Accounts Payable Module
Controlling Cash Flow
Contractors purchase many materials and services in the completion of their jobs. It is the purpose of the Accounts Payable Module to organize these purchases and to manage the disbursement of cash in a timely, efficient manner. The Accounts Payable Module handles exceptions which frequently occur in the construction industry, including partial payments, payments to infrequently used vendors, selection of invoices for payment by due date, jobs, vendor or individual invoice; you can even put a halt status on invoices to avoid inadvertent payment of an item in question.
To ensure accurate information, the system carefully edits invoices when entered. Each invoice is entered only once and is posted to the General Ledger, Open Payables file (Accounts Payable subsidiary), and Job Cost Ledger automatically.
Selecting from this list, you produce a Cash Requirements Report which tells you how much you will need in cash to cover items indicated for payment. You have complete control over cash disbursements at all times. Checks are printed with full remittance information indicated on the check stub.
Vendor Status To aid in managing your accounts payable, the system prepares another report: the Vendor Statistical Listing, It shows the amounts paid to vendors, discounts taken, and the last date they were paid. This report can be valuable to you in reviewing cash management procedures and in negotiating payment terms with suppliers.
Subcontract Status The Subcontract Status Report gives you updated information on subcontracts and major purchase orders. This report includes contract amount, change orders, billings and retainages to date, amounts paid to date, amount due, and last payment date. This report is helpful in exercising control over subcontracts and in evaluating the subcontractor's performance.
In short, the Accounts Payable Module is not only a convenient system for processing invoices and disbursing cash; it is also a management tool which provides you with timely information on the liabilities of the company and helps you to better control your use of cash resources.
Easy As 1-2-3 Using the Accounts Payable Module is as easy as 1-2-3. Each major process-posting invoices and writing checks-is accomplished with great ease.
Invoices Since a majority of the paper work in a construction office flows through the payables system, it is important that the handling of invoices be as streamlined as possible. With ProfiTRAC all invoices are entered through a single invoice workfile, edited and posted to the appropriate ledgers.
User Friendly Three easy steps are all it takes to complete the tasks in Accounts Payable.
To Post Invoices
- Enter invoices through the Invoice Entry, coding them to the correct jobs and accounts.
- Edit the entries to insure the completeness and accuracy of the entry process.
- Post the invoices to the appropriate ledgers.
Check writing is just as easy. Simply select invoices for payment, proof the Cash Requirements Report that is produced at the completion of the selection process, print checks and post and update the checks.
To Write Checks
- Select invoices for payment based upon a variety of selection criteria.
- Print the checks.
- Post and update based upon the checks which have just been printed.