Accounts Payable Settings

Use Accounts Payable Company Settings to set up company-wide accounts payable features, including default payment terms, liability codes, vendor types, and discount codes.

Liability Codes

If you use multiple companies, you must set up accounts payable for each company. In addition to these company-wide accounts payable options, you must set up accounts payable options at the enterprise level.

If you use Organization Reporting and maintain separate balance sheets for your organizations, you should set up a liability code for each organization. However, if you want the voucher posting to follow the project’s organization, you do not have to enter a liability code for each organization. Instead, leave the Organization field in Company AP Liability Code Settings blank, and the liability follows the project’s organization.

Liability codes are associated with the vendor type by default; however, you can override the default liability code in Accounts Payable Voucher Transaction Entry.

To close out (consolidate) liability code data into one liability code, use the Liability Code Key Conversions utility (Utilities > Key Conversions > Liability Codes). You can either consolidate data between two existing liability codes, or you can set up a new liability code in which to close out liability codes no longer in use.

Discount Codes

Use AP Company Discount Codes to specify the discount codes for all the vouchers for a project/phase/task. DPS uses discount codes during processing to determine the account, project, and task to which to post any discounted dollars when the voucher is paid. If you want a vendor to use discount terms, you must specify the discount code in the Firms hub.

You also set up discount terms for each vendor in the Firms hub. These terms include a discount percentage and a discount period in which the discount applies. During Automatic Payment Processing or Manual Select Payment Processing, DPS automatically applies the discount percentage to the payment amount if the discount period is between the payment date and invoice date (specified on the Payment Processing form).

To close out (consolidate) discount code data into one discount code, use the Discount Code Key Conversions utility (Utilities > Key Conversions > Discount Codes). You can either consolidate data between two existing discount codes, or you can set up a new discount code in which to close out discount codes no longer in use.