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Typically, vendor payment transactions represent the vast majority of the financial transactions. Having a high integrity interface from receiving systems and the ability to communicate to vendors electronically becomes very important to the process. The FMS Accounts Payable module provides many enhanced Retail Grocery specific functions such as DSD interface, authorized stores and accounts within each vendor, and the ability to capture retail transaction amounts. There are many advanced features such as multiple banks, vendor contact information and comments, inter-company postings, ability to communicate to vendors through transaction comments within the remittance advice, and the ability to export vendor and transaction data to spreadsheets.
Retail Grocery specific functionality and advanced features facilitate reducing overhead through DSD interfaces, automated entries and electronic notes and comments that also eliminate manual notes. Data integrity is greatly enhanced through the automated interfaces and various validation processes that minimize posting errors. The need to manually schedule outstanding transactions at the end of a period is eliminated. Cash management is greatly facilitated by the flexible reporting and payment selection process.
FMS Accounts Payable Module Serves Retail Grocery Needs
Concurrent management of multiple bank accounts for Accounts Payable processing can be established at the company or vendor level. Invoice and credit transactions are posted and maintained within their respective fiscal period. Outstanding and paid transactions can be reported within each history, current or future fiscal period, which eliminates the need for manually scheduling outstanding transactions at the end of a period. Historic vendor balances and paid transactions are maintained for a user defined number of years, eliminating the need for paper based document retention.
Different classes of invoice or credit transactions can be identified uniquely under each vendor. Examples of these classes may be billback invoices, damaged goods, quantity errors or calculation credits. Override capabilities exist at the invoice level for exceptions to global terms.
Contact names, phone numbers, and unlimited free-format comment capabilities are available to maintain supporting comments about each contact. This eliminates the need for paper based contact notes. Information about acquired by and acquiring vendors is maintained to provide cross-referencing capabilities. Authorized stores can be established within each vendor, greatly reducing invoice payment to incorrect or unauthorized vendors.
Wholesalers and COD vendors can be flagged to post the transactions to the general ledger and vendor totals without creating an unpaid open item.
Each vendor can have authorized general ledger accounts established to restrict distribution entry(s). If no authorized account exists, a posting can be made to any active general ledger chart of accounts.
Transaction management without manual notes.
Each invoice or credit transaction can have description, comment, and purpose comments. This facilitates electronic communication to the vendor and eliminates the need for manual notes. Invoice and other transaction data can be captured through automated interfaces to the major DSD Vendors or through custom interfaces. Duplicate invoice numbers from within the history, current or future periods are rejected at the time of entry to reduce the possibility of duplicate payments.
The check selection process allows automated inclusion and exclusion of invoices for payment for all vendors or stores and within each vendor or store by date or item range. Multiple check processing cycles with different selection criteria can be active concurrently. A prepayment listing of invoices selected for payment can be displayed or printed before checks are issued. Check processing profiles can be established for specified vendors, selection dates and check dates. This function is typically used to group repetitive criteria such as rent, taxes, utilities and other types of unique payment requirements as well as the primary cycles processing due dates and check dates.
FMS applications are all highly integrated which allows seamless on-line navigation between all modules. Reporting, lookup tables and data drill-downs are available throughout the application. The spreadsheet interface is compatible with most PC based spreadsheet applications.
The check reconciliation module maintains the status for issued and cleared check amounts, reducing reconciliation efforts and bank service charges. The differences between check issued amounts and amounts paid by the bank are presented to eliminate manual analysis.