ACCOUNTS PAYABLE ADMINISTRATION TABLES
Contents
Finance – Payables – Administration – Payables Codes
Finance – Payables – Administration – Bank Codes
General Ledger Account Numbers
Finance – Payables – Administration – Funds Codes
Finance – Payables – Administration – Payables Codes
Payables Code:
- Manually enter the Code to be added.
- If the Code is already saved in the system, manually enter or click the Underlined link to choose from the Table.
- Alphanumeric.
- Freeform.
Payables Description:
- Enter a description of the Code.
- Alphanumeric.
- Freeform.
Bank Code:
- From Finance – Payables – Administration – Bank Codes.
- Choose the appropriate Bank from the dropdown.
- Default Bank set up for Vendors.
- Can be overridden on the Vendor’s Profile.
Payables GL Account:
- Liability Account.
- Accounts Payable Control Account.
- Manually enter or click the Underlined link to choose from the Table.
Exchange GL Account:
- If the Bank is a foreign Bank with a foreign currency.
- Liability Account.
- Not a Control Account.
- The system will look at the current exchange rate, covert to domestic currency and put the difference in this account.
Discount GL Account:
- If giving a discount to a Vendor for paying early, the difference between the amount of the Payable and the amount actually paid.
- Expense Account.
Finance – Payables – Administration – Bank Codes
Bank Code: Mandatory
- Set up for every Bank the Dealership deals with.
- Can also set up for Credit Cards.
- If adding Credit Cards here, do not set up AP Codes.
- If adding, manually enter the code.
- If bringing up a Code already in the system, manually enter or click on the Underlined link and choose from the Table.
Name:
- Name of the Bank.
- Alphanumeric.
- Freeform.
Bank Address:
- Address of the Bank.
- Alphanumeric.
- Freeform.
Bank Number:
- Number of the Bank.
- Alphanumeric.
- Freeform.
Transit Number:
- Alphanumeric.
- Freeform.
Bank Account:
- Bank Account to be used.
- Alphanumeric.
- Freeform.
Funds Code:
- From Finance – Payables – Administration – Funds Codes.
- Choose from dropdown.
General Ledger Account Numbers
Bank Deposit GL Account: Mandatory
- Actual Bank Account.
- Used to balance Bank Statement.
- Account used when paying the Vendor.
- Account used when doing a Bank Deposit.
- Account used for Direct Deposit – payment from a customer.
- Manually enter or click the Underlined link to choose from the Table.
Bank Exchange GL Account:
- If a foreign currency.
- Exchange account to be used.
- Manually enter or click the Underlined link to choose from the Table.
Currency Variance GL Account:
- Used if the Exchange Rate has changed from the time the Invoice was entered in the system to the time it was paid.
- Reverses the Invoice, reverses the original Exchange Rate, enters in Payables as the current Exchange Rate and amount. This is the difference between the two.
- If a foreign currency.
- Variance account to be used.
- Liability or Expense account.
- Manually enter or click the Underlined link to choose from the Table.
Bank Clearing GL Account:
- Un-deposited Funds.
- Manually enter or click the Underlined link to choose from the Table.
Cheque Number Prefix:
- Used of there is more than one Bank Code.
- Prefix added before the cheque number.
- Used if there is a possibility the cheques may cross.
- Cannot have two cheques with the same number in the system.
- Letter only or will receive an Error message.
Next Cheque No:
- Next cheque to be printed in the system.
- Can be edited.
- Numeric only or will receive an Error message.
Print MICR Number:
- Number pre-printed on the cheque.
- Banks go by MICR Number not cheque number.
- Enable to Print.
AP Cheque Template:
- Specifies the format.
- Three choices: Top, Middle or Bottom.
- Three sections: Two Receipt stubs and a cashable cheque.
- Determines where the cashable cheque prints on the 8 _ x 11” sized paper.
- Choose from dropdown.
Payroll Cheque Template:
- Three choices: Top, Middle or Bottom.
- Choose from dropdown.
Finance – Payables – Administration – Funds Codes
Funds Code:
- Code needs to be set up for every currency to be used in the system.
- If adding, manually enter the code.
- If bringing up a Code already in the system, manually enter or click on the Underlined link and choose from the Table.
Funds Description:
- Alphanumeric.
- Freeform.
- Unlimited.
Domestic To Foreign Exchange Rate:
- If Domestic Currency, enter 1.00.
- If not Domestic currency, enter to exchange rate for this particular currency.
Foreign To Domestic Exchange Rate:
- System automatically calculates using the Domestic To Foreign Exchange Rate.
Domestic Currency:
- Must specify which currency is domestic.