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1) Make a copy of the sheet. Go to "File" -> "Make a copy"
2) Now move over to the Consolidated A/P sheet and read instructions from there
3) Connect to LiveFlow. Go to Extensions -> Connect your QuickBooks companies
4) Import your A/P Aging Summary reports from your various entities
5) Now you can delete the sheets called "A/P Aging Summary - Entity 1", "A/P Aging Summary - Entity 2", and "A/P Aging Summary - Entity 3"
6) Insert the names of the sheets you just imported with your A/P reports in cells B3, B4 and B5 on this sheet
7) Insert the ending row of each of your A/P reports in cells C3, C4, and C5 - The ending row is the row just above the Total row.
8) When the names are matching, your data should automatically appear in the table below (no need to modify any formulas)
9) Now, head over to the Dashboard Sheet and your numbers should automatically be updated
A Consolidated Accounts Payable Report can help a company to manage its vendor relationships more effectively. By consolidating data from all of a company's payables, the report can provide an overview of which vendors are owed the most money, as well as how much money is currently overdue. This information can help a business to make more informed decisions about its vendor relationships, including when to offer discounts for early payment and when to risk losing a supplier.
How to Set Up the Consolidated Accounts Payable (AP) Dashboard?
LiveFlow has an AP Aging Summary report of each entity connected via QuickBooks that can be imported into Google Sheets. The AP Summary report shows the date, vendor, status, and other information for each bill. This information can be used to create a Consolidated AP Dashboard.
To import the report into Google Sheets, just use the template above and change the underlying company under the “Manage reports” tab. Once done, your AP Aging summary report will be updated on Google Sheets. You can then use this data to customize the Consolidated AP Dashboard.
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What is the Consolidated Accounts Payable (AP) Process?
The goal of the Consolidated AP process is to ensure the legitimacy and accuracy of any payments made and to maintain good supplier relationships. In order to do this, the AP department typically employs a few key procedures:
1. Reviewing and approving invoices: This is the first step in the AP process, where an invoice is reviewed for accuracy and completeness. The approving manager will verify that the goods or services billed were received, that the correct amount has been charged, and that there are no errors on the invoice.
2. Issuing payments: Once an invoice has been approved, the next step is to issue a payment. This can be done manually or through an automated system.
3. Tracking expenses: One of the benefits of having an automated system for issuing payments is that it also helps to track expenses. This allows managers to keep tabs on spending and identify any areas where they may need to tighten their belts.
What is the best Consolidated KPI for Accounts Payable?
In order to continue to deliver value to the organization, the Accounts Payable team must set KPIs and track their performance against these objectives. This will help them to identify areas for improvement and craft strategies that will have the most positive impact on the department and the company as a whole. Some potential KPIs for the Accounts Payable team could be:
-Total Payables in Consolidated AP is the sum of all payables that are currently due
-Balance in Consolidated AP is the current amount of unpaid payables
-Overdue in Consolidated AP is the number of unpaid payables that are past due
-Overdue percentage in Consolidated AP is the percentage of overdue payables out of the total payable amount