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Payables requires values for all options in this window.

Future Period Limit. The first time you enter this field Payables displays the number of future periods you use in your set of books as a default. You can change this number to the maximum number of future periods you want to allow in Payables. Payables uses this value to limit the number of future periods you can maintain in the Payables AP Accounting Periods window. You can enter invoices in future periods, but Payables places a posting and payment hold on them during Approval.

Liability GL Account. Payables assigns this account as the default Liability Account for all new suppliers you enter. You can override this value during supplier entry. The Liability Account for an invoice determines the liability account(s) charged when you post invoices to your Accrual Basis set of books.

Prepayment GL Account. Payables assigns this account as the default Prepayment GL Account for each new supplier you enter. You can override this value during supplier entry. Payables uses the account as the default expense account for the invoice distributions on a prepayment. Typically your Prepayment Account will be an asset.

Discount Taken GL Account. If you choose to distribute your discounts to the system Discount Taken Account, Payables uses this account to record the discounts you take on payments. Use the Payables Options window to select your method for distributing discounts for your invoices.

Rate Variance Gain/Loss GL Accounts. Payables uses these accounts to record the exchange rate variance gains/losses between your purchase order and invoice. Payables calculates these amounts during Approval. You can view the distribution amount for these variances in the Distribution Inquiry window.