Accounts Payable Terminology

There are several terms that are used in this chapter (and in the Accounts Payable module) that you should be familiar with:

Vouchers

The general definition of a Voucher is a document that acknowledges a liability or provides authorization to pay a debt. However, this term can be ambiguous in the FIMS Accounts Payable module.

When you receive a bill, and enter an administrative Voucher or when a Grant Voucher is automatically created, it is saved into the Item Entry file. This entry does not affect anything else in the database.

Once you run an error-free Edit report and post the Voucher, one or more payable Vouchers are created in Open Items. The unposted Voucher is then moved to Voucher History.

Therefore, a Voucher can mean an unposted item, a payable, or a posted, historical Voucher.

If you use the terms Unposted Voucher, Open Item (or Payable), and Posted Voucher (or Historic Voucher), it is easier to determine the type of Voucher you are referring to.

Posting

The general definition of posting is to move entries from the journal to the ledger. However, in order to process a bill in Accounts Payable, you must actually perform two posts:

• Enter and post the Voucher: This posting debits an expense account and credits an administrative accounts payable account.

• Print and post the check: This posting debits the administrative accounts payable account and credits the checking account.