The WolfePak Multi-Company A/P module is an accounts payable add-on, developed for users to enter invoices into one parent company while coding the expenses into multiple companies. You can use these different payment methods:
One company pays the entire invoice — In this method, one company pays the invoice, using an inter-company account to record due to/from in both the paying and expensing set of books.
- Enter invoices and user codes in the company that will write the check, breaking down the invoices for the appropriate company, account and cost-center combination
- System automatically uses an inter-company account (with separate sub-accounts for each company), offsetting recorded expenses in the other set of books)
- Entire invoice stays intact in the accounts payable of the company handling payment
- Write checks from A/P as usual, without worry about invoicing coding for companies
Split invoices and payment — In this method, one or more companies can split payment and expense the invoice.
- Enter all invoices into one company, regardless of which company handles payment
- Update entered invoices and the system will automatically send the invoices whole or split them to correspond to coding
- Write checks from multiple companies
- Multiple company check writing and due date list available to print checks from two to hundreds of companies with one click, using WolfePak MICR encoding
- Records both the accounts payable and expenses into the first coded subsidiary company
- Invoices are entered and updated in parent company
- When updated, records the invoice (accounts payable) and the expense into the first coded subsidiary company
- Checks can be written for the invoices out of either the subsidiary company or the parent company. Checks written out of the parent company still use the subsidiary's checking accounts (bank codes) to make the payments.
These payment methods allow duplicate checking of invoices across all companies. The multi-company G/L, deposit entry and payroll modules offer the same functionality.