| • | These Purchases must be categorized by type, and stored in a systematic manner (the old shoe box document storage system will simply not work anymore). |
| • | Some of it may still be owed after it was due to be paid. The time these Purchases must be paid should be easily reported because knowing how much you owe, and when it is owed, is important to proper management of your business. |
| • | So, you will need all types of Reports that detail the results of these transactions in many ways. |
| • | If applicable, all of these financial transactions must automatically post to your General Ledger module. |
| • | The Accounts Payable System module will track all of the information relating to your Company's Purchases and Disbursements. |
Overview of some of the Accounts Payable module Forms
| • | Read this Overview section completely to get a better understanding of what you will need to do. |
| □ | What now? What do I do First? |
| • | Enter your Vendor Information so the system knows from whom you purchase goods and services. |
| • | Create codes and descriptions for these Purchase Categories - generic groupings for the goods and services you will be buying, and specific identifications of the Parts you will be purchasing for resale. |
| • | Establish the Starting Balance for each Vendor so the system knows how much, and for what, you currently owe each Vendor. |
| • | Define all of the Recurring Purchases you make from any Vendor for which you have a regular monthly bill for the same amount. |
