Product. Prologue Accounts Payable Automate Your Accounts Payable Processing

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1 Product Prologue Accounts Payable Automate Your Accounts Payable Processing

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3 Product The foundation of effective enterprise performance management is sound business intelligence intelligence that requires accurate, trustworthy accounting data and analysis. Prologue Accounts Payable is the answer. With Prologue Accounts Payable, you can post accounts payable transactions seamlessly and in real time. Prologue Accounts Payable can also send transactions to other core accounting/general ledger systems through its Transaction Manager tool. Labor-intensive month- and year-end closing processes are a thing of the past as the system allows transactions to be entered for any historical, current, or future period that has not been locked. Prologue Accounts Payable automates vendor invoice-processing and check-writing functions while providing complete accounting control and management information. It eliminates duplicate payment of invoices and handles manual and voided checks easily. Detailed transaction and invoice histories for an unlimited time period are available online or as printed reports. User-defined aging periods allow you to track information according to your needs. Aging reports can be run as of any date. The Power of Integration Prologue Accounts Payable is fully integrated with the other core applications of Prologue Financials, including Prologue General Ledger and Prologue Fixed Assets. These tools operate on a single Microsoft SQL Server database, allowing for seamless integration. The systems within Prologue Financials automate and streamline day-to-day processing by reducing the effort required to perform routine financial accounting functions. Information in Prologue Financials is integrated, allowing you to drill down for information between applications as well as from various reports. These components also allow source file storage at the record level. Features such as transaction copy, instant correction, and automatic journal entry reversals eliminate rework. Prologue Accounts Payable gives you drill down capabilities from one system to the other. A simple click of a button gives you information on vendor transactions and the ability to drill down to the vendor, payment terms or back to the batch to see who approved the transactions. You can even view all outstanding transactions assigned to a particular vendor by drilling down within Prologue Accounts Payable, or to a transaction in Prologue General Ledger to view the associated journal entries. Make Even the Exception Routine Prologue Accounts Payable includes numerous features to automate and simplify even the most unusual transactions. Accounts payable transactions can be created for vouchers, debit memos, credit memos and adjustments. Full expense breakout capabilities are supported via the allocation capabilities. You can allocate to an unlimited number of general ledger accounts and set up cost center allocations that can be used for any general ledger account. Prologue Accounts Payable also separates miscellaneous and freight charges from the actual cost of the item. At the transaction level, you can override the default vendor payment terms to adjust for a specific transaction. 1

4 Select a specific list of vendors for processing payments via the Vendor Payment window. Select vouchers individually or by using date ranges. Automatic processing of prepaid items enables users to manage time efficiently and ensures that these entries are preserved in posting. Built-in manual check features give you complete control of the payment cycle whether the check is issued automatically or manually. Prepaid Items Prologue Accounts Payable fully integrates processing of prepaid items via the Prepaids and Accruals tool. Characteristics of the prepaid transaction are completely user defined. Manual Checks Manual checks are handled easily. Create a check for a vendor now, and you can assign it to a specific voucher at a later date. Easily change the payment address to any address assigned for the vendor. Multiple vouchers can be applied to manual checks, while payments to one-time vendors are also supported. Voided Checks Prologue Accounts Payable integrates voided checks for a complete record and audit trail in the register. Since the original vouchers are again made available for payment, there is no need to re-enter any invoice information. Posted vouchers can be reversed as well, thus reversing all of the account distribution entries for the voucher. Invoice Management Prologue Accounts Payable offers a powerful invoice-management feature that controls disbursements and record keeping. All invoice details are clearly identified and segmented for analysis, making invoice entry much easier. Individual vouchers or batches of vouchers can be set up to recur at set frequencies for a specific number of recurrences. 2

5 Prologue Accounts Payable provides many payment options to increase efficiency and control: Hold/pay options help you pay or hold all or a portion of the invoice Prologue Accounts Payable simplifies invoice management with its well-organized data-entry screens. Payment terms are used to automatically calculate the invoice due date and discount date Assign a transaction type to invoices to facilitate payments of a particular type or to classify payments Set reminder options for vendors to ensure regular payments are made Require a payment address to be selected for specific vendors with multiple payment addresses to ensure payment goes to the correct location. Prologue Accounts Payable can retrieve documents from Director and Nautilus, which are content management systems from Fiserv. This feature can be used to retrieve accounts payable invoices and other documents from Director or Nautilus, while the user is still in Prologue Accounts Payable. In addition, any Prologue reports can be sent to Director or Nautilus for permanent storage Allocations Prologue Accounts Payable provides unlimited allocation methods for distributing invoice or prepaid amounts to accounts and centers. A general ledger description for each breakout can be used. Allocation methods can be selected manually, or distribution defaults may be defined at the vendor level to rapidly assign recurring invoices to one or more default accounts and centers. Credit Memos Credit memos are processed as easily as standard invoices and are essentially captured by the system as negative invoices. Credit memos can be used to offset regular invoices or applied against cash receipts from the vendor. Sales and Use Tax Tracking Vendors can be configured for sales and use tax tracking. Each line item of a voucher can be individually identified as to whether it qualifies for sales and use tax tracking. A self-assessment sales and use tax report can be run to determine your exact tax liability for any period. Flexible Import and Export Features Prologue Accounts Payable supports flexible import of invoices from other systems and seamlessly draws upon Prologue General Ledger account numbers. Prologue Accounts Payable can import general ledger account numbers, cost center numbers or vendor information, including balances, from other general ledger systems. 3

6 Security can be set by user or user group for maximum system control and setup efficiency. Security and Control Audit Trails Prologue Accounts Payable provides a well-documented, controlled framework for tracking vendors, invoice transactions and cash disbursements. You can ensure that only authorized individuals have access to the system. You can also ensure that vouchers are properly authorized for posting into the system, that modifications are appropriately logged for review, and that general ledger entries are verified prior to posting. Additionally, you can set check amount limits by user. Users can also be set up with rights to add records, or can be restricted to view-only or update-only status. Sophisticated Password Protection You can specifically define individual user and user group rights and access in Prologue Accounts Payable. User security is set in the Application Manager component and applies across Prologue General Ledger, Prologue Fixed Assets and Prologue Accounts Payable. Invoice Vouchers and General Ledger Verification Prologue Accounts Payable provides full support for voucher approval before posting and processing payments. Open invoices may be selected for review, based on a variety of user-defined criteria. The calculate-only option allows a user to verify invoice entries and calculations prior to posting payments to the general ledger. 4

7 Information at Your Fingertips With Prologue Accounts Payable, you view convenient summaries of specific vendor relationships or of associated transactions. Transaction history can be selected by date, vendor, check number, invoice or company for multi-company users. Store an unlimited amount of history to get a complete picture of vendor performance. Users can drill down from within the Vendor Summary or Vendor Transaction Summary windows to find the original source document quickly. A user with appropriate security can place transactions on hold if in dispute. Forecast cash requirements reports select invoices based on due date or discount date and enable you to forecast the cash levels needed. Summary and detail reports support a user-specified reporting interval, allowing you to determine cash requirements by day, week or other intervals. Critical, Comprehensive Vendor- Information Database Prologue Accounts Payable features a comprehensive, centralized vendor database that allows you to define relevant vendor information and store it for an unlimited period. Users can then reference that information as often as necessary. Vendors may be identified with up to 16 alphanumeric characters, with defaults for each vendor related to payment terms, trade discount percent, credit limit, minimum order/payment and general ledger accounts. User-defined aging periods (based on transaction or due date) and aging balances can be adjusted directly from this window. The Vendor Period Summary and Vendor Transaction Summary List window display all transactions for a specific vendor for a defined historical period. Drill down from this window to research each transaction. Prologue Accounts Payable provides essential information with its forecast cash requirements report to assist you in managing cash disbursements and liquidity. 5

8 Comprehensive vendor tracking keeps all the information you need right at your fingertips. Flexible and Comprehensive Accounts Payable Reporting Prologue Accounts Payable includes a powerful reporting engine with a full suite of standard reports and analyses. Both summary and detailed reports are available. Reports can be viewed on screen, written to a file or sent to the printer. Standard reports include: Vendor distribution A/P transaction list detail Check list detail Cash receipt list detail A/P check limit override Vendor period summary A/P recurring Complete 1099 Reporting to IRS and States Prologue Accounts Payable offers comprehensive support for all aspects of 1099 reporting to the Internal Revenue Service and also supports the combined federal/state filing program. A vendor s 1099 status is one of the vendor definition attributes and its class codes are built into the system. Users select the appropriate code for the particular vendor. Additionally, the system provides a field to track invalid taxpayer-identification-number notifications from the IRS, which is essential in determining backup withholding. Vendor purchases crosstab Vendor transaction summary Vendor class Vendor transaction detail Modifications register Aging summary Prepaid reports Aging detail A/P cash requirements summary A/P cash requirements detail 6

9 Automatic Check Printing and ACH Prologue Accounts Payable closes the loop of generating and preparing checks for vendor payments. Pay your established vendors through the system, and also write checks to payees without setting up a permanent vendor record. Multiple format options are available. You also can pay multiple invoices from the same check and capture this information on the check stubs, and duplicate check- stub printing. If you prefer to store blank check stock, Prologue Accounts Payable supports full check printing, including MICR line, bank logo and information, and signatures. It also offers an optional ACH interface for electronic payments. Multi-Company The optional multi-company functionality maintains and consolidates various institutions into a single, accurate accounts payable framework. The option increases efficiency by consolidating the chart of accounts and vendor files. Multi-Currency The optional multi-currency functionality supports processing transactions in multiple currencies. Vendor Document Scanning The optional vendor scanning functionality facilitates a paperless accounts payable environment and provides a process for scanning and storing vendor invoices within the Prologue database. This reduces the need to rely on bulky file cabinets for paper storage and speeds invoice research time. Key benefits include: User-defined document queues Multi-user processing Ability to reassign images from one queue to another prior to data entry Easily retrieve scanned documents from a queue for visual reference during data entry when also using Prologue Procurement Automatic attachment of images to voucher records as supporting documentation, which simplifies research Reconciliation The optional reconciliation tool helps you manually mark checks as cleared or upload a file of cleared checks and reconcile them to your monthly statements. Capabilities for deposits, withdrawals and transfers between accounts are available as well. Sale/Purchase Tax With the optional sales/purchase tax tool, you can create custom tax types based on your requirements, combine types into groups, and define tax types and rates for city, state, provincial, value added tax and goods and services tax. Manager The optional tool gives you the capability to distribute customized messages to specific people when specific business events are triggered in the Prologue database. Manager also offers great flexibility and control over the types of 7

10 messages you send and when they are sent. It supports an unlimited number of addresses and customized messages, and recognizes what to look for, when to look for it and who to alert, based on the needs of your institution. In-House or Hosted Options: Your Needs, Your Choice To address a variety of resourcing, strategic and operational demands, Prologue Accounts Payable is available either as an in-house software solution or a hosted (SaaS) solution. Either option offers institutions the same full range of functionality, benefits and power. Residing on Intelligent Workplace SM from Fiserv, the hosted version of Prologue Accounts Payable includes reporting, transaction processing, import/export and other key solution features, which are also available in an in-house environment. The SaaS version is hosted and run from a Fiserv data center. Benefits of a hosted solution include: No footprint on client workstations or servers Reduced cost of implementing and managing software Minimal IT involvement Ease of integration Rigorous Fiserv testing and security standards Single sign-on to all applications Browser-based solution Easier to use and manage multiple applications Easy access to industry-leading solutions from Fiserv for financial accounting, financial risk management and financial performance management Comprehensive answer center Separate, live off-site disaster recovery center for greater security and peace of mind Unlimited online training Reliable performance from all locations including branch and back office locations Support for Vendor Management Fiserv understands the need for vendor management requirements for auditors and regulators and has created an annual security report that is distributed to all clients with a Risk & Compliance solution. This security report demonstrates our continued vigilance in the area of security, compliance, and business resiliency. The report includes an annual report summarizing the Enterprise Security, Privacy, and Information Risk overview from Fiserv, including enterprise security policies and guidelines; a Self-Assessment conducted by providing responses to the Shared Assessments Standard Information Gathering Questionnaire (SIG v7.0); and the current Business Continuity Plan Executive Summary. Connect With Us To learn more about Prologue Accounts Payable, call , getsolutions@fiserv.com or visit 8

11 About Fiserv Fiserv is driving innovation in Payments, Processing Services, Risk & Compliance, Customer & Channel Management and Insights & Optimization. Our solutions help clients deliver financial services at the speed of life to enhance the way people live and work today. Visit fiserv.com and fiserv.com/speed to learn more.

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