Payables

FINANCIALS -> Payables

This page provides:

  • An overview of your payables for the year and amounts outstanding by currency.
  • The ability to click through to see the related transactions.
  • Functions for adding invoices, payments and allocations.

Overview (by currency)

Each currency section lists:

  • Creditor - vendor description.
  • Invoiced YTD - year-to-date value of all invoices (including GST).
  • Total outstanding - total amount outstanding.
  • Current - outstanding amount not yet due.
  • <30 days - outstanding amount less than 30 days overdue.
  • 30-59 days - outstanding amount between 30 and 59 days overdue.
  • 60+ days - outstanding amount 60 or more days overdue.
Tip
  • Click on any cell value to drill-through and see the transactions that make up that value.
  • Click on the creditor description to see all transactions for that creditor.
  • Click on a grand total to see the transactions that make up that value.

Transactions

Click Add invoice, Add payment or allocate (at the end of a row).

Transactions may also be modified (by clicking on them) as long as they have not been allocated, or posted through to the financials.

Adding invoices

Entering payable invoices is an optional, but powerful, feature in snapSales. Most folks don't bother to enter non-trading invoices though.

Why?

Supplier returns, commission and other charges are all calculated using expected values and costs. Why bother entering actual invoices?

The answer is reconciliation.

At some point you will need to reconcile and refine your expectations to match your actuals. Traditional accounting systems don't provide a way for you to target costs at particular varieties, pack types, or destination countries. snapSales gives you this ability.

snapSales provides a way for you to compare your expected costs against your actual costs. Not just at a GL account level, but by any other inventory attribute.

This offers an auditable way to support costs deducted from returns and provides greater assurance to your suppliers.

How?

snapSales allows each invoice line to be split using powerful filters to identify the specific product the cost relates to. Using this information, each unit of inventory can be directly connected to invoice lines and its share of those costs.

Note
  • snapSales makes it easy to adjust your costs using live SETUP -> Cost Templates.
  • Depending on your configuration, when invoice lines are coded against specific sales, costs on the actual sale could be updated
    • shipping costs - can override the expected costs on those sales with the actual invoiced amount.
    • all costs - for all costs for a specific sale, set costs on the sale (you do not want to have expected costs in your cost templates for these cost types), configuration required
  • Payable invoices may be exported into an external financial system (if this option has been provisioned).

Adding an invoice

  • Creditor - select the vendor from SETUP -> Vendors.
  • Trans. date - enter the transaction date.
  • Due - enter the date due.
  • Period - select the SETUP -> GL Period this invoice relates to.
  • Invoice # - enter the invoice number.
  • Other references - any additional references, there are 2 fields here.
  • Exch. rate - enter the exchange rate.

For each line on the invoice, enter

  • Account - select the SETUP -> GL Account to code this expense to.
  • Description - the description will default to the GL description but change if required.
  • Supplied - enter the number of units supplied.
  • Unit - enter the unit type.
  • @price - enter the unit price.
  • Net - automatically calculated.
  • Tax - select the tax rate.
  • Business unit - select the SETUP -> Business unit. If the business unit has been setup as Requires split?, the row will have a downward carrot symbol allowing you to expand the row. This allows you to split this cost over products/sales. Click Add split and enter
    • Amount - enter the amount to split, could be the total amount of the invoice line.
    • Split by - select the unit type to split this amount by.
    • Applies to - enter the criteria for the product that you want to split this cost over, one of the filters is Sale code. Press More filters to see more options.
Tip

Entering this split information is useful as this essentially applies this cost to all produce that matches the criteria. You can then run the Cost actuals vs expected extract and tweak your SETUP -> Cost templates before finalising your SETUP -> Pools.

Note

Depending on your configuration, when invoice lines are coded against specific sales, costs on the actual sale could be updated

  • shipping costs - can override the expected costs on those sales with the actual invoiced amount.
  • all costs - for all costs for a specific sale, sets costs on the sale (you do not want to have expected costs in your cost templates for these cost types), configuration required
  • Supporting documents - optionally add a scanned version of the invoice.

Adding payments

  • Creditor - select the SETUP -> Vendor paid.
  • Receipt date - date of the payment.
  • Period - select the SETUP -> GL Period.
  • Reference - reference.
  • Bank account - select the bank account the money was paid from.
  • Amount (FC) - amount (in the vendor's currency).
  • Exch. rate - the exchange rate to use for this transaction. This will default to the latest known exchange rate for the payment date. snapSales updates default rates each night from openexchangerates.org. You can override this rate to suit you own FX policy for valuing payments.
  • Note - any comments you would like to record for this payment.

Allocations

Allocations match off payments against invoices. They enable snapSales to know which invoices have been paid for sales analysis and other reporting.

Click on the allocate link at the end of a row

snapSales presents a list of all the creditor's transactions that have not been fully allocated yet.

Select the transactions you would like to allocate to each other. The objective is for the total amount of the allocation to equal zero (in the creditor currency).

If the invoices and payments do not match exactly, it is possible to part-allocate a transaction by adjusting the Allocation FC column.

snapSales shows you the allocation total in your local currency. If non-zero, this will be the amount of the realised currency gain/loss put through to the general ledger. You must Select period for any realised FX gain/loss for the this gain/loss to be coded to.