Payables Type Details

Purpose

Multiple Payable Types can be set up.  These allow control of different categories of Payable.  Typical examples may be Sundry Creditors and Trade Creditors. 

In the examples below, separate Payable Types have been set up as:

• Sundry Creditors to control payments for items such as rent, power, stationery etc.  

• Trade Creditors would be used for Repossession Agents, Storage Charges etc.  Any expense that is related to a loan account.

Separate Payable Types will also need to be established if there are multi companies or currencies used. 

Examples may be:

• Australian Collections

• New Zealand Collections

• Australian Sundry Creditors

• New Zealand Sundry Creditors

A Payable Type is related to a GL Code.  This means that the month end journal that posts the payable transactions to the various GL Codes will have as the credit side of the entry the GL Code associated with the Payable Type.  Consequently there may be a number of GL Codes that will need to be set up for payables processing.  Each of these should be reconciled to the payable trial balance at month end.

Access

1. Payables | Edit/View Payable Types
   
2. [F2] Lookup on Payable Type Field

Dialog Details

Details Specific Fields

Field	Explanation
Code	A unique code to identify this Payable Type
Description	A unique description to identify this Payable Type
Currency	If multiple Currencies are used, separate Payable Types must be set up for each Currency Otherwise select the Currency set up for your ledger
Company	If multiple Companies are used, separate Payable Types must be set up for each Company Otherwise select the Company set up for your ledger
Invoice Tax Code	Select the tax code that will be used to calculate GST on Payable Invoices
Cashbook Tax Code	This must be the zero rated GST Code
GL Balance Sheet Accnt	[F2] and  or  the GL Code that will be updated as the payable control account in the General Ledger for this Payable Type Note that if there are multiple Payable Types, each must refer to a unique GL Code
Remittance Advice Communication	[F2] and  or  the Communication Type that will be used to generate a remittance advice for payments by direct credit If this is left blank, no remittance advice will be created
Combined Cheque/RA Communication	[F2] and  or  the Communication Type that will be used to generate a remittance advice for payments by cheque If this is left blank, no remittance advice will be created
International	Check on if the Payable Account is for an International supplier Used in conjunction with bailment accounts created using the account payable functionality If checked on the GST on the bailment asset posts to the distributor associated with the bailment account rather than the payable account

Bank Accounts

This section allows the allocation of Bank Accounts that may be used to pay creditor invoices.  If more than one Bank Account is loaded, then any one of the allocated Bank Accounts can be used to pay from.  The Bank Account to be used will be selected during the payment process.  It is also possible to allocate a Bank Account that belongs to a different Company.  This will allow Payable Types associated with different companies to be paid from a single Bank Account.

Field	Explanation
	[F2] to highlight and  the bank account(s) that will be used to pay invoices associated with this payable type Multiple bank accounts can be added to a single payable type
	This will allow the editing of a new Bank Account
	This will allow the deletion of a bank account that is no longer used

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