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Improving Payables Processing with Acclaim 14
Overview
Enter invoices before material has been received in the system“Match” invoice to PO once material is receivedChanges…
New company & vendor optionsNew menu optionsNew reportsNew autobatch
This class is designed for…
Current Acclaim users who are new to Acclaim 14 and process payables
Payables ClerksAccounting ManagersControllers
Trading Partner Connect/EDI users that receive payables electronically
Objectives
• Set up company & vendor defaults• Process vendor invoices before receiving
material• Match purchase order to vendor invoice
after receiving• Reconcile receiving and invoiced items• Use new reports
This course will NOT cover…
Payables ProcessingMaterial ReceiptsMaterial Receipt ReconciliationLedger AutobatchesTrading Partner ConnectEDI
Background Information
Company OptionVendor OptionsNew Terms
New Company Option
Zero Cost Var DescUsed with non-stock items with 0.00 cost
Vendor Defaults - Prior to Acclaim 14
Vendor Defaults - Acclaim 14
New Vendor Defaults
Release status can prevent invoices from being expensed and/or paid
New Vendor Defaults
Release status can prevent invoices from being expensed and/or paid2 phases of reconciliation
ReadyAuto-HoldHold Rel
None
Status after Reconciliation
ReadyAuto HoldHold RelHold Exp
Initial Status
Status After Reconciliation - Ready
Initial StatusDescriptionStatus
Payable can be expensed and released
Payable can be expensed, but NOT auto released
Payable can now be expensed, but NOT released until manually edited
After reconciliation, payable must be manually updated to another status
before processing
Any
Hold ExpHold Rel
Hold Exp
Any
Ready
Auto-Hold
Hold Rel
None
Processing the Vendor’s Invoice Typical Flow
Purchase Order Created
PO received by vendor
Material shipped & Invoice Created
Material Received
Payable Entered in Acclaim for material received
New Flow
Purchase Order Created
PO received by vendor
Material shipped & Invoice Created
Material Received
Payable Entered in Acclaim for material received
1st Scenario
Purchase order for 3 itemsOne Payable for all 3 itemsAll material received after payable entry in one receivingNo discrepancies
Purchase Order
Purchase order with 3 items
Payable Entry
PowrDrill - Invoiced Items
Invoiced Items
Invoiced Items
Invoiced Items – Select All
2nd Scenario
Purchase order for 4 itemsPayable for 2 of the items
Purchase Order
Payable Entry
Invoiced Items
3rd Scenario
Purchase Order for 3 itemsPayable entered with NO reference to purchase orderUpdate PO to payableCost difference on non-stock item and 2nd item
Purchase Order
PO Pend
Update PO on Payable
Update PO on Payable
Update PO on Payable
Update PO on Payable
Update PO on Payable
Edit/Delete Payable
Invoiced Items
Invoiced Items Detail
Invoiced Items Detail
Invoiced Items Detail
Invoiced Items
Match Receipts to Invoices
Match receipts to invoices after material has been received Can review ‘possible’ matches with the Receipt and Invoice Comparison Report“Match Unreconciled Payables”
What Determines a “Matched” Payable?
What is the invoiced quantity?What is the invoiced quantity?
What is the received quantity?What is the received quantity?
What is needed to reconcile
vs.
What is available
What is needed to reconcile
vs.
What is available
If Qty Available >= Quantity Needed
“INVOICE AND PO ARE MATCHED”
If Qty Available >= Quantity Needed
“INVOICE AND PO ARE MATCHED”
Example of Matched Payable
System will match invoice to entire first receipt and one item from the second receipt
PO # - 1000500
Qty Item
5 3M 10033
PO # - 1000500
Qty Item
5 3M 10033
Qty Item
1st Receiving 2 3M 10033
2nd Receiving 3 3M 10033
Qty Available 5
Qty Item
1st Receiving 2 3M 10033
2nd Receiving 3 3M 10033
Qty Available 5
Vendor Invoice – 1033443-001
Qty Item
3 3M 10033
Vendor Invoice – 1033443-001
Qty Item
3 3M 10033
Receipt & Invoice Comparison
Match Unreconciled Payables
Match Unreconciled Payables
Matched vs. Unmatched
Matched vs. Unmatched
Quantity received is less than invoiced quantity
Qty Var
Discrepancy between invoiced value and expected value
Cost Var
Invoice is correct and nothing needs to be edited
Match
Match Unreconciled Payable
Match Unreconciled Payables
Material Receipts Reconciliation
Reconciled
Reconcile Invoices
Can use a macro to reconcile matched payables during daily backup
Depending on parameters, the match screen can take a long time to processCan check reconciled invoices through reconciled payables list
Changes to Existing Reports
Aged Payables ReportExpense Journal
Aged Payables Report
STATUS parameter added to report
Expense Journal
“Include Held Payables”
New Reports
Receipt and Invoice Comparison reportReconciled Payables report
Unreconciled Payables report
Receipt and Invoice Comparison Report
Displays what receipts exist for a purchase order and
what vendor invoices have been
entered for that purchase order
Receipt and Invoice Comparison Report Parameters
Receipt and Invoice Comparison Report - No Line Items
Receipt and Invoice Comparison Report - Line Items
Reconciled Payables Report
Displays reconciled payables and the receipts that were
reconciled against them
Reconciled Payables Report
Reconciled Payables Report
Unreconciled Payables Report
Similar to Unreconciled Receivings ListThis will show all payables that have been expensed but NOT reconciled
Unreconciled Payables List
Entries removed when payable is reconciledWhen committed, creates UPAC autobatch
UPAC Autobatch
Unreconciled payables cannot hit G/L inventory because system inventory does not include materialReverses postings to inventory accounts from payables on EXP autobatchCredits inventory account from EXP autobatch and debits accrual accountCreates a reversal batch in the next period
UPAC Autobatch
For More Info…Visit Prophet 21 on the web: www.p21.com
Submit a web case
Browse Documentation
Acclaim 14 New Features
Payables
Search the Solutions database
View P21 University course offerings
Email Professional Services Sales: [email protected]
Summary
• Set up company options• Set up vendor options• Process invoices• Run new reports
