Payables are all the bills received from the purchasing of Products or services provided to your Company. There are 5 types of Payables.
Regular Payable: You receive the bill from a Vendor, enter it into the systems and pay it some time in the future.
Royalty Payables: These are Bills created during the Royalty reporting process.
Commission Payables: These are bills created during the Commissions reporting process
Credit Memo: These are negative Bills that are intended for reflecting refunds or other credits given to you by the Vendor.
Credit Card Liability: Intended exclusively for recording Bills from a Credit Card Transaction.
Click the links below for more information about Payables.
Payables Setup and Overview Video
Entering Payables Video
Paying Bills and Printing Checks
Manual Checks and Debit Transactions
Managing Credit Cards