Within The Financial Edge NXT we can currently complete the majority of tasks in Accounts Payable. We have the ability to add a vendor and add an invoice. After adding this information in NXT we can then approve and pay invoices and finally post depending on the work flow of your organization.
While the majority of the content in NXT is the same as the database view but with a great new user interface, there are a few new features that make a day in the life of Accounts Payable much easier!
Adding a Vendor Record
Let’s start with adding a Vendor record. While most of these might already exist in your database, when new vendors come up we can add them in NXT. To complete this we will log into NXT, select Payables on the menu bar, and then Vendors below this.
Here we will select the “add a vendor” button. All of the fields will be the same as in Financial Edge 7 but rather than tabs we will see the information divided into tiles. We can expand or collapse each tile using the grey arrows on the far right. Here we will add general, address, 1099, and custom field information as well as payment defaults and default distribution.
There are a few new features for the Vendor record in Financial Edge NXT. Attributes have been renamed to custom fields. These will pull from the same attributes you have setup in the database view. Within Financial Edge NXT 1099 distribution requirements have been updated and the 1099 box number is now required. This is a great update and will eliminate a lot of end of year issues due to incorrect 1099 distribution and 1099 tracking.
We have two options to add default distribution. This area of Financial Edge NXT will look very different than in the database view. We can add the distribution manually or use a distribution set. It is very important to select the “add to distributions” button to save the distribution with each option. To apply an account distribution set we can follow these steps:
Choose the apply account distribution set option from the default distribution tile
Select a distribution set from the drop down menu (these pull from Financial Edge database view in Configuration> Distributions)
Select apply to distributions
To manually add default distribution to the Vendor record we can follow the steps below.
In the Vendor record select add a distribution on the default distributions tile.
Enter the account number in the account field.
Add a description to the line item.
Enter an amount in the amount field.
If Project, Grant, and Transaction Codes are used enter these in the Distribution Information fields.
If Custom Fields are used select one from the drop down menu below field name.
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