Payments made electronically that don’t involve a physical check can be recorded as an Electronic Funds Transfer (EFT) in AP. The EFT option can be used to add new invoice records or to update an existing unpaid invoice record. EFTs behave similarly to manual checks in AP and are posted when you run the Post Checks/EFTs utility.
To create a new EFT transaction
To change an unpaid invoice to an EFT
When sending money back to a client or through a direct deposit or electronic check, it’s best to use the Electronic Funds Transfer (EFT) type in the Invoice/Manual Check entry screen. Unpaid Invoices may also be changed to an EFT and will post along with your regularly printed checks when running the Post Checks/EFTs utility.
To enter a new EFT transaction
Integration Note: If you need to do a payment adjustment in Tabs3 Billing and are prompted with “Are you going to write a check for the Reversal?”, you will still select “Yes” as if it were a check from Accounts Payable. This is to indicate in Tabs3 Billing that Accounts Payable is responsible for the General Ledger journal entries.
AP has an option to Print Duplicate Stubs when printing checks on laser check forms. When this option is enabled, AP will print a check stub, then the check, then the duplicate check stub.
To print duplicate stubs
The next time you print checks with the selected printer, it will now print duplicate stubs.
Note: Do not select this option if you print checks on continuous check forms.
There is a setting in Customization to check for duplicate invoices. When this setting is selected, a warning will be displayed if an invoice or manual check is entered for the same vendor, with the same invoice number, invoice date, and invoice amount as an existing unpaid invoice. This setting will check when a new invoice is entered as well as when an existing invoice is changed and saved.
To enable Check for Duplicate Invoices
AP includes a Miscellaneous Vendor option to create a general one-time payment to people or companies that will not require a 1099. When creating invoices for a miscellaneous vendor, you will be prompted to specify a name and address or specify an existing contact for each invoice.
Keep in mind that checks generated for a miscellaneous vendor cannot be moved to a standard vendor without voiding and re-entering them. If there is a chance you will need to generate a 1099 for the recipient, we recommend creating a standard vendor for them rather than using a miscellaneous vendor.
The Renumber Vendors program can be used to assign new numbers to existing vendors. All invoices, manual checks, EFTs, posted checks and EFTs, voided checks, recurring entries, and vendor productivity amounts are renumbered as well.
To renumber a vendor
Your vendor will now have the new number and is ready for use.
The Exclude from 1099 Reporting check box in Invoice/Manual Check Entry provides the ability to do just that. This check box can be selected or cleared at any point, even if the invoice has been posted to Tabs3 General Ledger.
To exclude an invoice from a Vendor’s 1099 form
Note: The Exclude from 1099 Reporting check box will not be available if the vendor is a miscellaneous vendor or does not have a box specified for the 1099 Info field.
The default bank account number that is used when entering invoices, manual checks, and EFTs is defined in Customization.
To change the default Bank Account
By default, aging periods are set to 30-day intervals, but these can be changed as necessary via Customization.
To change the aging periods
The next time you run the Aged Unpaid Invoices Report, the new aging periods you defined will be used.
Note: Aging periods must be defined in descending order.
You can add a manual check, which allows you to include a check number and the date paid.
To add a manual check
There are two reports that will show voided check information – the Voided Check List and the Check Register.
To run a Voided Check List
To run a Check Register for voided checks