Chapter 1: General Information
Application Features
Accounts Payable provides the accounting information required for analysis and control of your company's disbursements. Invoices, adjustments, and checks which are entered through an online user workstation, and detail or summary transactions generated from other applications, provide the input to Accounts Payable. All transactions entering the system are controlled and processed against individual accounts. Data validation, such as account number, vendor number, and item code, occurs at entry time and does not allow invalid or out-of-balance data to post to master files. Accounts Payable can transfer information to the General Ledger and/or Inventory Control applications.
Accounts Payable can support either twelve or thirteen financial periods per fiscal year. The fiscal year may be synchronized with or independent of the calendar year. Other applications may coincide with the Accounts Payable accounting period, or may be ahead of or behind that used by Accounts Payable. Transaction entry functions allow the user to specify the month and year to which a transaction is posted.
The Close Month function within Accounts Payable deletes historical data older than the number of months of history you decide to keep and prepares the files for the next accounting month.
Other application features are described in the following topics: