Accounts Payable with Budgets GetReal
Accounting systems that provide an Accounts Payable modules are unnecessarily time consuming in comparison with simply paying the bill, recording the details (on the bill) and filing the received invoice.
Payment by Cheque
Budgets GetReal allows you to record cheques as an extension of the budgeting system. This means that you have a record of payments and non-presented cheques as well as the cashflow implications.
The recording of cheques is totally optional. You can decide to record all cheques or simply those for significant amounts or those you suspect may take a while to present. You can also record the stopping of cheques.
When your statement is imported all recorded cheques are recognised and immediately reconciled. You do not need to enter or categorise anything. If you didn’t record the cheque you will be asked for the payee name. If the payee has previously been paid the categorisation and tax codes will automatically suggest.
Should statement import show that a cheque presents for a different value than entered, or a stopped cheque is presented, an automatic Reminder / Alert will be issued. The import process is not aborted. The alert will remain active until you resolve the cause and dismiss it.
The significant advantages over conventional accounting systems are:
- Recording of cheques is optional. You enter what you think is relevant
- You don’t have to enter all your cheques before you manually reconcile your account
- You don’t have to reconcile the account. It is done automatically.
Electronic payment
When you pay bills electronically ensure that the reference (which will appear on your statement) has some relationship to the suppliers name in your accounts. This will assist in automatically categorising the imported transaction.
