Working with Accounts Payable

This section of Sage 100 Contractor, 4-Accounts Payable, contains the following subsections:

• 4-1 Payable Reports—You can run reports to gather and analyze data about your payables. For more information, see
• 4-2 Payable Invoice/Credits—You can enter transactions, create invoices or credit invoices that affect vendors, track and release holdbacks, view a history of payments for specific invoices, and print and post two-party cheques. For more information, see
• 4-3 Vendor Payments—You can print (single-party or two-party) cheques, vouchers, and lien waivers for payable invoices and apply credit invoices to invoices. For more information, see
• 4-4 Vendors (Accounts Payable)—You can access to vendor information for payable invoices, T5018 balances, ordering materials, and subcontract management. Create a vendor record for each business that sends you invoices and each business to which you owe money or make regular payments. For more information, see
• 4-5 Vendor T5018 Forms—The program tracks and maintains balances for the T5018 form reports. Including the vendor number on a vendor cheque or general ledger cheque, increases the T5018 balance for that vendor. Voiding the cheque, decreases the T5018 balance by the cheque amount for that vendor.
• 4-6 Recurring Payables—You can set up recurring payable transactions that have a consistent amount from invoice to invoice and post them on a regular basis. This feature allows you to retain complete control of when to post transactions.
• 4-7 Credit Card Management—You can set up the accounting to manage your business credit cards as part of your regular accounting. Features include setting up accounts, entering receipts, reconciling statements, and paying your credit card bill.

Using the Accounts Payable tools in Sage 100 Contractor, you can manage payable invoices with an accounts payable system that is fully integrated with purchase orders, subcontracts, change orders, job costing, and inventory functions. For example, you can enter a purchase order number to complete your invoice entry in one step. The payable invoice window automatically fills in and performs job costing to ensure that you’re not overcharged or receiving items that you have not approved.

The system automatically posts recurring invoices for expenses such as rent, loan payments, and vehicle purchases. You can track Workers’ Compensation, liability insurance, and license expiration dates of subcontractors. You can even track individual subcontracts, enabling you to manage holdback and prevent payment in case there is a dispute.

You can select from a wide variety of cheque and voucher formats or create your own. Choose multiple cheque stubs or special cheque reports to list all invoices paid and automatically generate lien releases with cheques or vouchers. You can make partial payments and designate multiple payees on any invoice, and then you can decide which credits to apply to a payment prior to running cheques. You can run aging reports “as of” the end of any prior period to match financials even after the period has been closed. The extensive reporting options include compliance reports and T5018 forms.

Most businesses use credit cards for purchases and payments and Sage 100 Contractor helps you manage your credit card accounts. You can create and edit card issuer accounts and then and manage your receipts and charges. Then you can follow those tasks with reconciling your statements and monitoring your payments.