Company Accounts Payable Configuration Overview
Use Accounts Payable Company Settings to set up the accounts payable company-wide features, including default payment terms, liability codes, vendor types, and discount codes.
Liability Codes
If you use organizations and maintain separate balance sheets for your organizations, you should set up a liability code for each organization. However, if you want the voucher posting to follow the project’s organization, you do not have to enter a liability code for each organization. Instead, leave the Organization field in Company AP Liability Code Setup blank, and the liability follows the project’s organization.
Liability codes are associated with the vendor type by default; however, you can override the default liability code in Accounts Payable Voucher Transaction Entry.
To close out (consolidate) liability code data into one liability code, use the Liability Code Key Conversions utility. You can either consolidate data between two existing liability codes, or you can set up a new liability code in which to close out liability codes no longer in use.
Discount Codes
You can specify the discount codes for all the vouchers for a project/phase/task using AP Company Discount Codes. Vision uses discount codes during processing to determine the account, project, and task to which to post any discounted dollars when the voucher is paid. If you want a vendor to use discount terms, you must specify the discount code on the Accounting tab in the Vendor Info Center.
You also set up discount terms for each vendor on the Accounting tab in the Vendor Info Center. These terms include a discount percentage and discount period in which the discount applies. During Automatic Payment Processing or Manual Select Payment Processing, Vision automatically applies the discount percentage to the payment amount if the discount period is between the payment date and invoice date (specified on the Payment Processing form).
Closing Out Discount Codes
To close out (consolidate) discount code data into one discount code, use the Discount Code Key Conversions utility. You can either consolidate data between two existing discount codes, or you can set up a new discount code in which to close out discount codes no longer in use.
System Settings
In addition to these company-wide accounts payable options, you must set up other accounts payable options at the system level.
Multicompany
If you use the Multicompany feature, you must set up accounts payable for each company. To do this, from the Vision Navigation menu, click , and select the next company for which you want to set up this information. The name of the active company displays at the top of the Accounting Company Settings form.