What is PeopleSoft Payables?

by Apurva T. on June 1, 2015

in PeopleSoft FSCM

What is PeopleSoft Payables?

Oracle’s PeopleSoft Payables a part of PeopleSoft Financial Management family of applications and is integral to PeopleSoft’s procure to pay solution. At core, it a basically a processing center that processes the payment of liabilities of an organization.

PeopleSoft Payables provides automated invoice and payment processing to ensure timely and accurate payment for goods and services.  The in-built business processes do the work of matching purchase orders, receipts, and invoices and provide online approvals to identify exceptions and increase control over your disbursements.

PeopleSoft Payables delivers built-in controls to help you meet regulatory requirements, enforce compliance, reduce risk, and implement due-diligence best practices reducing cycle times and errors.

Benefits of using PeopleSoft Payables:

Some of the benefits of using PeopleSoft Payables are:

  • Maximize Productivity with Automated Invoice Processing
  • Eliminate paper invoices and reduce invoice processing costs
  • Improve efficiency with sophisticated matching rules to support any business need
  • Electronic payment processing and inter/intra-unit transactions.
  • Withholding, 1099 and vendor statistics
  • Discount evaluation, process payments and positive pay
  • Automate invoice processing, with configurable workflow to route and approve invoices according to the unique requirements of your business
  • Financial controls help lower exposure to fraud, error, and unauthorized payments.
  • Increased accuracy through duplicate vendor, attachments, cash integration, and drilldown to GL
  • Meet country-specific statutory requirements by calculating and accounting for value-added tax, sales and use tax, withholding tax, and regional and local taxes
  • Increase visibility over accounting and controls with check requisition, global tolerances and offset accounting, and vendor controls

 

PeopleSoft Payables enables you to:

  • Create vouchers and payments using manual and automatic processes.
  • Establish country-specific tax and withholding requirements.
  • Match vouchers with purchase orders and receipts.
  • Post vouchers and payments.
  • Maintain vouchers throughout their life cycle.
  • Create drafts, single voucher payment, prepayments, and self-billed invoices.
  • Analyze accounts payable information using online inquiries and by generating reports.
  • Archive accounts payable data.
Also Read:  Difference Between a Voucher and an Invoice

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