Financials and Extended Accounting
Acumatica Accounts Payable
The Accounts Payable (AP) module is used to track vendor invoices, automate payment processing, predict cash requirements, track vendor balances, manage available discounts, and deliver vendor reports. The AP module is integrated with all other Acumatica modules and can be deployed on premise or hosted at a datacenter so you can control where sensitive data is stored.
INTELLIGENT PAYMENT PROCESSING
- VENDOR PREPAYMENTS: Enter prepayment requests, issue prepayments to vendors, and apply prepayments to vendor invoices once they are received. The vendor prepayments balance is kept separate from the regular AP balance in order to maintain deposits as an asset account.
- PREPAID EXPENSE RECOGNITION: Each AP line item can be assigned a deferred expense schedule so you can accurately recognize expenses in the proper reporting period. Acumatica will automatically split the expense between the prepaid expense asset and expense accounts and recognize the expense after running the prepaid expense recognition process.
- PAYMENT APPROVAL PROCESS: Bills can be automatically approved for payments or go through a payment approval process so you can prioritize or delay the bill payment. Once the bill is approved for the payment you can print the check or issue an electronic payment
- USE, VAT, AND WITHHOLDING TAXES: The AP module automatically calculates Use and VAT Taxes and prepares reports for tax filing and reporting. Acumatica also supports withholding tax calculations.
Key Benefits
OPTIMIZE PAYMENTS
- Avoid late charges and take advantage of vendor discounts by aligning payments with cash flows
PREDICT CASH REQUIREMENTS
- Improve vendor payment decisions by using drill-down reports and dashboards to gain access to past information and provide insights into future needs
FASTER DELIVERY, FEWER ERRORS
- Enter data more quickly with predictive entry and flexible screen layouts
- Reduce errors by setting default accounts, subaccounts, payment terms, and discounts by vendor
ACCELERATE DECISION-MAKING
- Improve vendor payment decisions by using drill down reports and dashboards to gain access to past information and provide insights into future needs.
- Automate reporting, consolidation, payments, and cash management
ORDER LOCALLY AND INTERNATIONALLY
- Maintain vendor balances in both a base currency as well as the vendor currency. Currency translations are performed automatically
Features and Capabilities
VENDOR PAYMENT PROCESSING
Avoid overpaying vendors with a new process flow in AP—open debit adjustments are automatically available to be selected during payment processing.
MULTIPLE AP ACCOUNTS IN GL
Link groups of Vendors to specific AP accounts in the GL. Default accounts can be overridden during Bill or Payment processing. Acumatica automatically offsets the correct account when the payment is applied.
SUPPORT MULTIPLE CURRENCIES
Track vendor balances and pay vendors in a foreign currency. Acumatica automatically computes the realized gain/loss. Unrealized gains and losses can be calculated using the AP currency translation account
RECURRING AP DOCUMENTS
Create recurring bills by setting the frequency and timeframe for payment. Recurring bills will appear in the recurrent transaction processing screen for review, modification, and release.
VENDOR REFUNDS
Receive vendor refunds. Each vendor refund will debit a cash account and debit an AP Account. You can apply a refund towards a Debit Adjustment or Prepayment document.
AP AGING REPORTS
Analyze upcoming obligations by configuring AP aging categories which are reflected in a full set of aging reports. By providing total outstanding balances as well as past due accounts, aging reports help you analyze your AP, cash requirements, and vendor performance.
1099 REPORTING
Accumulate 1099 information for any designated vendor. Track 1099 payments and produce the appropriate 1099 reports.
VENDOR ACCOUNT SECURITY
Control access and restrict sensitive vendor information by specifying which individuals and roles can view and modify vendor account information and balances.
CREATE AP DOCS FROM INBOX
Apply AI/ML technology to import PDF documents from files or directly from email attachments and transform them into AP documents.
1099-NEC SUPPORT
AUDIT TRAILS
Maintain a complete audit trail of all transactions. Documents cannot be deleted or canceled. Correct mistakes using correcting or reversing entries. Acumatica captures the ID of the user who entered the transaction and the user who modified the record. Notes and supporting electronic documents can also be attached to the transactions.