Adding Payables
The following steps will explain in detail how to add/edit a new Payable.
1.If you are in the Payables form and do not have the vendor data you would like present on this form, begin with step number "1." below. If you are in the Main Menu, click on Purchases, then the topic Pay Bills. You will now be brought to the Pay Bills Find form that will be labeled, "Find Payables." Click the New button at the upper left hand corner of the form to open the "Find the Vendor to Enter this Payable." This is a search form that you may use to find a receivables for a particular customer Click on the next words, Pay Bills for help on how to use the Pay Bills form. Once you complete the form, you may return to this Adding Payables Help to continue with step number "2." below.
2.The Payable ID field will be automatically filled in with a unique number based on the starting number that is assigned in the Starting Numbers form. This number is used as a reference for you and VisionCore to help find this transaction later if necessary.
3.After you select a Vendor ID you will notice many of the fields on the form will fill in with data based on that vendor. The Line Item Detail area will fill in one line item for each unpaid transaction displaying totals at the bottom of the Line Item Detail. You will also notice that discounts and interest will fill in automatically based on the Terms setup and the Date Paid selected. When you have finished entering data for each field, press the TAB or ENTER key to move your cursor to the next field.
4.The Currency field is used to assign a default currency for each Payable. Normally, this will automatically fill in with your default Currency ID setup for the selected vendor in the Vendor form. You can override the Currency after it fills in if you need to. If the currency you want to use is not in the list you will have to add it to the Currency Exchange Rate form. You will notice that if you use a different currency other than the default currency set in the Company Preferences form, that the Total fields will display a green background.
5.The Date Paid field will automatically be filled in with today's date. This can be changed to whatever date the payment is being made. Click the little calendar button next to this field to open a miniature calendar where you can graphically set the date for this field.
6.The A/P Account combo box field will automatically fill in with the Accounts Payable field selected in the Security form > Default Accounts tab. You can change this account but normally it is a Liability account.
7.The Reference field is used to enter any additional reference data you want.
8.The Bank Account combo box field will automatically fill in with the Payment Account field selected in the Security form > Default Accounts tab. You can change this account but normally it is an Asset or Bank account.
9.The Balance field is where you will see the Ending Balance of the checking account you have selected. This field is read only and cannot be changed.
10.The Check Number field will automatically display the word "Check" when you add a new record. You can manually enter the next check number you want to use for the selected Bank Account or click the Ellipse button next to the check number field to automatically fill in the next check number. You must initially setup the next check number to be used in the Bank Account Information form using the Next Check Number field. You can manually change this check number if necessary.
11.The Amount Paid field is where you enter the Total amount you will be paying to the vendor. You can enter a large payment to cover several transactions and have VisionCore automatically pay them off by clicking the Ellipse button next to this field. This will automatically apply the Amount Paid to as many transactions possible in the Line Item Detail from the oldest to newest date. You can manually enter payments in the Line Item Detail if you choose. You can also enter amounts in the Payment field of the Line Item Detail for a number of transactions and then double click in the Amount Paid field to enter the total of those payments automatically.
12.The Unapplied Amount field will display the difference between the Amount Paid and the amount applied in the Payment field for each transaction in the Line Item Detail. This gives you a quick way of knowing how much money you have left to apply to transactions in the Line Item Detail.
13.The Vendor Credit field is read only and will display any credits from the vendor. This can happen if you overpay a transaction. You will be able to apply both the Amount Paid and any Vendor Credit you have to any transactions in the Line Item Detail area.
14.The Memo field is used to enter a comment or memo about the payment.
Payables Line Item Detail
The Line Item Detail area will list every unpaid transaction for the selected vendor. Most of the fields in the Line Item Detail will be read only. You can click the Ellipse button next to any transaction to see the Payables Review for that transaction.
1.Pick the transaction you want to make a payment for and enter a payment in the Payment field. You can double click in the Payment field to automatically enter the entire Amount Due into the Payment field. This is a very fast method if you want to completely pay off several transactions quickly.
2.The Bill Total field will display the Bill Total.
3.The Discount field may or may not display an amount other than zero based on the Terms selected for the Transaction. You can manually override the amount in this field if you need to. Basically this field is used to apply any discounts you may receive for paying the transaction off early. If the transaction has Terms of 2% 10 Net 30 and you pay the transaction off in less than 10 days then VisionCore would automatically enter a 2% discount based on the Date Paid and the transactions Order Date.
4.The Interest field may or may not display an amount other than zero based on the Terms selected for the Transaction. You can manually override the amount in this field if you need to. Basically this field is used to enter any interest you may be charged for paying the transaction off late. If the transaction has Terms of 2% 10 Net 30 with a 21% APR and you pay the transaction off after the 30 days then interest would be charged. If you were three months late in paying the transaction then the interest would be 1.75% per month. This would mean 3 months multiplied by 1.75% for each month late would be a 5.25% interest charge. The date range for being late is based on the Date Paid and the transactions Order Date fields.
5.The Amount Due field will display the amount due less the discount and interest.
6.The Paid check box will display a check mark if the transaction is paid in full.
7.Here are some of the options you now have:
You may click on the Post button which will enable you to convert Post the Payable at which time VisionCore will update your General Ledger with the data from the selected Payable form. See Posting Payables.
You may click on the Close button and convert later.
You may print the Payable.
Related Topics
Payment Date Column in Write Check