This chapter explains how PO-related supplier invoices are transferred as voucher style invoices to your financial accounting system for AP processing.
Supplier invoices are entered and matched with POs in DBA
PO-related supplier invoices are entered and matched with associated POs in the PO Invoices screen. The matching process closes PO lines, balances the Received Not Invoiced account, and enables you to update item last costs and purchase prices.
Financial credit memos are entered in your accounting system
If you receive a financial credit memo from a supplier, you can enter it directly in your financial accounting system. A financial credit memo is one that does not include any inventory items. An example of a financial credit memo is one used to adjust your account balance for an over or under-payment.
Inventory credit memos are entered in DBA
When a credit memo includes an inventory item, such as when you are returning a purchased item, the credit memo must be entered in DBA. The item being returned is entered on a PO with a negative order quantity, which results in a negative price and enables the item to be deducted from stock. The PO is received and invoiced in the normal fashion to generate the credit memo.
Transfer AP vouchers in real time after each set of invoices is entered
Transfer AP vouchers in real time immediately after each set of supplier invoices is entered so that invoice entry and voucher transfer is treated as a single process. At a minimum, transfer AP vouchers once per day so that a complete and timely AP aging profile is maintained in your financial accounting system.
AP Voucher Transfer
Overview
You will enter supplier bills in your financial accounting system to the AP Invoice Transfer clearing account (debit). The balancing credit entry to the AP Invoice Transfer clearing account was created during the PO Invoice process in DBA and transferred to your outside accounting system in the GL Summary Transfer. The net effect is that the AP Invoice Transfer account zeroes out and you are left with Accounts Payable in your financial accounting system.
The AP Voucher Transfer screen is used to transfer supplier invoices and credit memos in a one-line voucher format to your accounting system for AP processing. Each invoice or credit memo that has not yet been transferred is listed in the grid.
The voucher style format limits the transfer to just the fields needed for payables processing – the Invoice Date, Invoice No, Supplier, Total Amt, Due Date, Terms, and X-Ref Account (your account).
NOTE: Only a total invoice amount is needed for AP processing. Line item detail has no functional purpose in the financial accounting system and is not transferred to avoid unnecessary data synchronization and double-posting issues.
If you wish to include billing address details in your transfer file, select the Include Addresses checkbox.
If your accounting system can import invoices and credit memos in the same process with negative total amounts displayed against credit memos, select the Display – All option. If invoices and credit memos must be imported separately, select the Display – Invoices or Display – Credit Memos option as needed. When credit memos are displayed separately, they are listed with positive total amounts.
Transferring by data import
To transfer the voucher invoices listed in the grid by data import, click the Output button and select the Output to CSV or Output to excel option. The program will present the Output File Location specified in Financial Transfer Defaults, which you can accept or change as desired. After the output file is successfully saved, answer yes to the Do you wish to flag the AP Vouchers as Transferred? prompt.
The final step is to go to the data import utility in your accounting system and select and import the output file. Typically, the fields in the output file will be mapped on a one-time basis to corresponding fields in the import utility.
QuickBooks
QuickBooks does not include an invoice import utility. Several third party import tools are available and are easily found by web search. Many of our customers use the Transaction Pro Importer.
Financial Transfer using Transaction Pro Importer
Transferring by manual entry
To transfer the vouchers listed in the grid by manual entry, click the Output button and select the Output to printer option. After the report is successfully printed, answer yes to the Do you wish to flag the AP Vouchers as Transferred? prompt. Use the report to manually enter one-line supplier invoices in your financial accounting system.
AP Processing
Once voucher invoices have been transferred, all accounts payable processes are performed in standard fashion within your financial accounting system, including supplier payments, advance deposits, and open aging reports.
