Accounts payable schedules bill payments to suppliers and distributors, and keeps accurate information about owed money, due dates, and available discounts. It provides functionality and integration to other areas such as customer service, purchasing, inventory, and manufacturing control. The software should support the following functionality: AP company policies and procedures; suppliers/voucher master data; payment controls; invoice processing and aging analysis; payment processing; journal voucher processing; AP ledger posting; check processing; AP transactions and controls; and AP reporting.. Accounts Payable (A/P) Functions & Features are an important module of the comprehensive ERP RFP Template for Discrete Manufacturing.
The ERP RFP template with Accounts Payable (A/P) Functions & Features for ERP is a Microsoft Excel spreadsheet (.xlsx) featuring a total of 3761 decision criteria.
The ERP RFP template allows you to quickly and easily prepare the business, functional, and technical requirements sections of the solicitation package you'll send to ERP software vendors. It ensures for:
complete response from each ERP software vendor
deep and accurate evaluation of submitted ERP proposals
impartial side-by-side comparison of ERP solutions evaluated
rational and documented selection of the best matching ERP system
The ERP software comparison report can save you up to 90% of the time you would have otherwise spent comparing all the ERP solutions from scratch.
Major modules below include Detail or summary G/L posting review;Account codes can be overridden or inputted;All transactions are posted daily to the A/P ledger and are automatically posted to the G/L;Reports to the G/L account the total value of all transactions that occurred in a specified period;G/L distribution report;Projects total inventory dollars during a user-specified period;. A/P Ledger Posting, Accounts Payable (A/P) Functions & Features
Main modules below cover Online entry for all A/P transactions, including EDI entry;All A/P transactions updated in real time;Selected transactions on deferred batch;Checks online batch total or voucher balances;Validates vendor invoices to avoid duplication;Deletes inactive vendor after a user-defined period;. A/P Transactions and Controls, Accounts Payable (A/P) Functions & Features
Functionality below covers Verification to prevent a vendor with an open PO or unpaid invoice from being deleted;Verification to prevent a vendor active in current year from being deleted;Negative amount can be added to an invoice (negative invoice line) to indicate, for example, trade discounts;Places holds on all vendor invoices for a given vendor;Release payment at vendor level, invoice level, or line item;Supports selective payment by vendor type;. Control of Payments, Accounts Payable (A/P) Functions & Features
Main modules covered Multiple companies, divisions, and cost centers;Data associated with business units according to organizational hierarchy;Different business segment views for supplier and payables information;Company, division, or cost center accounts;Sets up A/P system with distinct processing cycles for each company or account code;Approved vendor list for all business entities;. Policies and Procedures, Accounts Payable (A/P) Functions & Features
Feature and functions covered Reports on payment hold details, including who placed the hold and when; and when the payment is to be released;Employee expense reports include details on meals, transportation, lodging, etc.;Employee expense reports (month-to-day and year-to-date);Expense reports contain summarized lists divided by category;Creates report of expenses by cost center or division;Reports on open travel advances and associated data;. Reporting, Accounts Payable (A/P) Functions & Features
Functionality below covers Prepays vouchers or makes payment with manual checks;Online entry and processing of vouchers, with views for purchase order information, receiving document information, and credit memo information;Three-way matching for invoice, order, and receipt information (automatic and accommodates tolerances);Multiple vouchers for a receiver or creditor;Uses classification codes to group transactions;Multiple vendor sites can be used on a voucher, including different addresses for shipping and remitting;. Journal Invoice Process, Accounts Payable (A/P) Functions & Features
Major modules below include Funds can be drawn from more than one bank;Checks can be written from more than one bank;User-selected check formats include printed check and EFT formats;Suppliers can opt to receive a single check per invoice;Users can select criteria such as supplier number, voucher number, due date, and discount date, to determine check sequence;Check run can be recovered and initialized if there are printing problems;. Processing of Checks, Accounts Payable (A/P) Functions & Features
Feature and functions include Creates miscellaneous distribution lines to record charges and invoices for items that do not have POs;Validates vendor invoice numbers, with only valid invoices posted to the accounts payable ledger being scheduled for payment;Option to pay invoices immediately;An invoice that was entered in the system as a system check can be redesignated as a manual check;No new vendors added at invoice entry (security);A/P aging report on outstanding items;. Invoice Process and Aging, Accounts Payable (A/P) Functions & Features
Main modules below cover Queries online accounts' voucher histories and analyses of payment histories, late payments, and cash discounts;All transactions pertaining to a particular vendor are assigned to a user-specified account;Users can specify complex payment discounts for a payment period by using term codes, such as "step down";Cancels or suspends standard vendor terms;Assigns dates and standard number of days to credit or discount terms;Automatically calculates discounts based on vouchers and terms of credit;. Processing of Payments, Accounts Payable (A/P) Functions & Features
TEC Advisor can save you up to 90% of the time you would have otherwise spent figuring out on your own which ERP solution is the best for your needs.