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Use the G/L Interface tab to configure Accounts Payable on an accrual or cash basis and to define the default settings which are used to interface with General Ledger.
If you choose to operate on an accrual basis, you must select Track Discounts Taken and identify a default accrual transaction source. If operating on a cash basis, tracking discounts taken is optional.
If you Enable Fund Accounting, Default A/P Checking Account, Default Accrual Account, and Default Discounts Taken Account are disabled.
If you do not have funds set up in General Ledger, we recommend that you do not select the Enable Fund Accounting option. Instead, define the default Accounts Payable Checking Account, Accrual Account, and Discounts Taken Account on the G/L Interface tab in General Ledger Setup.
To interface Accounts Payable with General Ledger
- Under Advanced Tools, click the Settings tab.
- In the drop-down list, select Accounts Payable and click Go .
- Under Accounts Payable Mode, select Accrual or Cash. If using an accrual basis, you must identify a discount account to track discounts taken and identify a Default Accrual Source and a Default Accrual Account.
- To use the checking, discount, and accrual accounts associated with each fund in General Ledger Define Lists, select Enable Fund Accounting.
- In the drop-down lists, select the Default AP Check Source and Default AP ACH/Online Source.
- To select a Default AP Check Account, click Lookup . After selection, the checking account's name displays in the Account Description field.
- If using Accrual accounting, select the Default Accrual Source and Default Accrual Account.
- To maintain discounts in a separate account, select Track Discounts Taken. If using accrual accounting, you must select this option. Then, select a Default Discounts Taken Account.
- After making your selections, click OK.