A computerized accounting software system should consider that:
1) bills may be paid up front as well as on a scheduled basis;
2) there must be protection against paying a bill before its time;
3) not all payments are the result of a printed check.
When entering an AP invoice, there should be an option to
record that it has already been paid or to be able to print a
check while entering it. There should also be an option to
subsequently reflag an open invoice as already paid to avoid
accidentally printing a check for it.
The best method to protect against paying an invoice not intended
until later is to mark it when it goes into the open invoice file as
HELD. Subsequently, there should be a maintenance routine that
allows the user to reflag selected invoices as RELEASED and only
print checks for the RELEASED invoices.
Not all invoices need to be printed. Some payments are made
electronically. A good accounting software system should provide
the option to generate an ACH formatted file that will be accepted
by the bank as an advisory to remit payment to the vendor.
You are looking for someone who understands your business and will help you navigate your needs. It’s your money and business on the line. Give us a call at (773)502-5771 to get you on the right track.
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