Accounts Payable Detail

Vendor Prepayments
Fusion’s vendor payment software allows you to enter prepayment requests, issue prepayments to vendors, and apply prepayments to vendor invoices once they are received. You can assign prepayments to the same GL account as the customer AP balance or designate a dedicated prepayment account. The vendor prepayments balance is kept separate from the regular AP balance in order to maintain deposits as an asset account.

Prepaid Expense Recognition
Each AP line item can be assigned a deferred expense schedule so you can accurately recognize expenses in the proper reporting period. Fusion will automatically split the expense between the prepaid expense asset and expense accounts and recognize the expense after running the prepaid expense recognition process.

Additional Features

  • Payment Approval Process: Bills can be automatically approved for payments or go through a payment approval process so you can prioritize or delay the bill payment, select the account the bill should be paid from, and select a method of payment. Once the bill is approved for the payment you can print the check or issue an electronic payment.
  • Multiple AP Accounts in GL: Fusion allows you to link different groups of Vendors to different AP accounts in the GL. The default Vendor AP account can be overridden during the Bill or Payment entry process. Fusion automatically tracks which account was selected and offsets the correct account and amount when the payment is applied.
  • Recurrent AP Documents: Fusion allows you to create recurring bills to reduce data entry and reduce potential errors. Set the frequency of the payment as well as the time frame. Once established, recurring bills will appear in the recurrent transaction processing screen so you can modify and release them.
  • Vendor Refunds: Fusion allows you to receive vendor refunds. The Vendor Refund document will debit a cash account and debit an AP Account. You can apply a refund towards a Debit Adjustment or Prepayment document.
  • AP Aging Reports: Fusion allows you to customize your AP aging categories and provides a full set of aging reports for analyzing your AP obligations. Aging reports provide total outstanding balances as well as past due accounts to help you analyze your AP, cash requirements, and vendors performance.
  • 1099 Reporting: Fusion will trace 1099 information for each vendor that is designated as a 1099 type. The 1099 box is determined by the system based on the expense account but can be overridden when recording invoices. Fusion tracks 1099 payments and produces the appropriate 1099 reports. You can specify the minimum amount of each type of 1099 box within the year.
  • Vendor Account Security: Fusion allows you to specify which individuals and roles can view and modify vendor account information and balances in order to prevent unauthorized account access and restrict sensitive vendor information.
  • Audit Trail: The Accounts Payable module provides a complete audit trail of all customer transactions. After a document is released, you cannot delete or cancel the document – to correct mistakes, you must enter a correcting AP document to reverse the incorrect entry. Fusion keeps the details of all AP Documents, including the user who entered the transaction and the user who modified the record. The auditing process is simplified by having notes as well as supporting electronic documents attached directly to the transactions.
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