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!

View the 2020 Accounting Top Projects PPT here

Payment Advice to Vendors for ACH Payments

This project creates a new process that generates a payment advice email to an Accounts Payable vendor when payments are made to that vendor via ACH.  Although the ability to pay A/P vendors via ACH has been available for over two years, many CUs have not yet activated the feature because they would like to be able to notify the vendor of the payment.

The payment advice will be sent via email to the email address stored on the vendor record.  The credit union controls the content of the email advice and can even add comments.

Included with this project is the consolidation of multiple ACH payments to the same vendor into one invoice.   The vendor will receive a single payment advice from the credit union with all the invoice details.

Status: PS#51883 is coming in the 20.07 release

Accounts Payable Dashboard

We have created a new Accounts Payable Dashboard that provides qualitative data about the workload of a credit union’s A/P department.  Information regarding how many invoices get processed, number of vendors that are paid, and how payments are being made (check vs. ACH) will be available.  This dashboard will provide great insight regarding the volume of work a credit union’s A/P department is juggling.

Status: PS#52756 is coming in the 20.07 release  

Enhancement to Accounts Payable Checks

We are expanding the information that can display on the memo section of the A/P check and on the check stub.  The credit union can now configure whether the CU name (same as today), invoice number or nothing displays on the memo section of the check.   If invoice number is selected, keep in mind that the A/P system allows for up to 10 invoices to be paid on a single check, therefore the first (or only) invoice number is what displays.  In addition, the customer number as specified on the A/P vendor record will now display on the check stub.

Status: PS#52377 is in development   

Revamp 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: Specifications in process

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:  Draft specifications completed – CU feedback needed

Pay A/P Vendor via Credit Card

Add the ability to pay an A/P vendor via credit card.  This project is in the beginning design stages, watch for more details soon!

Status: In envisioning stage

Comments

If you have thoughts or ideas you would like to share, please leave a comment.  We’d love to hear from you!

Your chefs for this recipe are Keegan Daniel and Karen Sorensen.

Updated
July 1, 2020

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