Accounts payable is the accounting term referring to money your business owes to other companies, typically vendors (subcontractors) and third-parties (designers, architects, etc.). Payables are an important part of the accounting process for tracking monies owed, paid and aging. The Payables tab manages monies owed by listing all valid Vendor Invoices existing in the system. For information on creating and approving Vendor Invoices, see the "Manage Accounting Vendor Invoices" Article. When an Invoice for payment is received from a Vendor, it is important to create a Vendor Invoice to reference it. The Invoice will appear in the Payables list for approval and execution until it is marked as posted.
1. View Accounts Payable and Reports per project
In RedTeam Flex, Payables, or Invoices received from your Vendors (subcontractors and material suppliers) are entered and approved within the application, allowing users to manage their entire Budget and job cost accurately.
Vendor Invoices are normally entered against Buyout Commitments (subcontracts, purchase orders, labor service agreements, etc.), however, a Buyout Commitment is not required in order to charge an Invoice to a Project.
Users with permission (typically those with accounting roles) can access the Payables for all projects from the Invoices tab in the Vendors section of RedTeam. Since not all users have access to the Vendors section (see your system administrator to check if you have access), Payables can be managed per project from the Vendor Invoices page within the Project.
The Commitment Audit for each Commitment or Invoice within the Buyout tab of your Project allows you to see all of the Invoices entered for a specific commitment to date, including the Invoiced, Approved, Retained, Authorized, and Paid amounts for each. Some reports can also be found on the Vendor Invoices page:
Payables Aging
This report allows you to quickly see, per project, if and when Vendors are being paid, and how far their Invoices are behind the payment date. The report is broken down by Vendor, and includes the Invoice date, due date, pay on date, Approved amount, Retained amount, Due amount, Paid amount, Current balance, then any amounts that are past due: 1-30 days, 31-60 days, 61-90 days, and 90+ days.
Accounting Export:
Shows in a View format all of the Invoices shown in the Vendor Invoices page of the Buyout tab, based on applied filters, if any. To customize what this report shows, use the Filter option to choose what is displayed (i.e. Type to show only subcontracts, or Status to show only Executed, etc.)
Pending Approvals:
Shows Invoices pending approval by Approver, including previous approval history, amount, and due date. Filters within this report can be used to narrow down by Company Division, Approver (Manager), and Invoice Created Date. The notepad icon next to each Invoice summary can be clicked to view the disbursement authorization form.
Steps:
From the Buyout tab, click the "Manage" icon
Select "Vendor Invoices"
Use the Filter option to sort and find the Vendor Invoices
To View the Payables Aging or Pending Approvals reports, click "View"
Select the report you wish to view; it will open in a separate browser tab
2. Perform an Accounting Export
For RedTeam Flex users who are not currently utilizing the integration features for either QuickBooks Online or Sage, there will be a periodic need to export financial transactions within RedTeam to allow importing them into another accounting software. When each Transaction from RedTeam is exported via an Accounting Export, it will automatically be marked as Posted in RedTeam to prevent exporting the same transaction multiple times. Follow the steps below to perform an accounting export of your RedTeam transactions to your accounting software.
Steps:
Go to the Transactions Menu using the left side menu
Use the Filter Icon to narrow down the list of Transactions you wish to export; be sure to filter out all posted transactions
Click "Filter & Hide" to filter the list and hide the filter options panel
Click the "More" icon and select "Export" to export your filtered list of transactions
An export file will be automatically downloaded to your computer and can now be uploaded into your accounting software system.
3. View All Payables Aging
Payables aging are outstanding monies owed by your company. Typically, a business has payment terms that define the length of time (15 days, 30 days, etc.) you have to pay an agreed sum for materials or services. Once that time is up, a payable becomes "aging" according to the length of time the invoice has been outstanding. In addition to helping you manage specific projects, the payables aging overview lets you monitor how quickly or slowly your company is disbursing money, a large factor in the company's overall health and productivity.
Steps:
Go to the Vendors Menu and click on the Invoices Tab
Click the View Icon (Computer Monitor) & Select the "Payables Aging" Report
The report will open in a separate browser tab where you will be able to view, sort, filter, and print it
5. View Vendor Invoices
Payables aging are outstanding monies owed by your company. The Vendor Invoices tab manages monies owed by listing all valid Vendor Invoices existing for a given project. For information on creating and approving Vendor Invoices, see the "Manage Vendor Invoices" Article. When an Invoice for payment is received from a Vendor, it is important to create a Vendor Invoice to reference it. The Invoice will appear in the Vendor Invoices list for approval and execution until it is marked as posted. To view a list of all these Vendor Invoices, follow the instructions below.
Steps:
From the Buyout tab of the project, click the "Manage" Icon and select "Vendor Invoices"
To view a printable version of the list, click the "View" Icon and select "Vendor Invoices"
