Chapter 6. PeopleSoft Accounts Payable Module
PeopleSoft Accounts Payable module is one of the critical modules in the 'Procure to Pay' business process. In accounting terms, accounts payable means the amount that we are liable to pay to others. Usually, it is the next piece of the procurement activities after the PeopleSoft Purchasing module. A typical organization purchases a large number of goods and services from many vendors. Handling payments for these purchases in a timely manner is a critical task for the organizations. Accounts Payable (or AP as it is commonly known) module records invoices sent by vendors and tracks them to see when the payments for them are becoming due. It then issues the payments for eligible vendor invoices at the appropriate time. It also creates accounting entries for the vendor invoices and payments. In brief, AP is responsible for tracking and managing vendor invoices and payments.
In this chapter, we'll discuss the following topics:
Accounts Payable process...
