This article will explore the overview of Oracle accounts payable module and its basic features and functionalities.
The Accounts Payable (AP) module is used to administer payment for products or services while preventing double payment. The module contains detailed history of accounts, giving vendors the background required to resolve issues and improve flow of goods and payments.
With the Accounts Payable module you can:
- Automate the approval for invoices
- Grow vendor relations with valuable historical data
- Automatically create letters for vendors who have not supplied Tax Identification numbers
- Alert when a potential duplicate invoice has been approved
- Track against prepayment and recurring payment options
Features of Oracle Accounts Payable Module
Vendor Information
- Maintain vendor sites and contacts with key vendor information
- Define vendor holds by invoice amount or product matching criteria
- Create a Vendor Hierarchy
- Set up automatic payments without processing invoices
- Handles unique payment options such as balloon payments
- Payments can cross over accounting periods
Automatic Interest Invoices
- Payables creates the interest % required for late payment of invoices
- Review online the interest payments or report on them
- Integration with Oracle Project Accounting or other accounting systems will allow automatic import of expense reports or invoices
- Exception handling manages errors thus controlling incorrect invoices being created
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