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    Accounts Payable Processing Steps
    • 22 Apr 2024
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    Accounts Payable Processing Steps

    • Updated on 22 Apr 2024
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    Article summary


    Accounts Payable Processing Steps

     

    Step

    Module

    1

    Create a Profile record for the administrative Vendor (if one does not already exist).

    Refer to Profile Entry in the Profile Management module for more information.

    Accounts Payable or Profiles

    2

    Create a Vendor record for the administrative vendor (if one does not already exist).

    Refer to Creating a Vendor Record for more information.

    Accounts Payable or Profiles

    3

    Enter a Voucher.

    Refer to Creating Administrative Vouchers for more information.

    Note: FIMS automatically creates Grant Vouchers when you post Grants in the Grantee and Grant Management module.

    Accounts Payable (Item Entry)

    4

    Run an error-free A/P Item Edit Report.

    Refer to Running the A/P Item Edit Report for more information.

    Accounts Payable (Item Entry)

    5

    Post Vouchers to create Open Items (payables).

    Refer to Posting A/P Items for more information.

    Posting Vouchers automatically enters the liability in the General Ledger Journal (if on an accrual basis).

    Accounts Payable (Item Entry)

    6

    Run the Payment Selection Report to review the list of due payments and their hold status, and to release items for payment.

    Accounts Payable (Open Items)

    7

    Print checks.

    Refer to Printing Checks for more information.

    Note: Payments are automatically sent to the General Ledger Journal.

    Tip: Grants and Administrative checks may be batched or printed together.

    Accounts Payable (Open Items)

     

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