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Account payable subsystem

All your payable information available for online, real-time access.

The Mitrol Accounts Payable Subsystem is part of the integrated Mitrol family of fourth generation products. It generates the payable ledgers for the General Ledger system, and is fully integrated with Mitrol's Manufacturing System, which provides material and production control.

The Accounts Payable System provides:

  • Complete vendor information
  • Inter-company accounting
  • On-line query retrieval
  • Multi-company processing
  • Multi-currency processing
  • Exception processing and control

In addition, you can review any information through online query or hard copy reporting. This system allows you to select the exact information you want to see through the exact specification you provide. You can review a range of accounts, vendors, activity dates, due dates, or other criterion. In addition, you can check deliveries against invoices automatically through purchasing or manually.

The Accounts Payable System manages your cash flow by keeping you up to date about suppliers, outstanding debts, payments made, goods received, invoices and other related information.

The Mitrol Accounts Payable system allows real-time, online updating and validation of your suppliers, outstanding debts, payments made, accounts payable, goods received, invoices and so on. In addition, you can review any information through on line query or hard copy reporting.

The Mitrol Accounts Payable Subsystem provides the following real-time facilities:

  • Supplier processing
  • Invoice processing
  • Exception processing and control
  • Payment processing
  • Automatic integration with General Ledger
  • Multi-user flexibility
  • International currency support

Supplier Information.
Because the Accounts Payable Subsystem is integrated with Mitrol's other financial accounting products, you need to enter supplier information only once, and it is shared by everyone who needs it. However, inter-company accounting controls ensure that all detailed transactions are posted to the appropriate companies. The system's flexible design allows you to set policy at the department level in your organisation and maintain control at the top for reporting and analysis. You can establish individual delivery terms, interest rates and payment terms for each of your suppliers. You can check deliveries against invoices automatically or manually.

Accounts Payable Processing.
In-voices are immediately entered as accounts payable against clearance accounts for accounting control. The clearance accounts are established for supplies, expenditures, investments and so on. You can include detailed information such as the amount, currency, terms of payment, taxes, freight charges and discounts, along with shipping and packing information.

Outstanding debts and payments can be reviewed both on-line and in report format. Debts and payments are listed by due date and invoice date. Your expected payments are ordered by due date to ensure the best use of your cash resources.
Invoices are associated with deliveries or services performed. The invoice information can be obtained from the Purchasing Subsystem of the Mitrol Manufacturing System, or entered manually. The system can also prepay items like rent, utilities and taxes.

Exception Processing and Control-Automated accounting systems are designed to cover most situations most of the time. However, sometimes you need to make exceptions, and handle items on an individual basis. Mitrol Accounts Payable allows you to :

  • Relate invoices to
  • Adjust
  • Request credit notes
  • Change credit

The system automatically flags invoices that fall due during a certain period for the person who ordered or received them. This feature helps decentralise your accounts payable function.

Processing Payments.
Mitrol Accounts Payable produces a payments list that contains approved payments organised by due date. Using this list, you can :

  • Change the payment date
  • Make a partial payment
  • Hold the invoice for review
  • Relate invoices and credit notes
  • Select the method of payment and currency

Subsidiary ledgers are used to divide the transactions and balances among individual companies. However, inter-company accounting and reconciliation provide an overview of all suppliers' ledger balances with individual companies.

Integration with General Ledger.
The entries generated in the Mitrol Accounts Payable Subsystem are automatically reconciled and summarised for posting to the Mitrol General Ledger. Deliveries and expenditures are posted in detail in Accounts Payable, then summarised. Your payable accounts are used as part of the General Ledger chart of accounts for reporting and inter-company reconciliation.

Multi-User Flexibility. The Mitrol Accounts Payable Subsystem, like all the Mitrol products, is designed for use by many people at one time. Your Accounts Payable supervisor can monitor the activity of subsidiary companies while the individual profit centers are being updated. That gives you the benefit of centralised cash control without taking autonomy from the individual profit center.

International Currency Support.
Because the Mitrol Accounts Payable system is used world-wide, it supports international currency processing. You can enter an invoice or remittance in another currency along with the exchange rate and amount. When the amounts are posted to the General Ledger, they are converted to the local currency. Gains or losses due to the conversion are reported. Data entered at a standard exchange rate can be recalculated to the prevailing rate at any time.

Diagram Account payable

Go to General LedgerGENERAL LEDGER
Back to Accounting and FinanceACCOUNTING AND FINANCE

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