Epic - Accounts Payable

The EPIC Office Accounting Module includes the Accounts Payable, General Ledger, and Payroll applications.

Accounts Payable are maintained in an open item format and may be accessed at any time for general inquiry or to monitor outgoing cash. The general capabilities fulfill the processing and reporting requirements from receipt of an invoice, credit memo, or debit memo to check reconciliation and purging invoices after final payment.

Payment functions include:

w Payment of a specific invoice (purchase order)

w Payment applied to oldest invoice first

w Payment on account with allowance for unapplied credit

w Voiding checks

w ‘Un-paying’ or deferring an invoice

An optional module detects price changes between the purchase order and the invoice. A display allows the difference to be resolved by billing it back to the vendor or updating the value of inventory.

The system also provides account aging, cash forecasting, and discounting at any time of payment. Since Accounts Payable interfaces with the General Ledger module, one entry transfers credits and debits to the general ledger system.

The Daily Processing section of Accounts Payable is used to maintain vendor files, post and update purchases from vendors, post disbursements to vendors, and print checks.

A few of the documents and reports included in the Accounts Payable module are:

! Vendor Checks

! Audit Reports

! Vendor Masterfile Listings

! Vendor Aged Invoices & Forecast

! Open Item List

! Due Date Report

! Vendor Purchase History

! A/P Check Reconciliation

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