Texahoma AP Team

AP Basics

100

What does AP stand for?

Accounts Payable

200

What are the two types of transactions we enter in AP?

Invoices & Credit Memos

300

What do you call the process of matching invoices to purchase orders?

Three-Way Match

400

Where does the inventory impact live within the three-way match process?

The Stock Receipt.

500

Which account is credited when you record an invoice?

Accounts Payable - (can be called different things but credits AP trade)

Directs

100

What is a direct invoice?

A direct invoice is inventory that removes the middle man - when we order from a vendor it is shipped directly to our customer; no inventory touches the ground at our yards.

200

How do you enter a direct invoice?

Press stock invoice under the AP tab on ribbon, or go through AP browser and enter the PO.

300

Do Direct invoices process through CNX?

No, they fail as alerts.

400

If you enter a direct invoice and there is a variance out of your threshold, what are the two most important things to do before moving forward?

1. Do not fix costs on directs, if you save these costs or approve it directly impacts the customer sales order. 

2.Remove that "ghost stock receipt" - no changes can be made within the SO/PO when that is pulled in.

500

Why is it important to process direct invoices timely?

The customer is not billed on the AR side. 

When Things Go Wrong

100

What happens if you notice that the wrong vendor populates within a supplier invoice?

If already stock receipted - use the creditor field (important to go back in and make sure it sticks)

*ping the PO creator to just give them a heads up to make sure it doesn't happen moving forward.

200

We took the wrong discount amount and our vendor wants us to pay it back.  How do we do that?

An overhead invoice to discounts earned - we didn't get charged back for a discount, we just keyed it wrong so we will hit that same GL with the overhead invoice to pay them back.

300

An invoice was paid to the wrong vendor, how do we handle fixing this?

Take an overhead credit to the vendor we paid wrong and code it to COGS with the original branch - pay the right vendor as an overhead invoice and code it to COGS with the original branch. 

*The GL will wash on the backend.

400

If you have an invoice with a PO that is not valid, how would you research it? 

1. Start with searching by cost.

2.Check the MRNI Management report by Supplier for stock receipts received within that timeframe, or do a search for stock receipts awaiting invoicing for that supplier and branch.

500

You see a red quantity warning within a supplier invoice, what does this mean and how do you fix it?

It means that the stock receipt is pulled into two different supplier invoices within the browser, fix it by remove the stock receipts and re-adding.

Never approve an invoice with a qty warning.