Accounts Payable
Accounts Payable
Accounts Payable in PrismERP is used to record and manage amounts that a business needs to pay to its suppliers for goods and services received. It keeps track of all supplier-related liabilities that are created during purchasing and expense activities, where payment is made after the transaction has been recorded.The system allows payable records to be maintained on a purchase order (PO) basis. Each PO carries its own set of payable entries, where related transactions such as the original purchase, partial payments, and final settlement are recorded against the same reference. Every movement against a purchase order is stored with proper links to supplier accounts and accounting entries, ensuring that the full payment history remains connected to the respective PO.
Apart from PO-based entries, the system also supports recording of expenses that are not linked to any purchase order. These can include service bills, utility payments, maintenance costs, subscription charges, and other operational expenses. Such entries are also stored under accounts payable so that they are included within the supplier-side accounting structure.Payments made to suppliers are recorded in the system using different payment methods, including cash, bank transfer, and cheque payments. Each payment entry includes relevant details such as supplier information, voucher reference, payment method, and transaction date. When a payment is recorded, the system updates the related payable records based on the transaction and adjusts the outstanding balance against the supplier account.
All accounts payable entries are stored within PrismERP with proper references, dates, and transaction details. These records are linked with supplier accounts and accounting entries, forming a complete record of all payable-related activities within the system. The information remains structured within the accounting module for future reference and reporting.