Payables

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Payables keeps track of what you owe your vendors: the bills they send you, the debit notes that reduce them, and the payments you make. Each document posts to the general ledger the moment you post it, so the vendor’s balance, the ageing report and the payable account in Finance agree.

How it fits together

Part	What it is
Bill	A vendor’s invoice, entered in Axon Suite. You enter it on its own, or from the goods you received against a purchase order.
Debit note	A document that lowers what you owe a vendor, against one bill or on its own. When it holds stocked items, it also sends them back.
Payment	Money you paid a vendor from one of your bank accounts, allocated to their open bills.
Vendor	Kept in the Purchase module. Its currency, payment term and posting profile fill in each document you raise for it.
Payment term	Sets each bill’s due date. See Payment terms.
Posting profile	Names the payable account a vendor’s documents post to. See Posting profiles.

What each document creates

When you post	What changes
A bill	The vendor’s balance rises. The ledger books the payable and the tax you can reclaim. A line for goods already received clears what the receipt set aside as received but not invoiced. A stocked item on a bill that stands alone comes into the warehouse named on it. Any other item is booked to its Expense account.
A debit note	The vendor’s balance falls. The ledger takes the amount off the payable and the reclaimable tax. Stocked items on the note leave the warehouse as a vendor return.
A payment	The money leaves the bank account you pick, the payable falls, and each bill it pays shows Partial or Paid. A change in exchange rate since the bill is booked as a gain or loss.

Every posted bill and debit note lists its journal entry on its Related tab, and the entry shows in Finance ‣ General ledger ‣ Journal entries with the document as its source.

Where bills come from

You enter every bill, debit note and payment on these screens. When you buy on a purchase order, the goods are first received in the Inventory module, see Receive a purchase order, and the bill then draws on that receipt. Posting a debit note with stocked items raises the vendor return in Inventory for you; see Find a vendor return.

Before you start

Payables reads its defaults from Finance and from the vendor, so set these up first:

The bank accounts you pay from, in Bank accounts.
A Vendor posting profile with its payable account, in Posting profiles.
The payment terms you buy on.
An open fiscal period for the dates you post on, in Fiscal periods.
Exchange rates for any foreign currency you are billed in, in Currencies.
On each vendor, the details in Set up vendors for payables.
On each item you buy but do not stock, such as a service, an Expense account; see Create an item.

Where to start

Enter a vendor’s bill, or bill the goods received on a purchase order.
Post the bill, so it counts as owed.
Pay the vendor against it.
Debit a bill when goods go back or a price was wrong.
Follow up what you owe with the workspace, the ageing report and vendor statements.