The Accounts Payable programs and program options that can be used to create and update bank records are.
• Create Checks or Wire Transfers. The Create Checks or Wire Transfers program is used to create check or wire transfer transactions. The program is used to pay selected vendor invoices, record the payments in the General Ledger, and update the invoices being paid. One bank record is created for the total amount of each check or wire transfer produced by the program. The checks that are created by the Create Checks or Wire Transfers program may be printed using the Print Checks program.
• Vendor Invoice Lookup – Pay Invoice(s). The Pay Invoice(s) option in the Vendor Invoice lookup program is used to create Accounts Payable Manual Checks. Manual checks are used to update invoices that have been paid using a manual (handwritten) check or some other method that does not automatically update the system (such as a bank transfer that is not processed inside the system). One bank record is created for the total amount of each payment as each manual payment transaction is saved. The invoices being paid with the check are updated, and a Journal entry is created to record the payment transaction. The Vendor Invoice Lookup program is accessed using the Vendor Manager.
• Vendor Invoice Lookup - Void a Check. The Void a Check option in the Vendor Invoice Lookup program is used to void an accounts payable check, wire transfer or manual payment. When a bank transaction is voided using this option, the amounts in the bank record are zeroed out, the status of the bank record is set to V, and the void date in the check is set to the date entered by the operator. The cleared date in the void check record is set to the current date. The invoices paid with the check or wire are re-opened and a journal entry is made to record the transaction. The Void a Check option is typically used when a check has been damaged or physically voided and the check number will not be used again.
• Vendor Invoice Lookup – Remove a Check. The Remove a Check option in the Vendor Invoice Lookup program is used to remove an accounts payable check, wire transfer or manual payment from the system. When a bank transaction is removed using this option, the bank record is removed from the system (deleted), and the invoices paid with the check or wire are re-opened. A journal entry is also made to record the transaction. The Remove a Check option is typically used to correct a mistake (such as the operator keying in the wrong check number), and it is typically used when the check number is still available and will be used again.
• Print Checks – The Print Checks program is used to print the checks that are created by the Create Checks and Wire Transfers program. The Print Checks program outputs the selected checks onto printed check forms, and it updates the printed flag in the check records from N to Y. The Print Checks program is normally used to print checks that have the printed flag set to N (the Create Checks program loads the Printed flag in the check record with N. The Manual Check or Pay Invoices option loads a Y into the checks it creates. The Print Checks program can also be used to print a Manual Check when necessary (to do this, you would set the printed flag in the manual checks to be printed to N, so they can be processed by the Print Checks routine.
• Clear Check(s) - The Clear Checks or Clear Item(s) option is available in the AP Check Lookup by Account, and the Bank Management programs. The Clear Checks option is used to update one or more bank records to indicate that the bank transaction has been recorded by the bank. The option also allows the operator to recognize any foreign currency exchange rate gains or losses resulting from the bank record. If local currency checks or deposits are being cleared, the operator may use the option to update multiple checks with the date on which the documents cleared the bank. If a foreign currency check or deposit is being cleared, the operator can enter the cleared date and the cleared house currency amount for the single bank record being processed. The system will automatically post a foreign currency gain or loss if the bank record was cleared at a different local currency amount than was used when the original transaction was posted.
• Edit Batch(s) – The Edit Batch(s) option is available in the AP Check Lookup by Account and in the Bank Management programs. The Edit Batch(s) option allows you to update the Batch Number used for the Bank record and the journal entry associated with it (the first journal entry if multiple journal entries exist for the bank record). The Batch field can be updated when required to fix a batch total, or to assign a third party transaction number (like a bank generated transaction id number) to an existing bank record.