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Account Payable System (ACPAYs)
Project Partners:
1.) Mitul Patel (02/CE/61)
2.) Kunal Shah (03/CE/120)
Guide: Mr. Ashwin Makwana
SYNOPSIS
Project Title: Account Payable System (ACPAYs)
Project Definition:
The Account Payable System is designed to provide information to maximize use of other people s money & minimize the clerical efforts required to perform the a/c payable functions.
The system is fully integrated into the FAS & allows input of split distribution of invoices when the procedure is desired. Appropriate control function including complete audit trial, are provided.
Hard Ware Requirements:
1.) Ram: Minimum 32MB.
2.) Hard Disk: Minimum 2GB.
Software Requirements:
1.) Operating System: Windows 98/NT/XP.
2.) Other Software s: 1.) Microsoft Visual Studio 6.0.
2.) Micro Soft Access or SQL.
SYSTEM OVERVIEW: -
The primary purpose of an Accounts Payable system is to track all dollars that are owed to vendors (or suppliers). The printing of checks and vendor 1099s, along with the coordination of current cash flow, is essential. The Infinity POWER Accounts Payable module addresses all of these basic "payable" needs as well as providing many advanced reporting and tracking capabilities. The check writing options provide the ability to write direct checks, make check runs based on currently due "payables" and record manually written checks after-the-fact.
MULTIPLE CHECKING ACCOUNTS: -
The Accounts Payable module can accommodate an unlimited number of checking accounts simultaneously. Each checking account may use separate preprinted forms, general ledger accounts and check numbering sequences. "Check registers" and "check runs" may also be processed by checking account. Normally, the multiple checking accounts can be used to classify all expenditures by different aspects of a business (such as assets, operations, purchases for resale, etc.). Even if you do not have multiple bank accounts, you may still use the multiple accounts to classify expenditures by category.
PAYMENT TERMS AND PAY STATUS: -
Each invoice voucher into the Accounts Payable system as an open item is coded for payment terms when entered. Payment terms are used by the system for making automatic check runs while still having complete control of when monies will be paid. The "pay-now," "pay-through" due date, a specific batch number, or items marked for immediate payment may be specified for inclusion on the check run.
PAYMENT DISCOUNTS: -
Payment discounts will be automatically calculated for each open item if the check date is on or before the due date. For open items with batch, the due date for payment discount purposes will be calculated using the normal vendor terms.
CASH VS. ACCRUAL METHOD: -
The system is designed to process your transactions through either the cash or accrual methods of accounting. The difference between the methods is as follows:
The "Cash" method does not recognize expenses or the purchase of assets until the actual cash disbursement (generation of the check) is made. The system handles this method by saving the allocated General Ledger account number(s) at the time of vouchering the open item. When a check run is made, the account(s) are debited and cash is credited.
The "Accrual" method records the actual expense or the purchase of assets at the original time of vouchering. In addition, the Accounts Payable account balance would be increased to reflect the liability of the open item. Then, when the open item is paid during the check run, the previous liability is removed at the same time cash is reduced. Accounts Payable provides a strong framework to handle all of the processing requirements of "payables" while providing the necessary analytical information concerning liquidity and future purchases.
JOB COST INTEGRATION: -
One of the primary benefits of this module lies in its ability to allocate expenses to various projects. This requires the Job Cost Main Module to be active. At the time of vouchering invoices or writing a single check, a project may be chosen to record the expense. Additionally, a specific project may be chosen while performing check runs. This provides the ability to pay all vendors on a specific project and close the project out.
RETAINAGE CALCULATION AND TRACKING:-
The system automatically calculates retain age during vouchering or allows for the entry of retain age only vouchers. All aging reports then track retain age amounts separately. This allows for the tracking of these amounts until the vendors have delivered their goods and completed their services satisfactorily.
VOID A CHECK: -
The "Void A Check" option makes mistakes easy to correct by simply making all necessary reversing accounting entries for you. In addition, all vouchers will be recreated for each vendor automatically. Therefore, these items may be corrected or reprinted as desired.
AGING CATEGORIES: -
The Accounts Payable reporting provides detailed aging by vendor of all outstanding invoices. Complete cash flow analysis is provided based on 7 day and/or 30 day aging categories. All aging reports may be based on the normal "future due" calculation, which specifies when items should be paid on time. Additionally, a "past due" aging report is available which specifies exactly "how past due" items are once they are late. With a Detailed, Non-Detailed and summary version of the report available, balancing to the General Ledger has never been easier.
VOUCHER REGISTERS: -
The Voucher Registers provide a detailed General Ledger account distribution breakout for each invoice voucher into the system. At the end of the Register, a summary by General Ledger account is also provided.
CHECK REGISTERS: -
The Check Register lists all checks generated by the system in check number order, by checking account. This report may optionally include all open items paid by each check, if preferred, and includes a full General Ledger summary. Both of these registers provide excellent auditing tools to analyze payment history on a particular vendor's account.
SPECIALIZED REPORTING: -
Outside the realm of standard cash flow reporting, the Accounts Payable module also provides optional management reports showing purchase trends by vendor or detailed inventory purchases from each vendor.
ELECTRONIC FUNDS TRANSFER: -
You may choose to pay your vendors via Electronic Funds Transfer (EFT). Once the EFT processor is set up in the Check Reconciliation module, the vendor's bank account information is entered on the vendor record. When the option is enabled in Accounts Payable, the system will override the "Print Checks" option for those coded vendors and instead create a batch file for transmission to the EFT Processor. The cost savings derived from using EFT can be tremendous when you consider the cost of envelopes, labor and postage.
The system provides:
Full context sensitive help, at any field, providing full documentation on a field, a program, a function or a system
Pop up windows, which allow enquiries to be initiated at any point, to assist in the selection of charts, ledgers, account numbers, etc. The standard on line enquiries details account description and balance, outstanding transactions, transaction history and source document details.
Advanced video attributes to improve visual presentation of information displayed. This includes the use of high and low intensity, reverse video, graphics characters, etc.
Total control over the operating environment including printer to use, screen operating mode, e
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