Welcome to this user-friendly guide on utilizing the Accounts Payable Summary feature in Empress. As a business user, it’s essential for you to have a clear understanding of your company’s financial obligations, and the Accounts Payable Summary feature gives you a comprehensive view of this.
What is the Accounts Payable Summary Feature?
The Accounts Payable Summary is an overview of all the money your business owes to suppliers or vendors for goods or services received but not yet paid for. This feature makes it easy to view, sort, and track your payable accounts, ensuring you stay on top of your financial commitments.
Why is this feature important for your business?
The main benefits of using the Accounts Payable Summary feature include:
- Increased Transparency: You can quickly see a summary of what your business owes, which is essential for financial planning.
- Efficient Tracking: It allows you to track due payments, helping you avoid late fees and maintain good relationships with vendors.
- Optimized Cash Flow Management: By understanding your payables, you can better manage your cash flow.
How to use the Accounts Payable Summary feature
Here’s a step-by-step guide on how to utilize this feature:
- Login to your Empress account and navigate to the Accounts module.
- Under the Reports section, select the Accounts Payable Summary report.
- You can view the summary of your payables in this section. The report will show the total amount owed, sorted by vendor.
- To edit or update any information, you would typically go to the individual vendor account under the Accounts section.
- The summary can also be sorted based on various criteria like amount owed, due date, vendor name, etc. This feature can be found at the top of the report.
- You can track your payable accounts over time by setting a specific date range at the top of the report.
User Roles and Permissions
The Accounts Payable Summary feature can be accessed by the following roles:
- Accounts User
- Purchase User
- Accounts Manager
- Auditor
These roles have the permission to view and sort the payable accounts. However, editing and updating the information would typically be done by an Accounts User or Accounts Manager.
Summary
The Accounts Payable Summary feature is a powerful tool for businesses to manage their financial obligations effectively. Not only does it provide transparency and efficiency in tracking dues, but it also aids in better cash flow management.
For more support or resources, please visit our Help Center or contact our support team. We’re always here to help you make the most of Empress.