Essential Accounts Payable Software Features

Essential requirements for accounts payable programs are less complex than for AR. Of principal importance is the accounts payable ledger. If you don't have one, you won't know how much you owe your suppliers. While they say ignorance is bliss, this variety of it may lead to bankruptcy row.

The AP ledger lists what you owe each vendor, noting the total of each outstanding invoice, along with invoice number or other relevant reference, and the payment due date. The AP ledger must be updated with new purchases to add your liabilities and your payments, which removes older outstanding liabilities.

The second essential feature is the capability to print checks and related payment advices. The advice, sometimes called the check stub, lists the details of what you are paying. This is important information to provide to the payee if you are paying more than one vendor invoice or making a partial payment.