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Accounts Payable
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This module of IMAS helps you process and control your company's expenditure, letting you know exactly what your financial commitments are. It can help you better manage your cash flow, for improved relationships with both suppliers and bank managers.
Accounts Payable provides full open-item payables accounting.
Invoices can be selected for payment by criteria such as due date, bank account, or supplier, or you can fully or partially pay individual invoices. Once the invoices are selected, remittance advices and cheques can be printed on the appropriate stationery.
The aged payables, outstanding payables, and outstanding cheque reports can be printed on request, while audit reports such as the Transaction Register are printed automatically as part of routine processing.
Invoices can be recorded in any Currency and therefore, exchange gains and losses can be calculated when a transaction is settled.
Supplier payments can be done automatically. Cheques and Remittance advices can be printed and pre numbered or the facility to print numbers with the payment details on the cheques has been given.
The major features of Accounts Payable module include: |
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Multiple Currencies |
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Accounts Payable invoices can be recorded in any currency you choose. Exchange gains and losses are calculated automatically when a transaction is settled, and can be posted automatically to the General Ledger |
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Supplier Payments |
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Suppliers can be paid automatically in a two-step process, or invoices can be selected and paid individually |
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Cheques and remittance advices |
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Accounts Payable can print cheques and remittance advices. Cheques forms can be pre-numbered, or you can print numbers with the payment details on the cheques.
The remittance advices include the cheque number for audit trail purposes and to facilitate communications with suppliers. You can print them at any time, and you can make as many payment runs in a processing month as you choose |
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Reports |
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The following major reports are produced by Accounts Payable |
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Transaction Register |
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Cheque Register |
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Aged Payables |
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Outstanding Payables |
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Outstanding Cheques |
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Supplier Analysis |
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Currency Exposure |
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Supplier Inquiry
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You can inquire into the status and balance of any supplier account, current invoices for the supplier and the details of any specific invoice for the supplier at any time |
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The Integration of the Accounts Payable Module
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In a fully integrated IMAS system, the Accounts Payable module exchanges information with other IMAS modules, so the system always reflects the true state of your business:
is how Accounts Payable communicates with the other IMAS modules |
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Detailed or summary journals can be passed automatically to the General Ledger, or posted manually from routine reports |
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Supplier invoices for Accounts Payable and stock receipts for Inventory & Purchase Order Management can be recorded through a single transaction. |
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Supplier invoices entered through Accounts Payable can transfer item costing and, if required, stock quantity details to Inventory & Purchase Order Management |
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Shipment charges can also be passed to Inventory & Purchase Order Management for item costing |
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