CORE offers both accounts receivable (A/R) and accounts payable (A/P) features. If you have a project involving suppliers or vendors, the workflow can be summarized as:
- Set up a client, and associated project and phases.
- Set up employees who will be working on this project. Also, set up vendors who may provide services and items for this project.
- Create a purchase order for this vendor to supply specified items and services for this project.
- Receive items and services by the vendor against this purchase order. This is accompanied by an invoice.
- Create a vendor bill. You can also link the scanned vendor invoice to this bill.
- Vendor bills may be submitted for approval by the designated manager. When approved, you can pay the vendor bill. You can also write a check for the vendor. The vendor receives the payment.
- The vendor bill creates a corresponding expense entry automatically for the vendor so that we can invoice it to the client. You can add a markup to it.
- Employees can enter time and expenses against this project. You may need to submit all the time and expenses for approval by the manager before billing it.
- Create and process the invoice. Send the invoice to the client.
- When payment is received on this invoice, record it.
You can check the transactions by running reports and checking the A/R, A/P, bank and undeposited funds registers in CORE.