Step-by-Step AP Payment Cycle

Overview

Please read below about the steps taken in the Accounts Payable Payment Cycle.

Step One: Run the “Unpaid Invoice Report” or “AP Invoice Aging Report”.

These reports present unpaid AP invoices and are useful in determining which invoices need to or should be paid.

Step Two: Schedule AP Payments.

Payments may be scheduled at the invoice and/or invoice item level.  Payment amounts may be for the total 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.  Groups of invoices can be scheduled for payment by using “Schedule Payments” link on the Accounts Payable home page, or by manually updating individual invoices presented on the reports listed in step #1 above.

Run a “Schedule Payments Report”.

Payments may be scheduled at the invoice and/or invoice item level.  Payment amounts may be for the total 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.  Groups of invoices can be scheduled for payment by using “Schedule Payments” link on the Accounts Payable home page, or by manually updating individual invoices presented on the reports listed in step #1 above.

Read the step-by-step guide here.

Step Three: Print checks via the “Print / Post AP Payments” link.

Initiate check production via the clicking “Print/Post AP Payment” link on the Accounts Payable home page.  This operation will generate checks for all invoices with scheduled payments.

Read the step-by-step guide here.

Step Four: Post payments via the “Print / Post AP Payments” link.

Initiate check production via the clicking “Print/Post AP Payment” link on the Accounts Payable home page.  This operation will generate checks for all invoices with scheduled payments.

Run the “AP Payment Journal” report.

The posting process will create a single journal entry for all AP check incorporated in the batch.  Run the journal report to view the journal entry, and confirm that the journal details match those generated by the preliminary “Scheduled Payments Report” in step #3 above.

Read the step-by-step guide here.