Voucher Creation
Before you can pay a supplier for the goods and services you purchase, you must create a voucher that:
Indicates that the terms of a transaction are met.
Specifies the amount to pay to the supplier.
Notifies the Accounts Payable system to cut a check.
You can create a voucher based on an invoice and receipts. This method is called the three-way voucher match. You use this method to verify that invoice information corresponds to the receipt records. For example, if a supplier bills you for 100.00 worth of goods, you must verify that you received 100.00 worth of goods.
If you do not record receipt information, you can use the two-way voucher match. You use this method to verify that invoice information corresponds to purchase order detail lines and then you create vouchers.
You can also create vouchers:
In batch mode using only receipt information.
You use this method when you have an agreement with suppliers that the receipt records are sufficient for creating vouchers and that invoices are unnecessary. For example, if receipt records indicate that you received 100.00 worth of goods, the system creates a voucher for 100.00 worth of goods.
For withholding a portion of the gross payment as retainage.
Retainage is a percentage of a committed amount that is held until a specified date after the order is complete. For example, if you create a voucher for 100.00 with retainage of 10 percent, the actual payment will be 90.00, with 10.00 held as retainage. You release retainage by entering a payment voucher for the amount that you want to release.
To make progress payments on an order.
For units if you are paying against a unit based order.
In a unit-based order, you specify payments based on the number of units completed. You should enter either the number of units for which you are paying or the gross payment. The system then calculates the other value based on the price per unit.
You can review the receipt records for which you must create vouchers. After you locate this information, you can enter landed costs (costs in excess of an item's purchase price) for the items you have received.
If you receive an invoice before you take receipt of the goods and services, you can create a preliminary voucher to account for the billing amount. After you receive the goods or services on the invoice, you can redistribute the amounts to the appropriate general ledger accounts.