Accounts Payable Parameters
Accounts Payable Parameters
The Accounts Payable (AP) parameters control the defaults for how the module processes vendor payments, 1099's, inventory liability, etc. Please contact your CPA or accountant if the G/L account settings are not clear.
A/P Account - This field contains the default G/L 1002000 liability account for accounts payable. This account is automatically populated in AP maintenance if the vendor does not have a pre-defined A/P account.
A/P Clearing - This field contains the default G/L 1002010 liability account for A/P clearing. This account is used along with the inventory clearing account to create the expected liability.
Inventory Clearing - This field contains the default G/L 1001310 asset account for inventory clearing. This account is used along with the A/P clearing account to create the expected liability.
Cash - This field contains the default G/L 1001000 cash operating account. It is utilized as a default if the financial institution has not been defined with a cash operating account.
Discount - This field contains the default G/L 1009020 discounts earned account. It appears as the default account when discounts are taken on invoices.
Finance Charge Expense - This field contains the default G/L 1006090 finance charge expense account. It appears as the default account when a finance charge is entered on an invoice.
Freight Expense - This field contains the default G/L 1006070 freight expense account. It appears as the default account when a freight charge is added to the invoice.
Miscellaneous Expense - This field contains the default G/L 1006900 miscellaneous account. It is utilized as the default expense distribution in the manual check entry process.
Payment Terms Code - This field contains the default payment terms code to use if the vendor has not been defined with terms in file maintenance.
Tax Schema - This field contains the default sales tax schema to be used for crediting taxes paid on goods and services against the tax liability. No schema should be entered here if your taxing authority does not allow sales tax credits on purchased goods and services. (Primarily defined for GST in Canada.)
Auto Post to G/L - This box when checked will turn on automatic posting to the general ledger when A/P entries are posted. This option bypasses the subsidiary ledger posting routine.
Discount Merchandise Only - This box when checked will apply any discounts earned to the merchandise/services portion of the A/P invoice entry, instead of the invoice balance.
Auto Create Exp Liability - This box when checked along with entering the A/P Clearing and Inventory Clearing accounts above will automatically create an entry into the general ledger for inventory that has been received but not yet attached to an A/P invoice.
Auto-Adjust Inventory WAV - This box when checked will allow the clerk to adjust the inventory receiver from invoice maintenance if it does not match merchandise amount on the invoice.
Use 99999 Misc Vendor - This box when checked will allow all modules that generate refunds and accrual invoices to post them as a miscellaneous vendor. Clerks can also create miscellaneous A/P entries to miscellaneous vendors as well. by default this box is checked when the database is installed.
Use 1099 Laser Forms - This box when checked will format the 1099 information to print on a laser form instead of dot-matrix.
Maintain Accounts Payable Parameters
- From the menu select, System Administration, Configuration, Accounts Payable Parameters.
- The form will open to the parameters.
- The standard G/L accounts and options are predefined during setup. There should be no need to change the G/L accounts unless advised to do so from your CPA or DockMaster to accommodate changes in operating procedures.
- To change the terms code or other options, make the needed changes, click save and close the form. Note once there is activity with the miscellaneous vendor it cannot be removed.
- Log out of DockMaster to apply the defaults.