LOL…man I feel old.
I guess they have a new name for this stuff now. Now it’s called Enterprise Payables.
Here’s what Oracle has to say…
PeopleSoft Enterprise Payables is a business software application that enables you to efficiently manage disbursements while keeping strong controls over matching, approval processes, and payments.
Enterprise Payables is part of Oracle’s PeopleSoft Enterprise Financial Management family of applications.
- Streamlined processing: From invoice to payment, Payables gives you the business software tools to easily manage transaction processing and maintain vendor relationships
- Extensive vendor maintenance: Payables tracks information vital to vendor management, so you can maintain control over your cash flow and promote good vendor relations
- Powerful inquiry and analytical capabilities: Payables delivers all of the business software reporting tools you need to achieve extensive visibility into performance and make informed decisions
- Flexible, user-defined system setup: Customize Payables to meet your unique business processes
The traditional definition of Accounts Payable is more like this:
“Accounts payable is a file or account that contains money that a person or company owes to suppliers, but hasn’t paid yet. When you receive an invoice you add it to the file, and then you remove it when you pay. Thus, the A/P is a form of credit that suppliers offer to their purchasers by allowing them to pay for a product or service after it has already been received.”