21st Century Accounting Tutorials - Checklists


Checklist: Setting up Payables

Setting up Payables consists of configuring vendor attributes and then adding vendors and assigning their attributes.

  1. Run Payables/Configure/Control Accounts to set up at least one set of the control accounts required to post Payables transactions.

  2. If you want to organize vendors into categories for reporting, run Payables/Configure/Categories.

  3. If you want the system to display a set of expense distribution accounts when you enter invoices, run Payables/Configure/Default Prompts to set up at least one set of prompts.

  4. If you want the system to automatically take early payment discounts if available, run Payables/Configure/Payment Terms to set up applicable vendor payment terms.

  5. For calculation of GST, HST, PST, and QST in Canada, run Payables/Configure/Tax Authorities and Payables/Configure/Tax Groups to review the default Tax Groups and make sure that the tax rates are correct for the Tax Authorities that make up the default GST, HST, GST/PST, and QST Tax Groups.

  6. If you make regular periodic purchases from vendors, now or at any time later, run Payables/Vendor Invoices to create a batch of the entries you want to post periodically. Save the batch as a recurring batch. (Right-click the batch in the left pane and select Make Recurring from the options menu.)

  7. Finally, run Payables/Configure/Vendors to add your vendors and assign default control accounts, and, optionally, categories, default prompts, payment terms, and sales tax groups in Canada.

  8. To establish vendor balances, run Payables/Configure/Historical Invoices and Payables/Configure/Historical Payments to enter open invoices and, if you wish, paid invoices.

Checklist: Entering a Vendor Invoice

Once you have set up Payables Vendors, you're ready to start recording the purchase of products and services from your vendors.

  1. When you receive a regular invoice from a vendor, run Payables/Vendor Invoices.

Enter cash and manual check payments on regular vendor invoices

If you make immediate payment by cash or manual check at the time of the purchase, enter the payment amount on the regular invoice.

  1. When you want to pay for a product or service on the spot with a printed check, run Payables/Quick Checks.

Print on-the-spot payment checks to vendors

  1. After entering and OK-ing the invoice, click Print checks. The system prepares and prints a check for the amount of the invoice. When you approve the printed check, the system posts the vendor invoice and the payment.

Checklist: Making Payments on Vendor Accounts

Use Create Payments to make regular payments (by system-printed checks) to vendors.

  1. Run Payables/Create Payments.

  2. Enter the Payables bank account to write the checks on.

  3. Select the vendors and/or individual invoices to be paid.

  4. Edit the check total or the invoice amount to pay vendors amounts other than the full amount you owe.

  5. Print and review the checks.

  6. Once you are satisfied with check printing, approve the checks to post the vendor payments.


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