As of July 12, 2021, this "Learn Veracross" site has been deprecated. It will remain live at least through July 2022, but will no longer be updated. All knowledge content has moved to the new Veracross Community. Please update your bookmarks.
Processing cycles are a list of multiple functions that are all needed to accomplish a particular goal. The individual steps of the invoice and payment cycles are important to delineate separately. Each cycle may contain a single transaction or many. An invoice cycle, for instance, consists of entering a group of invoices, checking or verifying the information entered, and then posting the invoices.
In a payment cycle, a group of invoices is scheduled for payment, checks are printed, and payments are posted. A group can be all invoices for a day, week, or month. A group may include only a single invoice, or it could contain many. In either case, the general flow of processing is the same.
The screens and figures throughout the AP documentation are examples to show how the accounting system works. Different users have different security privileges, so not everyone will have access to all of the information shown. Also, some of the functions from the Accounts Payable home page may be available on other home pages for other users. See your accounting manager to add or update restricted information if you do not have the necessary access permissions.
The Invoice Cycle
1. Check prerequisites for entering invoices.
Invoices can only be entered for vendors who are already in the Veracross system. In addition, all project-tasks and general ledger accounts that will be used need to be entered into the appropriate tables before the invoices are entered.
2. Enter or edit information for vendor invoices.
Click Add an AP Invoice or Find an AP Invoice on the Accounts Payable homepage.
3. Run an unposted vendor invoice query for edit/reconciliation.
Click Unposted AP Invoice Report or Unposted AP Item Report on the Accounts Payablehomepage. Check that the information on the invoices is correct by comparing the original source documents with the results from this query. If there are errors, make the corrections, and then run a new unposted AP invoice query for verification. Check the information before proceeding.
4. Post the invoices.
Do this after there is a vendor invoice report documenting the entries. Posting locks some of the information on the invoices against additional updates, and creates journal entries. Posting dates are specified by the user and are the same for all invoices that are posted together.
5. Check for accuracy.
Execute a posted vendor invoice query that gives the same group of invoices as the unposted query run above. The results from these queries should match each other, as well as the results from the Post AP Invoices function.
6. Run an AP invoice journal query.
Click AP Invoice Journal under Other Reports on the Accounts Payable homepage. The query results should match the earlier queries from above.
The Payment Cycle
1. (Optionally) Run an AP Invoice Aging Report, or a similar query of unpaid invoices.
The query results may be useful in determining which invoices need to be or should be paid.
2. Schedule payments.
Payments may be scheduled at the invoice and/or invoice item level. Payment amounts may be for the full, unpaid amount, or any portion of the unpaid amount. Discounts may also be taken for all invoices being scheduled for payment, or only selected invoices. Schedule groups of invoices by clicking Schedule Payments on the Accounts Payable homepage and/or by updating individual invoices.
3. Run a Scheduled Payments query.
Make sure the amounts and invoices to be paid are correct and as desired. Reschedule items that are incorrect, un-schedule items that are not supposed to be scheduled, and schedule items that were missed. Execute a new Scheduled Payments Report on the Accounts Payable home page, and then check it for accuracy.
4. Print checks on check log.
Click Print/Post AP Payments on the Accounts Payable homepage. This prints checks for all invoices with scheduled payments. Notice that there are provisions to allow specifying and printing one check at a time.
5. Post payments after the checks have been printed successfully.
Click Print/Post AP Payments on the Accounts Payable homepage. Posting the payments enters checks in the check register, makes journal entries, and reduces the unpaid amount on invoice items included in the payment cycle.
6. Check for accuracy.
Print AP reports to make sure that the posting process created the desired results. These reports typically include a paid invoice report with selection criteria to include only those invoices in the current payment cycle, a disbursement header listing, and a payments journal report.