Tools to optimize cash disbursements and lower purchasing costs
Effective management of payables has a direct impact on profitability. With proper controls in place, such as scheduled payments, you can take advantage of supplier discounts and significantly lower your purchasing costs. Codea – RPS Accounts Payable helps you establish the necessary controls within a well-structures accounting framework.
Accounts Payable can be used in both centralized or decentralized operations. The system handles chargeable material supply items, vouchering, and the direct allocation of supplier charges to work orders. An invoice approval process allows you to approve invoices either by batch or on an individual basis. Disbursements can be made via electronic funds transfer or check.
To optimize the effects of cash disbursements on profitability, the system provides a payment-scheduling capability to ensure that you take full advantage of all supplier discounts. Visibility of invoice disbursements is achieved through integration with the requisition and purchase order approval capabilities.
Integrated Costing and Procurement
Accounts Payable invoice entries are matched with purchase order receiving to facilitate the update of purchasing, inventory, and work-in process records. Vouchering of purchase order receipts supports the calculation of purchase price variances and allows pay-on-receipt processing for Just-In-Time (JIT) vendors. Vouchering to Codea-RPS Material Supply records allows for matching to Accounts Receivable "contra" records. Optional 4-way matching integrates with the material inspection process.
Complete and Accurate Ledgers
Online invoice processing facilitates the full distribution of costs for material and services to multiple general ledger accounts. The system is fully integrated to support direct charge posting to work-in-progress accounts through either Codea- RPS Project Management or Work Orders. Automatic amount balancing during invoice entry ensures complete and accurate ledger updating.
Payment Generation and Bank Reconciliation
A systematic process is provided for the check creation, printing and reconciliation cycle. An onscreen function helps you select and consolidate the invoices you wish to pay, then set up and print the checks. Alternatively, payments can be processed using electronic funds transfer. A check reconciliation capability ensures that bank cash accounts are correct.
Cash Flow Management
Audit reports and comprehensive supplier and invoice inquiry capabilities provide the tools for achieving visibility and financial control. The system also calculates cash requirements based on supplier or invoice terms for your periodic review.
Global Supplier Management
Within Accounts Payable, you can manage information on local and international suppliers, with multiple locations, controlling payment terms, discounting, account posting and receipt vouchering. Provisions for handling foreign currencies and value-added taxation are also provided. Supplier histories allow for price, quality of material and delivery performance measurement.
- Process and approve invoices, individually or by batch
- Match invoices to purchase order, receipt and inspection
- Process material supply item
- Support currency and exchange rates with date effectiveness
- Automate financial distributions with templates and recurring account masters
- Distribute expenses across multiple divisions
- Support Value-Added Tax (VAT) and Japanese Consumption Tax (JCT)
- Direct allocation of supplier charges to Projects
- Direct charges to work orders
- On-screen balancing to manage incomplete distributions
- Discounts and net due dates calculated automatically
- Manage 1099 reporting
- Multiple payment hold capabilities
- Optional deferred vouchering
- Automatic calculation of purchase price variances
- Automated pay-on-receipt invoices for JIT vendors
- Posting of prior, current and future periods
- Duty and customs information for reporting
- Pay by check or electronic funds transfer
- Pay an invoice in any currency
- Variable selection of invoices by bank or payment date, or by date or supplier
- Individual and batch invoice processing and approval
- Automated payment queue for invoicing by user-defined criteria
- Display of eligible suppliers, invoices, amounts, currency
- Centralized or decentralized payments
- Handwritten and external checks
- Interactive bank reconciliation
- Payment scheduling
- Supplier name and address in international format
- Multiple location types
- Unlimited supplier text and use of notepad
- Variable payment terms and methods
- Supplier bank information
- Selection of preferred currency and language and payment method
- Sales tax, VAT, JCT controls
- Supplier contacts, names and memo information
- Supplier history
Periodic Payables Processing
- Recurring invoice release for monthly rent, insurance, etc.
- Pay-on-receipt capability invoices for receipts with vouchers