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Please read below about the steps taken in the Accounts Payable Invoicing Cycle.
Step One: Check prerequisites for entering vendor invoices.
Confirm that all information related to vendors is complete and accurate. This includes confirming the accuracy of the vendor names and addresses. It is also recommended that a manual calculation of total invoice amounts be performed. This total will subsequently be used to validate the data entered into the Veracross system.
Step Two: Enter Vendor Invoices via the Add an AP Invoice link.
Enter data for all invoices carefully. Be certain to specify the correct vendor; specify accurate invoice and due dates; and assign appropriate general ledger accounts to all transactions.
Run both the “Unposted AP Invoice Report” and “Unposted AP Item Report”.
Confirm that all information on the invoices is correct by comparing the original source documents with the results from these queries. IF there are errors, make the necessary corrections. Then, re-run the reports to provide final confirmation before proceeding with posting.
Step Three: Post the Invoices via the Post AP Invoices link.
The posting process will create a single journal entry for all AP invoices incorporated in a single batch. The user will specify a desired posting date when processing each batch so that expenses are recorded in the appropriate fiscal period.
Run the “AP Invoice Journal” report.
The posting process will create a single journal entry for all AP invoices incorporated in a batch. Run the journal report to view the journal entry, and confirm that the journal details match those generated by the preliminary “Unposted AP Invoice and Unposted AP Item” Reports.
Read the Step-by-Step guide on the AP Payment Cycle here.