When setting up your account for the accounts payable feature, you’ll need these things done first: liability accounts for you accruals, accounts payable account codes (chart of accounts), approval routing for your invoices, taxes, and profile set up for your users.
- Chart of Accounts: Liability Accounts
- Approval Routing
- Profile Set Up
Let’s get started
1. Chart of Accounts: Liability Accounts
Liability accounts are a general ledger account. These accounts are used to balance and sort transactions which a company may record debits, prepayments, etc.
2. Approval Routing
Create a group for your Bill approvals. Next, add an approver to approve those Bills!
Add taxes to track them in your accounting system.