Before you can post your first payable invoice to Accounting, you must carry out the following tasks:
- Ensure that when you built your chart of accounts
A collection of general ledger accounts, entities, and analysis dimensions, organized into a reporting structure., that you designated at least one general ledger account The general ledger will normally include general ledger accounts (GLAs) for items such as income, expenses, assets, liabilities, and reserves. as the accounts payable control. - Set up the items and services that you purchase (products).
- Set up your vendors (suppliers) as Accounts.
- [Optional] Set up a prepaid expenses schedule definition for each expense schedule that you plan to use.
Before you pay your first vendor, you must set up your payment templates.