Sales Tax Acct # If you included a Total Sales Tax field on any Invoice Import templates, you must specify the account that will receive the amount when an invoice is imported.
Invoice Import Freight Acct # If you included a Freight Charge field on any Invoice Import templates, you must specify the account that will receive the amount when an invoice is imported.
Grace Period The number of days beyond the last day of the period that you can still enter invoices or manual checks for that period. For information on how grace periods affect entering transactions, see Transaction Dates.
You can select to post AP invoices, computer checks, manual payments, and house account payments in summary or in detail. The difference between summary and detail posting is in how the credit to either the AP account or the cash account is posted. The expense account distributions are always posted as entered in the voucher (and always have the voucher number as the journal control number).
The following examples describe how GL entries to the computer check’s cash account are made for each option (remember, the expense account GL entries do not change based on the option selected); the AP invoice, manual payments, and house account payment postings are comparable:
If you select Summary posting, you will get one credit to cash for each apply date in the batch. Each credit is the total of all of the check amounts for each apply date in the batch. The journal control number is the batch code.
If you select Detail Posting, you will get a credit to cash for each check in the batch. The journal control number for both sides of each entry is the voucher number.
When doing General Journal Inquiries you will get different results depending on whether the vouchers were posted in summary or in detail. For example, if inquiring on a journal control number, if you post in summary, an entry could appear out of balance; therefore, in this case you should inquire on the batch code. The same inquiry on an entry posted in detail would return a balanced entry.
You can specify your posting preferences under Setup > Other Definitions > Accounts Payable tab, Posting Choices.
Post AP Invoices & Manual Checks Specifies whether AP invoices will post one total credit to the AP account (summary), or a credit entry for each invoice (detail).
Post Computer Checks Specifies whether computer checks will post one total credit to the cash account (summary), or a credit entry for each computer check (detail).
Post Manual Payments Specifies whether manual payments will post one total credit to the cash account (summary), or a credit entry for each manual payment (detail).
Invoice & Check GL Reference Info Specify the information to include in the GL postings for invoices and checks. The choice you make here will display in the reference column of the General Ledger report for all future invoice and manual check postings. Choose Vendor Number/Doc Number, Vendor Name/Doc Date, or Vendor Name/Doc Number.
Specify a sorting criteria to use for computer checks. This setting will determine the order in which checks are printed. Choose Vendor Code or Vendor Name.
