Accounts Payable is used to maintain vendors, enter invoices, debit or credit memos and generate payments.
The Financial Accounting System (FAS) accepts partial and final payments against purchase orders. As payments are applied to an encumbrance, the “open amount” is reduced. A final payment removes any remaining encumbrance from open status. Unused amounts are returned to the available balance when payments are processed or encumbrances are liquidated.
A complete vendor file is included in FAS. It is maintained through on-line access even while transactions are being processed.
The system also includes the following bank reconciliation features:
- Automated check reconciliation processing using electronic media from banking institution
- Human Resource System interface
- Financial Accounting System interface
- Manual processing for checks drawn against financial institutions unable to supply information on electronic media