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Set Up Accounts Payable Liability Codes

Use accounts payable liability codes to define the implicit posting of vouchers to an account number and, if applicable, an organization. You can divide your accounts payable liability among separate accounts on the general ledger by defining and using multiple liability codes.

There is no limit to the number of liability codes you can define for your enterprise. Initially, you must add at least one liability code before you enter vouchers. However, liability codes can be added at any time.

To set up accounts payable vendor types and liability codes:

  1. In the Navigation pane, select Settings > Cash Management > Accounts Payable.
  2. Click the Liability Accounts tab of the Accounts Payable settings form.
    If you use multiple companies, the Global Liability Account Settings section displays with two grids:
    • Vendor Types: Use this grid, which applies to all companies, to create vendor types and their descriptions.
    • Liability Codes: Use this grid, which applies only to the active company, to set up codes and descriptions and to specify the corresponding accounts, vendor types, and organizations.

    If you do not use multiple companies, only the Vendor Types grid displays.

  3. To add a new vendor type, click + Add Vendor Type below the Vendor Type grid and then enter a code and description.
    The code identifies the vendor type throughout Vantagepoint. The description displays in place of the vendor type code in all lookups and on reports.
  4. To add a new liability code:
    1. Click+ Add Liability Code below the Liability Codes grid and then enter a code and description.
      For example, you might define your accounts payable consultant account as Consult. The description is used in place of the code on accounts payable reports.
    2. In Account, enter or select the account that receives the implicit posting when you use this liability code in transaction entry and posting routines.
    3. In Vendor Type, enter or select the vendor type associated with the liability code.
    4. If you use organizations and maintain separate balance sheets by company, use Organization to specify the organization to which vouchers referencing the liability code are posted.
      The Maintain Separate Balance Sheets by Organization option is located in Settings > Organization > General in the desktop application.
  5. Click Save.