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Invoice
Entry
Entering a vendor invoice has been
simplified while retaining all the most sophisticated Accounts Payable options found on
much more expensive systems. Vendor information is automatically brought over from the
Vendor’s Master File and if Profi’C Purchase Order Processing is installed, when the Purchase Order Receipt is
entered, the pertinent data will display, saving you time and reducing the chance of
error. Should you discover a mistake in the invoice after entry, but before payment, you
may re-enter and make any changes necessary or even void the voucher.
The Invoice number is validated by the
system to avoid duplicates. Due dates are automatically calculated based on vendor terms.
Invoices may be placed "On Hold" at your discretion. Determine by invoice
whether the payment dictates a 1099 status including 1099 classification.
An authorization field is supplied
for use in validating and authorizing the transaction. The Net, Tax and Freight amount
along with a miscellaneous and discount amount (automatically calculated) are separate
fields for complete control. And, if you have separate Accounts Payable accounts for each
division within your company Profi'C tracks this Accounts Payable by
division. Text comments is supplied to enter notes associated with the invoice. Appearing
on reports and inquiries the invoice will display a "T" alerting you that there
are special notes associated with the invoice that should be reviewed. Processing credit
invoices from your vendor is as simple as entering an invoice while providing an accurate
assessment of balance due and utilization of credit during check processing.
As the final step to invoice entry,
you will tell Profi’C to which General Ledger accounts the
invoice amounts should be posted. If the General Ledger Account for your vendor has been
entered in the Vendor Master File, the General Ledger account distribution is automatic.
You simply confirm the distribution is correct or make any necessary changes. A comment
section is provided to briefly describe the reason for the General Ledger distribution.
Following proven accounting principles, if while posting Profi’C
detects an "out-of-balance" situation or an invalid account number, an error
message will be displayed and the posting will not be allowed until the account is
corrected and balanced.
If Profi’C General
Ledger is utilized, distributions will automatically post straight into the General Ledger
suspense journals.
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Contract
Entry & Maintenance
This feature is used for recurring payments such as Rent, Lease
Payments, etc., processing this type of voucher only once enables check processing each
month or by user specified time frame.
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Inquiries
At any time, you may access the complete current or historical
records for any vendor, invoice and check or you may inquire as to what invoices are due
by a specific date. These inquiries will either display on the screen or printer.
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Payment Selection
Once an invoice is entered, it is critical that you know the due
date for payment to allow you to take advantage of the best terms offered by the vendor
giving you the most cost-effective action for your company. A Cash Requirements Report may
be printed offering an accurate picture of your financial obligation. You may pay one
invoice or vendor or select many invoices and vendors at any time.
Profi’C gives you several ways to select invoices for
payment. You may allow the system to automatically pick invoices due by a certain date or
with eligible discounts by a certain date. The system will attach a code to these invoices
showing they are to be paid. Verification of the invoices selected before printing the
checks is possible by printing the Payment Selection Register. Invoices may also be
selected individually by recalling each vendor’s record and letting the system
display each open invoice for payment. Regardless of the method used to select the
invoice, the payment code may be reset to remove the invoice from the check printing
cycle.
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Check Processing
Complete flexibility in check writing allows you to combine
multiple invoices to the same vendor on one check, use multiple checks per vendor, or pay
the full amount or partial amount.
When the occasion arises, Profi’C
gives you the capability to use hand checks to pay existing entered invoices or enter
manual invoices which record the check at the same time as the invoice is entered. These
features are most commonly used for COD payments to insure they are properly recorded.
The last check number used is maintained by the system for you.
Check processing includes an alignment check option which may be used to help align
printing on the check prior to performing the check run. If a check is printed in error,
it may be reprinted or reversed to allow the invoice to automatically become an open item
again. Check Reversal may be performed at anytime (i.e. stop payments on a lost check)
even after the month has been closed, with an automatic update to General Ledger. Also
available is versatile Check Reconciliation to bank statement with supportive
reconciliation report by bank.
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Copyright © 1997 MBS Industries, Inc. All rights reserved.
Information in this document is subject to change without notice.
Other products and companies referred to herein are trademarks or registered trademarks of
their respective companies or mark holders.
