Accounts Payable Enhancements

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!
2021 Top Accounting Projects

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.

Status as of June 2022: Project#55799 is currently waiting for available programming resources.

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”.

Status as of June 2022: Project#56958 is currently in QC testing.

View the project specifications here

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”.

Status as of June 2022: Project#55597  is currently waiting for available programming resources.

 

Your chefs for this recipe are Keegan Daniel and Karen Sorensen. If you have thoughts or ideas you would like to share, please leave a comment.  We’d love to hear from you!

Updated
June 1, 2022

3 Responses to “Accounts Payable Enhancements”

  1. Stuart Williams

    When using tool #667 ‘Print Misc Checks’ I would like there to be a comment or note field for the purpose of the check or other relevant information.

    Reply
  2. Cheryl McCauley

    Instead of “Use the A/P Payment Processing Date for the Check Date and G/L Entries”, a real improvement would be to use the invoice date as the GL posting date (better yet the invoice date as the default posting date, with an option to override with a date of one’s choosing). As is, we have to manually accrue for all of the invoices we receive on/after the first of the month (a substantial amount of invoices). The A/P system as written, is truly cash-based, not accrual based – it’s in complete violation of GAAP.

    Reply
    • Dawn Moore

      Thank you for the comment, Cheryl! To save space here, I published an AnswerBook item that explains our thinking on this subject. We appreciate the feedback.

      Reply

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