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The Accounts Payable System, can be integrated with Arctic Data’s General Ledger and Inventory Management modules, or can be used stand alone.

Features

Vendor Master File: Vendors, along with product codes, form the base of the Accounts Payable System. Vendors are stored in the vendor master file. The number of vendors, or suppliers that can be supported is limited only by available disk space. A vendor record consists of fields for the vendor’s name, address, phone and fax numbers, contact person, terms, and percentage discount. Users can search for vendors by name, eliminating the need for manual look-up of vendor account numbers. The system even accommodates partial name searches.

Product Codes: Like vendor records, product codes are an integral component of the accounts payable system. Product codes enable you to track your purchases, and provide you with a valuable means of forecasting your business’ growth. The system enables you to define your own codes, and add as many as necessary. You may choose to assign a new product code to each type of product that you purchase, or you may assign a number of products to one product code, thereby creating a product category.

Each product code requires a G/L account number for posting* (*NOTE: if the accounts payable system is used in conjunction with the G/L module, this posting can be done quickly and easily), as well as a description of the product or product category that the code represents. Of course, the more structured and organized your product codes, the more information they will provide for you. The system displays the dollar amount spent on the product code for the current month, current year, and prior year as well as the amount spent on the product code for each of the last 12 months.

Transaction Input: Once the accounts payable system has been initialized, and the vendor and product code data have been entered, invoices can be processed. Payables can be entered through the accounts payable system or Arctic Data’s inventory management system. Each invoice is broken down into relevant product codes, and then the amounts for each code are entered into the system. The due-date, terms, and discount all default to those setup in the vendor’s file, but may be overridden if necessary.

The system allows you to choose the invoices you wish to pay, place hold tags on invoices under dispute-thereby allowing them to be exempt from the cash requirement report, and split invoices into different due dates. Computer generated cheques may be issued from the bank account of your choice, and a bank reconciliation report printed as required. Once invoices have been paid, they can be removed from the file. This keeps files current and removes unnecessary clutter from the system.

Payments: Users can make full or partial payments on due invoices, and can pay off all outstanding invoices by selecting a “Pay All“ function.

Bank Reconciliation: To maintain accurate accounts payable records, issued cheques can be reconciled with a bank statement. This can be done automatically by the accounts payable system via a ”reconcile cheques“ option. The system provides a ”Print Cheque List“ report which acts as a cheque register and displays the total value of outstanding, cashed, and canceled cheques. At month end, returned or canceled cheques will be removed from the cheque register.

Updating the General Ledger: Every transaction will make an entry to the G/L posting file. The system allows for user-defined posting to the G/L. For example users can post on a daily, weekly, monthly, or date range basis.

Historical Information: Historical information about all of your transactions is retained in a detailed G/L posting file. This file, unlike the summarized and complete versions of the G/L posting file, is retained for the period of one fiscal year. Every transaction that occurs is recorded, and the system enables you to search for information about specific debits, credits, adjustments and so forth by limiting the file on any of a number of different variables.

Other Applications

The following applications are designed to work hand-in-hand with Accounts Payable System:

"Accounts Payable System" is part of the Blue Diamond Accounting System line of products, developed by Arctic Data.