Payment of Bills is Easy in SimpleManufacturing™

Payment of Bills

The process of identifying what Bills to pay can be a daunting task. SimpleManufacturing™ simplifies this process by offering various accounts payable reports and three payment methods. Furthermore, SimpleManufacturing™ includes standard payment methods like Cash, Company Checks, Credit Cards, and Electronic Funds Transfers (EFT). For today’s definitions and examples of different payment methods, see this informative article about 4 Different Payment Methods For Your Small Business.

Account Payables Reports

SimpleManufacturing™ includes several Accounts Payable reports.  Accounts Payable reports display the unpaid bill information. First, it displays the Party to which monies are owed and their Invoice Number or unique Bill identifier. Secondly, it shows the amount due and the due date. Lastly, the Aging of the payment.  Aging is typically the number of days past due. A Negative Aging can be defined as “not due yet.” Some examples are shown below.

Paying a Single Bill 

Paying a Single Bill is a simple, two-step process. Firstly, open the Bill to Pay and select Payment Type – Cash, Check, Credit Card, or EFT. Secondly, confirm the amount to Pay and the Payment date. When Paying by Check, SimpleManufacturing™ manages the Check Register and has several check processing templates for printing out Checks. Lastly, enter a Merchant Transaction ID when Paying by Credit Card or Electronic Fund Transfer.

Choose From Popular Check Templates for Payments Paid with Business Check

Batch Processing of Bills

The process of selecting multiple bills to be paid from various parties in a single payment method transaction is defined as Batch Processing. SimpleManufacturing™ offers two different methods for Batch Processing of Bills. 

Batch Processing of Single Party and Payment

This Batch Processing method shows all unpaid Bills from a Party, Supplier, or Vendor. Selecting the ones to pay will combine them into a single payment.  When the Payment Method chosen is a check, it is printed and shows details of all the Bills paid.  This is very convenient when there are many Bills from a supplier over a shorter period – typical of a very active Vendor or Supplier.

Batch Processing of Multiple Suppliers / Vendors 

Many Businesses schedule a “Check Run” due to limited available cash. They limit the number of Bills to pay, not exceeding a pre-determined total payment amount.  What Bills are paid and the amount to pay may need to be authorized by management before the printing of checks. For this method, a Check Run Batch is prepared, which identifies all of the Bills that will be processed and the total payment amount of the Batch. In addition, before the final processing of the batch, items can be removed, and other items can be added until the last set is approved or authorized. Finally, the processing of the Batch creates the necessary payment transactions. When paying by Check, all Checks are printed.

SimpleManufacturing™ is an intelligent choice for Account Payables.

SimpleManufacturing™ includes a practical approach to the business’s essential financial management.  Any company using ERP software gains immediate efficiency by using and embracing the integrated financial management module.  Using a 3rd Party accounting software package requires dual entry, increases inaccuracies, and is overall significantly less efficient.  To see more about what SimpleManufacturing™ can do for your company, visit us at www.simplemanufacturing.com. Our customers’ needs and feedback have always driven SimpleManufacturing™ features and functionality.

Choosing SimpleManufacturing™ as your next ERP / MRP Business Software Solution

The ERP Software you choose now will determine your company’s success. Please pay particular attention to its scalability, current features, and ability to be modified to meet your future business needs. Our flexible approach, focusing on efficiency and seamless integration with your current processes, with the expectation of change, provides a long-lasting solution.