Accounts Payable Software with Time and Billing Integration Capabilities

PRODUCTS - Accounts Payable

The Accounts Payable software module is a simple and flexible cash management system that streamlines the accounts payable procedure: the bill payment process and monitoring the firm’s cash position.  The Accounts Payable software allows for everyday account payable procedures and transactions including recurring bills, cost advances for clients and check printing.

Integration of the Accounts Payable software module into the Time and Billing software and General Ledger software modules is standard.  Depending upon the firm’s accounting methodology, transactions either hit the GL twice (when the Accounts Payable is recorded and when the check is cut for modified cash and accrual) or only when the check is cut (for cash basis accounting).  Regardless of the methodology, client expenses are sent into Time and Billing when the Accounts Payable information is entered so expenses can be billed and collected as quickly as possible.

Accounts Payable Software Features

Unlimited Check Styles  - Check print formats may be designed and created without programming.

Look-ups  -  Lookups are provided on all data fields including: client, matter, employee, type of expense code, GL account number and vendor code.

GL Integration  - General Ledger entries are created in detail, with vendor and check number, providing complete audit trails.

Proof checks - Proof checks can be printed before committing actual tractor-fed or laser checks.

Manual Checks  - The system allows the recording of manual checks created in a firm’s one-write checkbook.

Reports  - Reports focusing on vendors may be created as well as reports that focus on bills, cost advances and subsequent payments.

Void Checks  - Checks can be voided or voided and deleted.  The void and delete option voids the check, removes the voucher from AP and sends credits to the T&B system automatically.  Damaged checks can be re-printed.

FSLI’s Accounts Payable software module produces the audit trail necessary to answer disputes over payment activity.  In addition, vendor profiles can be established to take advantage of discounts.

Payment Terms  - Payment terms can be established at the vendor level so cash requirements reports can be run and bills paid on time, eliminating late charges.

Discounts  - Terms can be established at the vendor level so firms can take advantage of early payment discounts.  The system automatically handles the adjustment to the invoice for early payment.

1099s - The Accounts Payable software module also includes 1099 capability (printed or electronic).

Check Requestor  - Check requests by timekeepers are routed electronically to the accounting department  for verification and check printing.

Defaults  - Defaults can be established at the vendor level for:

Firm Debit/Expense Account

Client Debit/Expense Account

Client

Matter

Type of Expense

These defaults greatly speed up the process of entering AP transactions.

The PD Partner Accounts Payable software module improves the efficiency of recording firm or client expenses to be paid.  Entries are automatically created in both the Time and Billing software module for billing to clients and in the General Ledger software module for potential inclusion in firm financial reports.