Accounts Payable System
Accounts Payable System (APS) provides comprehensive control of vendors, purchase orders, payables and checks, and introduces a new level of automation for the effective management and payment of payables.
Advantages
- APS simplifies the payment process, from payable entry, to payment approval,
to check production, and finally to check reconciliation.
- To control payments, maintain activity history and simplify check production, vendor records are maintained for each person or business receiving disbursements.
- Vendor records are a convenience but are not required for vendors billing payables
on a one-time or infrequent basis.
- Purchase orders are used to confirm that a service or product has been ordered.
- Payable entry is simplified by automatic insertion of a vendor's name and address,
expense allocations, year-end tax reporting information, terms and discounts,
all based upon vendor specifications.
- Recurring expenses, such as rent, can be set up to eliminate repetitive
payable maintenance.
- Vendor credit accounts, using multiple expense accounts, can be set up for any
credit received from a vendor.
- Checking accounts are established in APS as the source of funds for payable
payments and are processed as either DDA or General Ledger accounts.
- Payables are approved for payment using a display terminal, and can be approved
one at a time or in groups.
- APS generates reports for reviewing new payables, new credit accounts, approved payments, past due payables, checks, and vendor outstanding credit amounts.
- Tax reporting totals are automatically extracted from the APS files for
year end reporting.
For more on Accounts Payable System, contact Fiserv, Inc.
at 402-421-4207 or partner@fiserv.com.