Accounts Payable Construction Software

In the Accounts Payable Module of FOUNDATION construction software, the focus is on getting your job done faster. Through defaulting of data, customizable error checking, and tight integration with Purchase Orders/Subcontracts, the General Ledger and Job Costing, the Accounts Payable Module is simple to use but provides powerful results.

Click to learn more about these highlights of the Accounts Payable Module:

• Date Sensitivity and Audit Trail
• Simplified Invoice Entry
• Integration with Purchase Orders/Subcontracts
• Flexible Payment Select and Check Options
• Easy Adjustments, Void Checks and Credit Memos
• Automatic Waivers of Lien
• Sales and Use Tax Tracking
• Reminders of Important Dates
• Powerful Reporting
• Easy Year-End Transition

Download more information on our accounts payable construction software

Date Sensitivity and Audit Trail

As with all modules, the detail of invoices and checks - including posting date and transaction date - are retained by the system. Therefore, all reports can be run for any date range, including prior periods. Invoices can be aged by invoice date, transaction date or due date.

When adjustments, reversals or voids must be made, all data from the adjusting transaction as well as the original transaction is maintained, allowing a complete audit trail that is, again, date sensitive. All posting logs and registers are assigned a unique identifier at the time of posting. This code is printed at the top of each posting log and is attached to the historical record of General Ledger transactions. The availability of transaction-source detail allows for the accurate review and auditing of your accounts and ensures that vendor history, the General Ledger and Job Costing remain in balance.

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Simplified Invoice Entry

Wouldn't it be nice if entering vendor invoices were as easy as typing in the vendor number? In FOUNDATION construction software, you get just that - information and verification with a minimum of data entry. Much of the invoice information can automatically default to values defined for each vendor or job. In fact, you can enter an invoice by specifying only the vendor number, invoice number, invoice date, and amount. The other information - such as transaction date, due date, discount date, discount base, discount percent, retainage percent, retainage amount, tax type, tax authority, and G/L accounts for the expense, accounts payable, retainage, discount, and tax - can default instantly! Any default may be altered for a given invoice at the point of data entry. Among the other data definable for each invoice are:

• PO/Sub Number
• Job Number
• Description
• Invoice Type
• Payment Status
• Pay Class
• Tax Base
• Equipment Being Used/Serviced
• Equipment Work Order
• Equipment Service Code

Any invoice can be distributed to an unlimited number of General Ledger expense accounts, jobs, phases, cost codes and cost classes. Extensive error checking is done to prevent overpayments, invalid distributions, and distributions which would put Job Costing and the General Ledger out of balance. Users are prevented from unintentionally making these mistakes.

The system supports retainage on payable invoices, as well as the entry of prepaid invoices, general and administrative expense invoices, and credit memos.

Recurring Invoices

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Integration with Purchase Orders/Subcontracts

Integration with our Purchase Orders/Subcontracts Module is optional, but can provide tight controls over purchasing. Users can indicate whether a PO/sub is required for each invoice, and user-defined controls may prevent variance of PO/sub totals or detail amounts to corresponding invoice amounts. The vendor, job and amounts - including retainage and tax - can default from a PO/sub, and PO/subs and change orders can be invoiced in total or separately. Extensive reporting of committed costs is available, including calculations of remaining committed, invoiced and paid.

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Flexible Payment Select and Check Options

Flexible Selection for Payment

Simplify the payment of your invoices by using flexible payment selection options that can include a combination of due dates, discount dates, vendor status, invoice status, job numbers and releasing of retainage. For example, you could pay all invoices due by a given date; due by a given date and pertaining to a given job; or due by a given date and pertaining to a given job and vendor. Invoices may also be selected individually, as can individual line items on an invoice.

Cash Requirements and Aging Reports help to analyze outstanding invoices. The pre-check register feature allows you to preview the predicted status of the check register before checks are printed for the selected invoices.

Foolproof Check Printing

The printing of checks is an easy process which offers the following features:

• Checks may be written manually, paid at the point of invoice entry, or printed as part of a normal check run.
• Any number of invoices may be applied against a check, and any number of partial payments may be made against a single invoice.
• You can print one check per vendor, paying one or more invoices, or multiple checks per vendor in a single check run.
• Joint checks can be written to multiple entities.
• Checks can be viewed on-screen to verify their accuracy before printing.
• The current check number is maintained per cash accounts within the system, but can be overridden.
• The check-printing accuracy feature allows for rapid and simple correction of any problem within a check run, such as a printer jam or mis-numbering.
• The system automatically prompts you to print check registers after the checks.
• Individual or combined check registers (specified by a date range and/or General Ledger account) may be reprinted at any time.

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Easy Adjustments, Void Checks and Credit Memos

Accounts Payable provides efficient and intuitive methods for correcting invoices, voiding checks and generating credit memos. For example, to void a check, simply specify the cash account and check number. The system will reverse all entries, re-open the relevant invoices, and provide an audit trail for future reference. All adjusting entries will automatically make the appropriate corrections in the General Ledger, Job Costing, and Accounts Payable Modules. Invoices can be adjusted or reversed completely.

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Automatic Waivers of Lien

Automatically produce partial or full waivers of lien based on paid invoices. The forms meet the CIAC's recommendations and can be printed with detail or blank for manual completion.

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Sales and Use Tax Tracking

FOUNDATION construction software offers complete flexibility in tracking sales and use tax. If you pay tax directly to the vendor, you may choose to expense it differently for super-detailed reporting. If not, you may track use tax liability through Accounts Payable or Accounts Receivable. Reporting of liability is available, and you may optionally accrue it in the General Ledger. In any case, by setting appropriate vendor and job defaults, very little data entry is involved. Instead, several powerful reports will display your tax expense and liability automatically. These reports can calculate make-up tax, show a breakdown of the tax rates from a single authority, or provide totals for remitting taxes from different rates to one authority. Like all reports in FOUNDATION, they are fully date sensitive.

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Reminders of Important Dates

FOUNDATION can optionally provide warnings about important dates such as the expiration of a subcontractor's liability or workers' compensation insurance. The system will provide a warning or prevention (at the user's discretion) during the time an invoice is entered or when payment is about to be made.

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Powerful Reporting

Quick Vendor Status Query

The system provides a convenient window into the status of each vendor's account, including specific invoices and checks written to the account. The instant access to this information helps you handle phone inquires from vendors with immediacy. Information includes:

• Transaction Number and Type
• Transaction Amount
• Transaction Date
• Remaining Balance on Transaction
• Check or Invoice Number and Date

Powerful Reporting

Various reports may be run by vendor number, vendor name, job, pay class or any combination of these. All reports may be run for any date range, any length of time and into the past and future. Among the pre-defined report topics are:

• A/P Aging with Retainage
• Aging by Job
• Cash Requirements
• Vendor Account History
• Accounts Payable/General Ledger Analysis
• Invoice History
• Pre-Check Register
• Check Register
• Sales Tax Summary/Detail
• Sales Tax Liability
• Sales Tax Paid
• Sworn Statement

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Easy Year-End Transition

With FOUNDATION construction software, the difficulties of year-end are virtually eliminated. Adjustments can be made to prior periods at any time. Date-sensitive reporting allows you to include or exclude information that doesn't fall within the current period. 1099s and other tax-related documents and reports are also date-sensitive, so you can continue to process accounts payable as normal even without having finished the previous year's 1099s - and you can even go back and print old 1099s later. As with other modules, user-controlled date restrictions allow you to define the current period and to prevent posting outside it or display a warning when you attempt to.

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