The Create Payable from Expense Report function in Accounting Seed allows you to consolidate approved expense reports into accounts payable vouchers.
To create Payables from Expense Reports, the following conditions must be true:
- The Expense Report status must be Approved.
- The Employee Reimburse field on the Expense Report Line must be checked.
Note: Multi-Currency users can also create Expense Reports in a foreign denominated currency.
Create Payables from Approved Expense Reports
Expense Reports can be converted to a Payable from the Unpaid Expense Reports list view on the Expense Reports Tab. To create Payables from expenses:
- Navigate to Accounting Home and click the Create Entries tab. Then, under the Expenses menu, click Expense Reports.
- Select the Unpaid Expense Reports list view.
- Select the checkbox for one or more Expense Reports to convert to a Payable.
- Click Create Payables.
- Review/Edit the Payable Summary screen.
- Issue Date: This will default to today’s date and will flow to the Issue Date field on the Payable. This date will determine the accounting period the Payable will be posted to.
- Due Date: This will default to today’s date plus the Company’s payment term and will flow to the Due Date field on the Payable. This date will determine the payment of the Payable will be made.
- Expense GL Account: This Account is copied from the Expense Report Line, and will flow to the GL Account on the Payable.
If Multi-currency is enabled, then
- The Currency assigned to the Payable is inherited from the Expense Report that it was created from.
- The Currency Conversion Rate used on the Payable is driven by the Issue Date on the Create Payables intermediate screen.
- This Currency Conversion Rate is pulled from the Dated Exchange Rates table. The set up is described in the Add Currencies and Exchange Rates article.
- Payables are aggregated on the Currency Dimension.
- The Ledger assigned is inherited from the Expense Report that it was created from.
- Click the Create button to create the Payable, but not post it to the Ledger at this time. This is beneficial if there is an approval process in place for your Payables before posting to the Ledger.
- Click the Create & Post button to create and post the Payable(s) to the Ledger.
Best Practice: It is recommended to have the daily Scheduled Post job created in Accounting Settings, which provides the ability for all Payables that have a posting status of “Approved” to automatically post based upon the Next Run Date and Preferred Start Time.
- When the process completes, the “Success” message displays.
Once the Payable has been created, it can be viewed in the Payables list view.
The Payable record detail shows the Currency Conversion Rate used on the Payable Lines, as well as the Ledger Amount.
The GL Transactions, the Ledger Currency, and the Ledger Amount(s) can be observed by selecting the Payable Line record.
The Payable can be paid via the normal payment process.
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