AP Invoice & Credit Memo Entry

Overview:

Use the Invoice & Credit Memo Entry window to enter, modify, and review accounts payable invoices entered but not distributed.  Invoices are entered as positive amounts to create Payables and entered as negatives to create Credits.

Benefits:

• Batch process invoices
• Permissions available to separate entry from approval and post

Roles:

• AP Manager
• AP Clerk
• Controller

Additional Content

• Note: When you activate System Option 271 (“Pay Tax as Reported on Invoice”) with PENTA System Option 152 (“Tracking Sales & Use Tax on AP Transactions”) PENTA:

  • Ignores Vendor Registration requirements. PENTA pays the Sales Tax you enter on an AP invoice to the invoice vendor. An exception condition is when you charge an AP invoice to a Job marked as “Direct payment of Sales & Use Tax.” A Job marked as “Direct payment of Sales & Use Tax” causes PENTA to accrue all tax amounts to the tax jurisdiction vendor.
  • Accrues (to the appropriate use tax liability account) the difference between the Sales Tax charged and included on the vendor’s invoice and difference exceeding the “Sales & Use Tax Variance Limit”—a user-defined variance entered via System Option 154.

Location:

• Accounts Payable > Invoices > AP Invoice & Credit Memo Entry

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