A vital component of the Virtuo MIS Financial Management Suite, Virtuo MIS Accounts Payable is a powerful and easy-to-use tool that thoughtfully automates accounts payable procedures.
- Single point of entry for vendor information used by Virtuo MIS Accounts Payable and Virtuo MIS Materials Management
- Set up unlimited vendors, each with multiple addresses, as required
- Activate and inactivate vendors on-demand
- Store and maintain vendor reference numbers and notes
- Enter vendor payment and discount terms once, then watch the software apply the terms to all invoices associated to the vendor
- Mark a vendor as hold payment
Accounts Payable Manager
The Virtuo MIS Accounts Payable Manager allows for easy, one-time entry of vendor information used by multiple Virtuo MIS applications and modules. Default settings for discounts, taxes, and special reports are saved here for use by the application.
Vendor Management
- A single point of entry for vendor information used by Virtuo MIS Accounts Payable and Material Management
- Easy, quick, and accurate vendor data entry and access
- Unlimited number of vendors
- Have various addresses for a vendor (e.g. "Order from...", "Pay to...", and "Return to..." addresses)
- Mark infrequent vendors as “inactive”
- Mark vendors inactive for Material Management when they provide services or seek reimbursement outside of the MM scope
- Store vendor reference number for the facility
- Maintain telephone, fax, and e-mail accounts
- Virtuo MIS account for automatic entry on Virtuo MIS website
- Enter vendor payment terms (including discounts) once and apply to all invoices
- Create and access Accounts Payable notes about the vendor
- Mark vendor as “hold payment”
- Override on an invoice basis
- Identify vendor as “subject to self-assessed Tax 2”
Bank
- Enter expense or asset account charged and the system will automatically create offsetting entry to Accounts Payable
- Payment automatically creates accounting entry to reduce the Accounts Payable and the bank by the appropriate amounts
- Unlimited number of account distributions
- Bank account payment frequency used by the system to automatically select invoices due for payment
- Comprehensive check printing includes printing checks on MICR paper
- Option for multiple Bank EFT payment setup
Tax
- Single point of entry for tax information used by Accounts Payable and Material Management
- Have up to two separate tax rates
- Set up multiple tax rebate calculations
- Automatically calculate amount owing for self-assessed taxes
Global setup
- Enter default information to be used by the system unless overridden for a particular transaction or posting
- Option to always take the maximum discount
- Option to disallow duplicate invoice numbers
- Option to generate Automated Accruals report at month end
Invoice Entry and Reconciliation
- Automatically reconcile vendor invoices
- Create three-way integration from receiving to accounts payable to inventory control
- Process an infinite number of open invoices and/or open batches
- Built-in controls ensure invoices are entered correctly and taxes are automatically verified and properly accounted for
- Easily make adjustments before posting
- Automatically generate accurate, up-to-date accounting records
- Quickly perform audits
Payments
- Manage payments for multiple organizations and multiple funds using a single bank account
- Multiple options to tag invoices for payment
- Process payments in any currency
- Choose to maximize vendor discounts and selectively manage cash outflow
- Easily process cleared or cancelled checks
- Incorporate electronic signatures on checks up to predetermined amounts
- Easy to use EFT process for electronic payments
- Option to send Email Remittances to notify vendors of EFT payments
- Automatically reinstate outstanding amounts when a check is cancelled
Reporting
- Easily reconcile and respond to inquiries about cheques or EFT payments issued, analyze financial accounts, and reconcile the sub-ledger to the GL
- Quick access to current and historical data for each vendor
- Track vendor changes with Vendor Audit report
- Effortlessly produce reports for easy onscreen viewing and hardcopy presentation
- AP Online Report available
Available in English only.