Reconcile Payables – Batch Processing FAQ
Newton contains batch processing options for both Company Payables and Producer Payables. This feature is designed to save the accounting operator time by searching all profiles for any outstanding invoices in a single step.
The batch process will search all companies or producers in the date range specified, saving a reconcile in progress for each individual code.
What is the difference between pay trust amount and pay full amount?
Pay trust amount will only pay a percentage of the amount due based on the amount received from a client (agency bill), or from a company (direct bill). Paying trust amount is common for producer payables to ensure you only pay on invoices which have been paid by the client (agency bill), or company (direct bill) .
Pay full amount will pay the full company payable balance for agency bill invoices, regardless of the client balance. It will also pay the full remaining producer payable balance if the invoice has been paid in part or in full by the client (agency bill), or company (direct bill).
Will the payable checks be created without review?
No. The batch create reconcile screen will simply search for all outstanding invoices based on the selected filters. Once found, the results will be displayed for review prior to processing.
Can the batch process be used without creating the checks in a batch?
Yes. Reconcile payables batch can be used to only find the invoices if desired. It is recommended to use the Reconcile Payables batch interface to start your monthly reconciles, even if they will be processed individually. Instead of searching for outstanding invoices for each code individually, the Batch Create Reconciles screen will search all profiles automatically.
Once found, individual payables can be reviewed and adjusted using the same standard reconcile payables interface. The standard reconcile screen can be accessed from the batch process reconcile screen, or by resuming a saved reconcile in progress (Other -> Reconcile Payables -> Load a reconcile in progress).
What is the difference between the Producer Statement and Reconcile Producer Payables?
Newton can handle both balance forward and open-item accounting. The producer statement is a balance forward report, while reconcile producer payables is an open-item accounting report.
In a balance forward accounting system, all payments and invoices are applied against the total balance owed on the account. In balance forward accounting, you make no attempt to specifically pay the individual invoices. The payments simply reduce the total balance owed by the amount paid.
In an open-item accounting system, all payments are recorded against specific invoices. Reconcile Producer Payables will only show invoices still due to the producer, where the client has paid or the company has paid in full, or in part. Reconcile Producer Payables can be used to pay the trust amount, or only a portion of the total amount due, based on the receivable balance. All payments are applied directly to invoices, allowing the agency more specific reporting and control.