The best way to get started with Payables Management is to use the setup
checklist provided with the system. To access the system checklist, click
Microsoft Dynamics GP, point to Tools, point to Setup, and then click Setup
Checklist.
Assign setup tasks to users, and track which steps are completed. As each step is
selected in the checklist the appropriate window used to complete that procedure
appears.
Payables Management includes a variety of flexible features and benefits
discussed briefly here.
Set Up Vendors
Vendor records are used to enter and store information about a company's
suppliers. Address and billing information is stored with the vendor, and
information such as the typical payment terms default when transactions are
entered in Payables Management and Purchase Order Processing. Many
informational reports can be generated to analyze account information by vendor.
Customize Vendor Classes
A vendor class is used to group vendors according to shared characteristics, such
as business type or location. This feature provides defaults for new vendor
records, speeding data entry, and facilitates reporting for a specific group of
vendors quickly and easily. By using the class roll down feature, information can
be changed for an entire class of vendors quickly and easily.
Tailor User-Defined Fields
Although Microsoft Dynamics GP tracks comprehensive information about
vendors, additional information might need to be tracked that is specific to the
business. With Payables Management two fields can be defined in the Vendor
Maintenance window any way desired - one of these fields might be used to track
the types of merchandise purchased. A report can then be printed comparing
vendors of each specific type being tracked.
HINT: By default, the User-Defined 1 field can be used for sorting purposes on
reports. The User-Defined 2 field can be used for sorting purposes when using
Report Writer to create or modify reports.
Vendor & Transaction Holds
Placing a vendor on hold prevents any payment from being recorded or checks
from being printed from a particular vendor. Credit memos and returns can still
be applied and other transactions can be posted for the vendor. A transaction can
also be placed on hold so it cannot be paid or applied.
Keep History
Use Microsoft Dynamics GP to keep historical information for transactions, and
to post account distributions and calendar and fiscal year amounts for each
vendor. History records provide the capability to view past vendor activity and
print reports to determine which vendors are best for the business.
Customize Transaction Entry and Posting
Transactions can be entered and posted individually or in single-use or recurring
batches. Recurring batches are useful for transactions that occur frequently.
Weekly, monthly, or a specified number of days for how often transactions are
posted can be assigned. The capability to enter intercompany transactions to
distribute expenses among companies efficiently also exists.
Scheduled Payments
Payment schedules can be set up for vendor invoices that are paid on an
installment basis. Interest and amortization amounts can be calculated, and whatif
analysis can be performed to assist in determining the best interest rate,
payment amount, number of payments, and their frequency.
Calculate Taxes Automatically
Microsoft Dynamics GP can calculate taxes automatically for transactions
entered in the Payables Transaction Entry window. Tax details can be set up,
which define each tax that may apply to the company and then those details can
be grouped into schedules. When tax schedules are assigned to vendors,
Microsoft Dynamics GP calculates the applicable taxes during transaction entry.
Enter Manual Checks, Cash, Credit Card and
Prepayments
A check, cash or credit card payment can be entered, and the payment applied to
an existing document, or a payment can be issued for an invoice that is not yet
entered. Recording payments helps to accurately reflect the current status of each
transaction.
Record Writeoffs and Discounts
If an amount on an invoice is not going to be paid, write-off this amount.
Discounts can also be taken on all invoices, based on payment terms, or a set
amount Trade Discount.
Process Computer Checks
Microsoft Dynamics GP provides the flexibility to print groups of checks, or to
print a single computer check at the time an invoice is entered. By creating
batches of computer checks specific vendors and vouchers can be selected for
payment, and batches can be edited to fit payment needs. The check format can
be customized and the checks printed in the order that best fits the business's needs.
Print Analysis and Audit Reports
Vendor analysis reports can be sorted, restricted, and printed in a variety of ways,
providing up-to-date analysis of the payables activity. Many different reports and
lists can be printed in Payables Management to create a permanent audit trail of
the transactions.
Print a Historical Aged Trial Balance
In addition to the Aged Trial Balance, which separates open transactions into
aging periods, a Historical Aged Trial Balance can be printed to view an aged
trial balance of documents as they existed as of a previous date.
Query Information
Use Microsoft Dynamics GP to perform inquiries on unposted, posted, and
historical transactions, as well as on vendor credit and vendor summary
information. Unique querying tools provide a total financial picture by zooming
on the origin of a particular transaction to view it as it was originally entered into
the system. This is especially helpful if an error is suspected in a transaction and
it needs to be traced back to its origin. Use Payables inquiry windows to view
both detailed and summary vendor balances.
Integration
Integration is defined as the process of linking two or more modules to form a
comprehensive business management system. Transactions flow to integrated
modules saving valuable data reentry time. When Microsoft Dynamics GP
modules are installed, they are automatically integrated. Information is shared
between modules, making data entry faster, easier, and more accurate.
Reports can be printed that are more detailed than is typically possible in a
manual accounting system, because information entered in one module can be
combined and analyzed along with information from other modules. Payables
Management information updates the Fixed Assets, Bank Reconciliation and
General Ledger modules. Purchase Order information is transferred to Payables
Management when invoiced. If a refund check needs to be written for a
customer, information can be transferred to Payables from Receivables and a
check can be printed.
SCREENSHOTS