Recurring Payments - Update allows you to enter Accounts Payable recurring payments. These are invoices that are entered once as a recurring payment and then transferred when needed. An example of a recurring payment could be an invoice to the missions board each month. Rather than entering an invoice for this payment each month enter it once as a recurring payment. You can then transfer the payment each month when ready to pay the invoice.
This Help page contains the following sections:
Select the Vendor in the Person Search window. By default the search text for the Name field searches for last names and organizations. To search for first and last names enter your search in the "lastname, firstname" format. Uncheck the Only Active? check box if you would like to view inactive vendors. You can also search by City and State. Select the vendor for which you are creating the recurring payment and click the Select button. Alternately, click the Close link to return to the previous page without selecting a vendor.
Note: Search for just a first name by starting your search with a comma (e.g., ", James"). Display a complete list of vendors by searching for just a comma. Results default to Accounts Payable, select All Applications from the drop-down list to view all names.
The currently selected bank account is displayed above the Vendor. You can change the bank account in Current Financial Settings (More Information). Existing Terms are displayed below the selected vendor name. There are a few options:
•Print on Separate Check: This option causes a separate check to be printed for this invoice rather than combining with multiple invoices to the same vendor.
•Use ACH: This option causes a new ACH tab to appear below.
•Electronic Funds Transfer: This option signifies that this recurring payment is an Electronic Funds Transfer.
•Put on Hold: This option keeps this invoice from being transferred.
For each transaction you have access to the following fields:
•Invoice #: Use a different invoice number for each invoice. Accounts Payable assigns the next available number if left blank or you may want to assign a unique number to this recurring payment for future tracking purposes. It is recommended that if you decide to assign a number that the number be 8-digits or less. The recurring payment Invoice # is combined with the due date specified when transferring recurring payments. Having an Invoice # over 8 digits causes this auto-assigned Invoice # to truncate all or part of the '-MMYYYY' designation at the end of the Invoice #.
•Due Day: This day is used when transferring recurring payments.
•Frequency: Select the frequency: Monthly, Quarterly, Semi-Annual, Annual, or Weekly.
•Invoice Total: The invoice can be distributed between multiple General Ledger accounts later in the process. You may enter a zero amount for a manual check if desired.
•Discount Type: If this transaction has a discount select Dollar or Percent in the drop-down list.
•Discount: Enter the discount as a dollar amount or percentage depending on what you selected for Discount Type. See below for more information about discounts.
•Limit: Enter a limit if needed (e.g., 500.00). This is used to set a maximum amount to be invoiced.
•Tax: Enter the tax amount if it applies. The tax amount is distributed between each line amount on the invoice by a calculated percentage. This field is only active if you chose to record tax, freight, and other charges in Company Information.
•Freight: Enter the freight amount if it applies. The freight amount is distributed between each line amount on the invoice by a calculated percentage. This field is only active if you chose to record tax, freight, and other charges in Company Information.
•Other: Enter any other amount to be charged (e.g., handling fees and so forth). This amount is distributed between each line amount on the invoice by a calculated percentage. This field is only active if you chose to record tax, freight, and other charges in Company Information.
You may choose to simply reduce the line amount by the discounted amount rather than put it in the discount field. Review the scenarios below if you use the discount field.
If you enter an amount in the discount field and you are not treating discounts as income, the discount amount is distributed between each line amount on the invoice by a calculated percentage.
There are five tabs on the Update page if you have Use ACH selected above: Details, ACH, Attachments, Note, and Postings.
The Details tab is where you put the transaction detail. If you are using a Distribution for this invoice select it below the grid from the drop-down list and click the Apply Distribution button. Otherwise, enter in your level information according to your account structure. Enter the Account # and a Description for the line. You can also select a Project and 1099 status.
Note: Click the icon or press "s" in any field with the Search icon to display a Search window. Use the filter at the top to narrow down your selection. In the Account Search window you can also specify the Account Type in a drop-down list. You can then double-click the item you want to select or click the item and click Select. Click the Cancel link to return to the Update page without making a selection.
1099 Status Codes:
•Misc. Box 1 - Rents
•Misc. Box 2 - Royalties
•Misc. Box 3 - Other Income
•Misc. Box 4 - Federal Income Tax withheld
•Misc. Box 5 - Fishing boat proceeds
•Misc. Box 6 - Medical and health care payments
•Misc. Box 7 - Nonemployee compensation
•Misc. Box 8 - Substitute payments in lieu of dividends or interest
•Misc. Box 13 - Excess golden parachute payments
•Misc. Box 14 - Gross proceeds paid to an attorney
•Misc. Box 16 - State Tax withheld
•Retirement - R - Used for non-taxable retirement.
•Retirement - R2 - Used for taxable retirement
•Retirement - R3 - Used for capital gains.
•Retirement - R4 - Used for Federal tax withheld from retirement.
•Retirement - R5
•Retirement - R9
Enter the Amount and then click the Add New icon to add another detail line if desired. As many detail lines as needed can be added in this fashion. You can also enter a number between 1-99 on the right and click the Add New icon to add multiple lines at once (e.g., Add 10 New Lines).
The ACH information set up as the default on the vendor record is selected in the Account(s) assigned drop-down list. If desired use the drop-down list to select a different account. Informational fields for Account Type, Bank Routing #, Bank Account # display the settings for the selected account. You can also select add new account in the Account(s) assigned drop-down list and enter the appropriate information in the fields provided. This information is saved to the vendor record when you save the invoice.
The Attachments tab allows you to attach files accessible from your device or to scan image files using the Scanner.Client.exe program. See the Attachments Help Page for detailed information regarding the attachments feature.
Enter a note in the field provided if you wish.
Previous transfers of the recurring payment along with their current status are displayed in the grid. For each invoice the following columns are displayed:
When finished click the Apply button to save the recurring payment and start entering another one, the Update button to save changes to the recurring payment and return to the Recurring Payments page, the Reset link to undo all changes since the last time the page was updated, or the Cancel link to return to the Recurring Payments page without saving your changes.
Compiled on 11/27/2018 4:24:02 PM