OVERVIEW
The Muli Accounts Payable cycle starts at the time you place an order and effectively are making a commitment against a project – because Muli construction accounting software will only process an invoice against an Order or a Subcontract.
Many companies are heading for the paperless office and MULI supports this concept.
PROCESSING INVOICES
Supplier and subcontractor invoices are entered and processed through the incoming register against the relevant project, cost code and order.
If the Supplier record shows there is an RCTI Agreement signed then you can process a Worksheet Claim and then produce their Recipient Created Tax Invoice. This reduces your GST administration in having to obtain a revised Tax invoice and credit note each time a Subcontract claim is adjusted.
APPROVAL PROCESSES
Muli can pay a supplier’s single invoice or for subcontractors, Muli can produce a full payment schedule with payment advice. This meets the Security of Payments Act notification requirements and provides management with payment progress and expected outcomes.
CONTROLS
Muli applies controls to payments to ensure that committed constraints are observed. In addition, the payment process can include a verification of the status of subcontractor’s insurance.
PAYMENTS AND CASHFLOW
Payments can be made by cheque or direct deposit with detailed remittance advice sent by mail or email.
The Muli Accounts Payable module stores payment transactions approval and includes due date, paid date and invoice date along with itemised GST by transaction.
This information is Used in Cash Flow Forecasting.
