The Visibility ERP Accounts Payable module allows the ability to maintain the supplier data and provides for the entry, maintenance and payment of supplier invoices, debit memos and adjustments. During data entry, default information is retrieved from the supplier master file, application and entity specific control settings, and applicable receiving reports, to reduce entry time and ensure accuracy.
Supplier invoices can be matched with actual receipts, automatically distributed to posting accounts, or manually distributed to appropriate charge accounts. Multi-currency capabilities are available throughout the Accounts Payable transactions.
Invoices are updated to Accounts Payable or held in an edit file for verification and updated at a later time. Once invoices are updated to the Accounts Payable files, information such as the invoice date, due date, discount, and payment terms can be changed prior to payment. Invoice payments can be subject to retention or hold back terms.
Streamlining the entry and matching process is accomplished via capabilities such as:
Invoices for items purchased via the use of purchase orders are subject to three-way matching for receipt and value validation. Debit memos may be applied directly as full or partial payment against invoices.
Payments may be generated via laser printed checks with or without pre-defined, secure signatures or delivered via electronic banking transactions. Check printing does not require the need for special forms. Visibility ERP offers an electronic funds transfer interface in support or Automated Clearing House (ACH) and Bankers Automated Clearing Services (BACS) and other financial clearing services.
Reconciliation of payments and deposits made in relation to each bank account and currency are made easy through several quick review features.
Inquiry and drill through reporting allow all payments to be traced through each stage of payment processing from original purchase commitment to final payment reconciliation.
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