This module contains the functions related to invoicing and writing checks. It allows you to enter and pay invoices received from vendors; post and print recurring checks (mortgages, HOA and condo fees); write distribution checks to owners (owner draw); process ACH transactions; record checks that were written manually; and write tenant refund checks. There is also an invoice history and check history function.
There are two steps in the check writing process – posting and printing. Posting records the transaction in the appropriate ledger and reduces the available balance in both the ledger and the bank account. In the process of posting, the ledger balance is checked to be sure there are sufficient funds. Printing assigns the check number to the transaction and produces a hard copy check. In the process of printing, the bank balance is checked to be sure there are sufficient funds in the bank account for the check.
In scheduled payables and when printing batch checks you have the ability to review and edit any check prior to posting. Checks can be posted and printed immediately or posted and held for printing at a later time.
The invoice history lets you reveiw any invoice entered - both paid and unpaid. The check history lets you reveiw checks that were previously written and those waiting to be printed. For each check written, the line items that were paid off are shown.
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