Although we have implemented some major enhancements to Accounts Payable (A/P) processing over the last few years (pay vendors via ACH, re-vamp of payment processing, allow for invoice approvals, etc.), we continue to make improvements based on credit union suggestions. Below is a highlight of additional Accounts Payable projects we are currently cooking up!
Revamping the Invoice Creation Process
The current awkward method of creating A/P invoices will be completely re-vamped to be much more user friendly. You will first select a vendor, then view a list of pending invoices for that vendor (created but not yet selected for payment) then proceed to a new “create” screen to enter all the invoice details.
We will also be adding some optional controls to specify which fields are required at invoice creation. For example, some CUs do not require that a new invoice has a due date. Other CUs do not enter the branch or G/L account until the invoice is selected for payment.
And lastly we will allow for invoice templates to be created so that the same invoice details do not have to be entered multiple times. This will work similar to the G/L journal entry templates.
Project#55799 was implemented in the 23.05 release!
Use the A/P Payment Processing Date for the Check Date and G/L Entries
Because there are some credit unions that do not process payments (cut checks) the same day that the invoices are selected for payment, we are proposing to change the A/P system to use the actual payment date instead of the check/voucher date on the check itself and for the G/L entries. This will ensure that the date that prints on the check is the date that the payment was actually processed via Tool #1961 “Process Accounts Payable Payments”.
Project#56958 was implemented in the 22.10 release!
Pay A/P Vendor via Credit Card
This project creates a new tool for expensing credit card payments to Accounts Payable vendors. This is for payments to an online credit card loan account that have already posted and the credit union would like to expense the payments to the appropriate A/P vendor. In order to use this processing, the A/P vendor must already be set up in Tool # 990 “Work with Accounts Payable Vendors”.
Project#55597 was implemented in the 23.05 release!
Enhance A/P Invoice Approvals
We have received many enhancement ideas from credit unions using the approval process for Accounts Payable invoices. We are actively researching the following improvements:
- Allow approver to make change to invoice G/L and branch details
- Ability to un-approve an invoice not yet selected for payment
- Allow small dollar amounts to skip the approval process
Status as of January 2024: PS#62622 is in development!