Accounts Payable: General Information

For users to be able to define vendors and enter and process documents to vendors in the system, the accounts payable functionality has to be implemented in MYOB Acumatica. The implementation process includes creating vendor classes and specifying the accounts payable preference settings.

Learning Objectives

In this chapter, you will learn how to implement the basic configuration of the accounts payable functionality for a company.

Applicable Scenarios

You perform the basic configuration of the accounts payable functionality during the implementation of MYOB Acumatica, after a company has been configured in the system and the general ledger functionality and cash management functionality have been implemented.

Workflow of the Implementation of the Accounts Payable Functionality

To implement the accounts payable functionality, you perform the following general steps:

  1. On the Vendor Classes (AP201000) form, you create the default vendor class, which will be used to provide default values for vendor accounts of the class when these vendors are created and for other vendor classes that may be created. For details, see Accounts Payable: To Create a Vendor Class.
  2. On the Accounts Payable Preferences (AP101000) form, you specify the necessary settings (and any optional settings) to be used in accounts payable. For details, see Accounts Payable: To Specify Accounts Payable Preferences.

Speeding Data Entry

To help make data entry easier and more accurate, you can use the following settings on the General tab (Data Entry Settings section) of the Accounts Payable Preferences (AP101000) form:

  • Default Vendor Class ID: In this box, you specify the default vendor class, as described in Vendors: Vendor Defaults and Overrides, and use it to ease the creation of other vendor classes.
  • Combine Expense Sub. from: To gather more detailed accounting information, in this box, you can specify the rule to create the default expense subaccount (if subaccounts are used in your system) for use in AP documents as the expense subaccount for transactions. For this default subaccount, the values for different segments can be copied from different subaccounts related to the document. That is, for each segment of the resulting expense subaccount, you can specify from which subaccount—such as the company branch, vendor location, inventory item, employee account, project, or project task—the segment value should be copied.
    Tip: You can press the F3 key to open the Product Group dialog box, which lists the available product groups that can be used as subaccount segments. Select a required product group and click Select on the dialog box toolbar. For more information, see Shortcut Keys.
    For details, see Combined Subaccounts: To Define a Subaccount Mask for AP Documents.
  • Payment Lead Time: In this box, you specify the number of days required for a payment to reach a vendor location. This value is used as the default value for multiple boxes on the Approve Bills for Payment (AP502000) and Prepare Payments (AP503000) forms.