Processing Vendor Invoices in ASPIRE Accounts Payable

Processing Vendor Invoices in ASPIRE Accounts Payable

1. Vendor account must be set up in the system with a role that has the role type Vendor.

2. The vendor accounts need to be configured in the Accounts Payable tab of Account Explorer -> Main.

3. When a contract is created the appropriate vendor account needs to be added to the equipment via a configurable form or through Contract Explorer -> Equipment.

4. In order to create A/P records the contract must have an approved credit decision in Contract Explorer -> Credit Adjudication.

5. After a credit decision has been added a vendor invoice is created for the equipment on the contract

6. Based on the GL account specified on the vendor invoice a debit is created to the Distribution Account selected on the invoice detail and a credit is created to the AP Account selected.

7. When the contract is booked a credit will be created to the Accounts Payable interface that has been configured for the transaction type (i.e. Capital Lease, Loan, etc.) that offsets the A/P entry created by the vendor invoice.