Accounts Payable

	Accounts Payable module enables you to
	1. Enter payment vouchers It records details like party name, bank account to be credited, payment mode and instruments details.
	2. Authorize payment voucher To authorize a payment voucher one has to have authorization rights. System can be configured to pass all automatic accounting entries in a pre-authorized fashion. By default all accounting reports pick up unauthorized transactions alongwith authorized transactions. However, the system can be configured to pick up only authorized vouchers.
	Background
	Following master information is maintained in this module:
	Chart of Accounts The account code is split into 4 hierarchical levels: - Balance Sheet Groups: Liabilities, Assets, Revenues and Expenses - Sub-Groups: Examples, Current Liabilities, Fixed Assets - Ledger Groups: Example, Sundry Creditors - Sub-Ledger Groups: Examples, Banks, Brokers
	Banks Company's banks and accounts related information i.e. bank name, branches in which the company holds accounts and account details.

	Voucher Types Different voucher types and associated information e.g. Payment Voucher, Receipt Voucher, Debit Note.
	Mode of Payment Defines different modes of payments like Cheques, Demand Drafts, and High Value Cheques.
	Cheque Book Definition System maintains cheque book details for bank accounts with the option of automatic cheque printing. It tracks individual cheque status as issued, missing, cancelled or bounced.
	Parties External entities with whom company transacts business. These typically are Suppliers, Customers, Brokers, Individuals or other Corporates.
	Reports
	1. Payable Account Opening Balances 2. Payment Transactions for a Date Range 3. Analysis of Current Balance 4. Ageing Analysis