Accounts Payable allows you to generate checks for vendors to whom you pay recurring fixed expenses, such as loan, lease, insurance, or rental payments. You can produce more than one check per vendor, and you can apply the expense to more than one account.
Before the system can automatically produce the regular payment checks, you need to set up the payments on the Regular Payments window to create the invoice header information and invoice details, such as the transaction amounts, descriptions, account numbers, etc. You must also define to which expense accounts the regular payments will be applied, what percentage of the total payment goes to each expense account, whether the payment should appear on a 1099 for the vendor, etc.
Name |
Type of Information |
Sample Columns |
Regular Payments Control |
Invoice header information and frequency of payment |
Months the payment is to be generated, begin and end dates, vendor information, invoice amount, last payment date, calendar and fiscal year totals paid |
Regular Payments |
Invoice detail |
Account, description, quantity, and amount of each item included in the invoice |
In order to define a regular payment, you must have the vendor (the recipient of the payments) entered in the system. If you are looking at the Regular Payments window and the vendor information is not already on the system, you can add a new vendor via the ID Number column.
Each regular payment has a sequence number per vendor and A/P subsidiary. The sequence number is assigned by the system and is used to identify the different regular payment records. You will note the sequence number on the Select/Create Regular Payments window if you ever need to change the definition of a regular payment for a vendor with more than one regular payment. Once the regular payments have been set up, you can generate them.
Listed below are examples of regular payments: