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Accounts payable

How journal entries are posted for Accounts Payable

If you process payables for your client in Accounting CS, you'll need to assign the appropriate GL accounts to the AP accounts to ensure that the journal entries are posted to the correct accounts. You'll need to assign these accounts regardless of the accounting method selected (accrual basis or cash basis) in
Setup
,
Clients
, then the
Accounts Payable
 tab; otherwise, the application will assign items with blank accounts to the undistributed account, which may cause balances to be off.
Accounting CS posts accounts payable transactions to the accounts listed below. The accounts may differ, based on the accounting method selected for your client.

Accrual basis

Action
Debit entries
Credit entries
Posting period
Notes
Entering a payable
Distributions for the payable
AP account for the payable
Posting period for the payable
Printing a check to pay
AP account for the payable
GL account for the bank account
Discount account
Based on the AP date
Applying a payment when check is printed to pay
AP account for the payable
AP account for the payable
Based on the AP date
Reference number will be
PMTAPP
Entering a prepayment in the Enter Transactions screen
Distribution accounts for the transaction
(could be AP or Expense account)
GL account for the bank account
Posting period for the payment
Prepayments include handwritten checks, unprinted checks, and payments
Applying a prepayment and payable together
AP account for the payable
Distribution accounts for the prepayment in the
Enter Transactions
 screen
(could be AP or Expense account)
Based on the AP date
Reference number will be
PMTAPP
Entering a credit memo
AP account for the credit memo
Distribution accounts for the credit memo
Posting period for the credit memo
Applying a credit memo and payable together
No entry is made

Cash basis

Action
Debit entries
Credit entries
Posting period
Notes
Entering a payable
No entry is made
Printing a check to pay
AP account for the payable
GL account for the bank account
Discount account
Based on AP date
Applying a payment when check is printed to pay
Distribution accounts for the payable
AP account for the payable
Based on AP date
Reference number will be
PMTAPP
Entering a prepayment in the Enter Transactions screen
Distribution accounts for the prepayment in the
Enter Transactions
 screen
(could be AP or Expense account)
GL account for the bank account
Posting period for the payment
Prepayments include handwritten checks, unprinted checks, and payments
Applying a prepayment and payable together
Distributions for the payable
Distribution accounts for the prepayment in the Enter Transactions screen
(could be AP or Expense account)
Based on AP date
Reference number will be
PMTAPP
Entering a credit memo
No entry is made
Applying a credit memo and payable together
No entry is made

This article applies to:

  • Product: Accounting CS
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