The Information Technology, Inc. Accounts Payable System (APS) provides comprehensive control of vendors, purchase orders, payables and checks, and introduces a new level of automation for the effective management and payment of payables.

Advantages

• APS simplifies the payment process, from payable entry, to payment approval, to check production, and finally to check reconciliation.
• To control payments, maintain activity history and simplify check production, vendor records are maintained for each person or business receiving disbursements.
• Vendor records are a convenience but are not required for vendors billing payables on a one-time or infrequent basis.
• Purchase orders are used to confirm that a service or product has been ordered.
• Payable entry is simplified by automatic insertion of a vendor's name and address, expense allocations, year-end tax reporting information, terms and discounts, all based upon vendor specifications.
• Recurring expenses, such as rent, can be set up to eliminate repetitive payable maintenance.
• Vendor credit accounts, using multiple expense accounts, can be set up for any credit received from a vendor.
• Checking accounts are established in APS as the source of funds for payable payments and are processed as either DDA or General Ledger accounts.
• Payables are approved for payment using a display terminal, and can be approved one at a time or in groups.
• APS generates reports for reviewing new payables, new credit accounts, approved payments, past due payables, checks, and vendor outstanding credit amounts.
• Tax reporting totals are automatically extracted from the APS files for year end reporting.