Entering and Posting Invoices in Accounts Payable
You can enter and post invoices
When you enter and post invoices, make sure that all invoices received are entered in ACS, posted in the correct month, and posted to the correct posting period.
If your organization operates on a cash basis, you can post invoices at any time. Because the expense does not appear in the general ledger until the invoice is paid, the invoice posting period is not a relevant in a cash-based accounting.
If your organization operates on an accrual basis, you must make sure to post all invoices with a date for the current year to the correct posting period. When entering the invoice in Accounts Payable, select the correct posting period.
Adding an Invoice
- Under Manage Records, click the Transactions tab.
- In the drop-down list, select Accounts Payable Invoicesand click Go
.
- Click Add/Edit Invoices, then Add.
- Select a Vendor. To do this, enter the name of the vendor and press Enter, right-click to select Lookup by Codeand enter a vendor code, or click Lookup
.
- Optional:Click Select Purchase Order
to create an invoice from an existing purchase order. This option is only available if you own the Purchase Orders module.
- Optional:Click the up and down arrows in the Monthand Yeardate boxes to select a different posting period.
- Enter the Invoice #, Invoice Amt., Due Date, and Partial Amt.
- Optional:In the drop-down list, select an Invoice Term. This information displays when you select the invoice's Due Date, but you can change it.
- Optional:Select Autofill Text?to display text from previous invoices in the Invoice Description and Comment fields. When adding additional invoices and entering text in those fields, entries from the previous invoices in the session display in a drop-down list for selection.
- Optional:Enter an Invoice Description. This text prints in the check's memo field.
- If applicable, select the Invoice Date. This defaults to the current date.
- Press TAB, then enter the invoice disbursement information. To distribute the invoice to multiple accounts, enter the amount to distribute to the current account and press TAB. After you finish adding information related to this account, press ENTER to add a new line and select a new account to disburse some portion or the remaining portion of the invoice.
- Click OK, then Yes.
Posting Invoices
When you post an invoice in an accrual environment, ACS links the invoice amount to the vendor and to the expense account associated with the invoice. In the general ledger, the amount of the invoice is posted to the Accrual Liability account until the invoice is paid. After the invoice is paid, the amount is cleared out of (debited) the Accrual Liability account and credited to the appropriate checking account. You can view transactions posted to the general ledger by printing the Batch Posting Journal from the General Ledger Reports option.
- Under Manage Records, click the Transactions tab.
- In the drop-down list, select Accounts Payable Invoices, then click Go
- Click Post Invoices.
- In the drop-down list, select a Posting Date.
- To post invoices for a specific month, click the up and down arrows in the Month/Year date boxes to select the posting period. To post invoices for all periods, select All Periods.
- Optional: To post invoices entered by other ACS users within your organization, select All Users.
- Optional: To view an invoice's details prior to posting, select the invoice in the grid, then click View. Account distribution information also displays beneath the grid when you select an invoice.
- If you haven't already, click Print to print the Invoice Proof List and verify your entries. You can also click Preview to view the Invoice Proof List prior to printing.
- When the confirmation message displays, click Yes to post the invoices.
- Click OK.