|Title:||How much cash do you need to pay invoices?|
There is a great report built into GP, that allows you to enter a date and it’ll show you all the invoices due by that date and how much cash you need to pay these invoices. It's called the Cash Requirements Report.
The catch? You must be using payment terms properly.
1. Use the actual invoice date when entering data into the system. This is not only critical to calculating the correct due date, it’ll prevent you from looking like you do not know what you are talking about should the vendor call to discuss your account. You do not want to be talking about an invoice on 7/1 that was actually dated 6/23. It’ll make you look like your records are all wrong.
2. Use the proper payment term. Payment terms are too easy to setup not to use. If you wait to enter payables until you are ready to cut a check, then it’s just a fancy check writing tool.
USE PAYABLES MANAGEMENT TO MANAGE PAYABLES! That’s why it was written!
Enter all invoices as they are received, with the proper invoice date and payment terms. Let the module help you manage what’s due and what’s not due.
|Category:||TIPS AND TRICKS BY MODULES: PM (Payables Management)|
|Date Added:||July 19, 2010 07:01:48 PM|