City Software
Financial Market Solutions

Accounts Payable System

A comprehensive system fully integrated to the Midas General Ledger.

This system will enable you to process all operating expenses - payments to external suppliers, staff expenses, etc. in a controlled and efficient way.



Features

Record Invoice

Invoices are logged on receipt and released for payment when authorised.

Electronic Transfer

The system is interfaced to SWIFT, CHAPS or TELEPATH for GBP payments and can be easily extended to cover other payment systems. The benefit is that the entries will be reflected in both the MIDAS GL and the incoming bank statements, making reconciliation much easier. This feature also offers the additional benefit of eliminating cheque processing and posting - saving on resources, time and money.

Cheque / Payment Orders

Cheques or Payment orders are also printed on request. The ability to reprint is available and name and address information can be printed on envelopes or cheques as desired.

Accounting

Entries are generated upon settlement of an invoice. Optionally, the user can generate transaction date entries to reflect outstanding expenses in the general ledger. Up to 300 entries can be specified per invoice or expense item.

Security

Security can be controlled within the normal Midas security system. Files are secured via the normal daily backup procedures on your AS/400.

Amortisation

An advanced feature of the system facilitates amortisation/depreciation of fee income, prepayments and capital expenditure items.

History

All records retained for pre-defined period for statistical analysis.

Due Date Processing

Allows invoices to be paid on their due date thereby providing cash flow benefit to the bank.

Payment Merge

Several invoices for the same supplier can be merged into a single cheque or payment leading to direct saving in transaction charges.

Benefits

Reduced Administration Costs

Eliminate the need for manual production of cheques and payment orders and batch entry of corresponding journal entries. All cheques or payment orders are printed automatically, even translating the numeric amount into words. All accounting entries for supplier payments, amortisation of fee income, prepayments, depreciation of capital expenditures are generated and posted to the Midas General Ledger. Data entry is simplified by use of defaults and “pop-up” window features and extensive on-line validation reduces risk of error. Accounting is comprehensive and flexible:

  • Multiple debits and credits (and across branches) can be specified enabling profit centre accounting.
  • Integrated and tested with the Midas PCA module
  • VAT or other types of taxes can be calculated and posted separately.

Improved Tracking Of Costs

Instant access to status enquiries by supplier, cheque number, date,etc. provide immediate response to questions from suppliers and management.

More Accurate Budgeting

Access to historical data can provide the necessary insight needed for better and more informed planning of future budgets and cost containment.

No Additional Hardware Costs

City Software’s Accounts Payable System will integrate seamlessly with the Midas Banking System on your existing AS/400.

Screenshots
Main menu Supplier menu 1 Supplier menu 2 Rules menu item1 item2 item3 item4 APCP1 APCP2