The Universal Accounting Solution controls disbursements and reports financial position with its three main modules: Accounts Payable, General Ledger and Financial Reporting.

Accounts Payable

Companies

• GL distributions posted in as much detail as desired;
• Accrual or cash basis accounting available;
• Inter-company AP and AR may be used.

Vendor Groups and Classes

• Controlled sharing of vendors between companies;
• Vendor info retained for to user-defined periods;
• Payment priorities for cash requirements planning.

Vendors

• All invoices for a vendor may be held;
• Discount codes indicate payment terms if a discount is taken or not;
• Government classification of vendors (such as USA 1099 types);
• Bank codes indicate the payable, the bank and the discount accounts. The currency in which the monies are to be stored and the foreign exchange clearance accounts used may also be indicated.

Invoices

• Invoice batch control supported;
• Facilities support reconciliation of trade account;
• Duplicate invoice entry is prevented;
• Invoices may be reconciled;
• Be inclusive or exclusive of Value Added Tax (VAT), Goods and Services Tax (GST), and sales tax.

Invoice distribution

• Charge to multiple company accounts;
• Codes for commonly used GL accounts;
• Invoice information may be changed until its paid;
• A manual payment speed entry is supported;
• Goods received without invoice (GRWI) is supported.

Payments

• Can take all discounts regardless of the discount dates;
• Select invoices by due date, bank code or payment group, by vendor classes;
• A sophisticated form writer allows the user to maintain their form design as well as their electronic payment format;
• A control number for each payment form and its MICR number are maintained.

Payment cancellation:

• Payment cancellation cancels the invoice and reverses the distribution;
• A payment may be cancelled and uncancelled any number of times.

Bank Reconciliation

• Payments may be outstanding, cancelled, reconciled, stale, or held;
• Payments may be reconciled by entering each cashed payment individually, by using bank reports to quickly reconcile groups of payments, or by using bank-provided diskettes or tapes identifying cashed payments.

Inquiries

• ll invoice info, including distribution, is kept online as long as the user desires;
• Vendor balances, outstanding payables and payments may be viewed;
• Invoices may be viewed using a variety of criteria, including tax codes.

Reports

• eports suitable for all VAT, GST, sales tax and use tax reporting requirements worldwide. The system maintains separate chronological sequences for general ledger entries and for accounts payable entries by payable code.