The Payables module is the last in the Procure to Pay process flow. It manages invoicing (creating the liability) and payment (clearing the liability).
Accounts Payable is a subledger where the system records what it owes its suppliers (creditors) for goods and services that have been provided. Due to the fact that there is, in most cases, a lag between the time the goods or services are delivered and the time the invoice is received, as well as a period before which the payment is made, this is recorded as a debt (or liability) for the enterprise.
This chapter provides an overview of the following:
Payable specific supplier considerations
Creating non-PO matched invoices
Creating and process expense reports
Creating PO matched invoices
Creating automatic debit memos
Creating payments
Overview of banks and their use in the payment process
Considerations during the close process