FastFund Accounting: Accounts Payable

Accounts Payable

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FastFund Online Nonprofit Accounting Accounts Payable is seamlessly integrated with FastFund Accounting General Ledger and does not require transaction imports or reconciliation. Vendor activity is automatically posted to the General Ledger and vendor subsidiary ledgers.

  • Create a list of vendors with contact details to generate accurate reports and payables.
  • Record vendor invoices to track payables.
  • Set up multiple accounts payable accounts to separate vendors by categories.
  • Schedule payments and print checks to vendors to streamline payables.
  • Maintain a subsidiary ledger to track and report on each accounts payable account.
  • Store vendor history for quick activity look-ups.
  • Generate year end 1099s.

Your organization will benefit from using FastFund Nonprofit Accounts Payable by helping to manage your vendor invoices and payments. Entering your invoices in Accounts Payable will help you pay invoices on time, track grant and program spending when you incur expenses and help forecast cash flow.

FastFund allows you to keep multiple Accounts Payable control accounts, each with its own subsidiary ledger. This is useful if you want to separate vendor payables and other payables, such as client payables.

  • Generate reports showing vendor invoices, the expense distribution and checks that paid the vendor invoices for cash based grant reporting.
  • Unpaid invoices are listed in Pay Bills with the original invoice date, amount and balance due.
  • Vendors can be paid by printing checks, or checks can be manually entered and applied against open vendor invoices.
  • Mark vendor invoices as recurring transactions and set up automatic posting of entries.
  • Easily reverse vendor invoices in the current period for vendor credit memos. Reverse vendor payments for lost checks or checks that did not clear the bank.

Vendor names are stored in the single names database. So if a vendor is also a donor, there is only one record to maintain for address and contact information. Generate one reort with all financial activity associated with the name, including vendor transactions and donor transactions.

Generate subsidiary ledger reports, including unpaid bill report, detail transactions by vendor, subsidiary ledger and aging reports.

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