Setting up Accounts Payable Information
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
, that you designated at least one general ledger account
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.