Cash Out Features Overview

Overview 

This article describes the functions and capabilities of Accounting Seed's Cash Out feature. For more information, visit the Cash Out section of this knowledge base. 

Account Payables

A Payable represents a vendor invoice for goods or services consumed by the business and usually requires payment in a specified timeframe (payment terms). It is used to record the business’ liabilities (debts) to its vendors, and the expense that those items incur. A negative Payable is used as a vendor credit memo to represent a vendor discount, or refund.

• You can create a Payable in Accounting Seed directly from a Purchase Order or an Expense Report.
• Recurring Payables can be set up to record recurring expenses to a particular vendor on a weekly, bi-weekly, monthly, quarterly, semi-annually, or annual basis.

Cash Disbursements

A Cash Disbursement represents the payment of money in the form of a check, cash, or an electronic payment.

• A single Cash Disbursement can be generated quickly from a single posted Payable or in batch from the Payable list view functionality.
• A Cash Disbursement can be voided.
• A Cash Disbursement can also be applied against an outstanding Payable from the same vendor.
• A Cash Disbursement can be applied to a Payable with unposted records. Additionally, a Payable can be unposted even when the associated Cash Disbursement(s) is still applied.
• A deposit paid to a vendor is represented with a Cash Disbursement, which will retain an unapplied balance until it is applied to the full Payable.

Check Printing

Accounting Seed supports printing of physical checks from the cloud.

• Cash Disbursements can be printed onto pre-formatted check stock so physical checks can be mailed to their vendors.
• Accounting Seed provides settings to adjust the alignment of the check stock due to differences in printer and browser settings.
• Beyond the alignment adjustment, the Check printing PDF is not customizable, but it is designed to work with commonly available check stock. This format displays the remittance information on the top and bottom of the document with the physical check in the center.
• Utilizing the Alternate Payee Name and Address fields, the name and address on the check can be different than the internal name and address of the database.

Expense Amortization

Amortization of expense allows you to recognize expense for services independently of when you pay the vendor.

• Accounting Seed has an expense amortization wizard that allows you to set up an automatic schedule of entries to spread expenses across a specified timeframe or in a timeframe different than the Payable date. This assists customers in adhering to the GAAP matching principle.

Account Payable Management

Accounts Payable (A/P) is a term used to reference the amount of money a business still owes its vendors.  A business will track this metric on a regular basis (usually monthly) to understand what checks they need to write. The longer the business goes without paying, the older a payable will become.

• Accounting Seed has out-of-the-box Salesforce reporting for Aged Payables. This shows the business how “old” their outstanding vendor invoices (Payables) are, and helps them prioritize which vendors to pay.
• Accounts Payable (A/P) Aging reports can be run as of the current moment to know what is owed and as of the end of an Accounting Period for reconciliation to the Balance Sheet.