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Using Your Bill Pay System With Aspire
Using Your Bill Pay System With Aspire

Read here for information you need to know prior to making a decision on which option to use with Bill Pay!

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Written by Aspire Software
Updated this week

Table of Contents

Purpose

Purpose

In this article, we will discuss options for you to build out a process for Bill Pay Systems.

To allocate costs to a job or inventory, you would process a Purchase Receipt in Aspire. When you receive and approve the receipt, it will transfer over into your accounting system as a Bill to Pay.

Transaction Recorded in your Accounting System

Debit - Inventory Holding Accounts

Credit - AP: Vendor you purchased from

EOM Journal Entry to Record COGS or Expense

Debit – COGS/Expense by Division in Aspire (Class in QuickBooks)

Credit – Inventory Holding Accounts

  • If you are SAS and are not managing Inventory on your Balance Sheet, the balance in the Inventory Holding Accounts at month end will be zero after the Journal Entry.

  • If you’re SAAS and manage an Inventory on your Balance Sheet, the balance remaining in the Inventory Holding Accounts at month end, after the journal entry, will be your Physical Inventory at month end.

⚠️These suggestions only apply to Direct Expenses that will run through Aspire for job costing. Continue your normal process for your Indirect Expenses.

📌 Note: Please note that these examples are only suggestions for GL account numbers.

Option 1 : Using the Invoice From Your Bill Pay System and Not From Aspire

For Aspire Purchase Receipts

  • Remove the AP GL account number in Aspire on the Sync tab, so Purchase Receipts won’t come over into your accounting system.

  • The costs entered into Aspire will be job costed

  • N/A for Acumatica

From Bill Pay, code to:

  • Credit Accounts Payable

  • Debit Inventory Holding Accounts

    • Inventory Holding - GL Acct #1500

      • Inventory Holding Material – GL Acct #1501

      • Inventory Holding Equipment – GL Acct #1502

      • Inventory Holding Sub – GL Acct #1503

      • Inventory Holding Other – GL Acct #1504

  • Task #3 – Review New Purchase Receipt List from EOM Checklist

EOM Journal Entry

  • Debit- COGS Accounts by Division

  • Credit- Inventory Holding Accounts (as needed)

Option 2 : Using the Invoice from Aspire and Not Your Bill Pay System

Create 2 sets of Inventory Holding Accounts, one for your Bill Pay System and one for Aspire bills.

For Aspire Purchase Receipts

Purchase Receipts will be processed in Aspire. When they come over into your accounting system they will be recorded as:

  • Credit Accounts Payable

  • Debit Inventory Holding

    • Inventory Holding - GL Acct #1500

      • Inventory Holding Material – GL Acct #1501

      • Inventory Holding Equipment – GL Acct #1502

      • Inventory Holding Sub – GL Acct #1503

      • Inventory Holding Other – GL Acct #1504

      • Reconcile Purchase Receipts Task #3 from EOM Checklist

From Bill Pay, code to:

  • Debit Inventory Holding: Reconciliation – GL Acct #1600 for Inventory Holding

  • Credit Accounts Payable: Aspire – GL Acct #2001 for Accounts Payable

  • Reconcile the Accounting System/Bill Pay for the week/month with Aspire Purchase Receipt List #3 from the EOM Checklist

  • Delete transactions from Inventory Holding: Reconciliation GL Acct#1600 as they show in Aspire. Note on Aspire bill that it was deleted.

EOM Journal Entry

  • Debit COGS Accounts by Division

  • Credit Inventory Holding Accounts as needed

Option 3 : Using the Invoice from Aspire and Deleting From Your Bill Pay System

With this option, you need to delete your Invoices from your Bill Pay system, and process them in Aspire.

For Aspire Purchase Receipts

  • Purchase Receipts will be processed in Aspire

  • When they come over into your accounting system they will

    • Credit Accounts Payable

    • Debit Inventory Holding - GL Acct #1500

      • Inventory Holding Material – GL Acct #1501

      • Inventory Holding Equipment – GL Acct #1502

      • Inventory Holding Sub – GL Acct #1503

      • Inventory Holding Other – GL Acct #1504

  • Reconcile Purchase Receipts from Task #3 from EOM Checklist

EOM Journal Entry

  • Debit COGS Accounts by Division

  • Credit Inventory Holding Accounts as needed

Option 4 : Using the Invoice From Your Bill Pay System and Not From Aspire

For Aspire Purchase Receipts

  • Purchase Receipts will be processed in Aspire

  • When they come over into your accounting system they will be recorded as:

    • Credit Accounts Payable - Aspire System

    • Debit Inventory Holding - GL Acct #1500

      • Inventory Holding Material – GL Acct #1501

      • Inventory Holding Equipment – GL Acct #1502

      • Inventory Holding Sub – GL Acct #1503

      • Inventory Holding Other – GL Acct #1504

  • Reconcile Purchase Receipts from Task #3 from EOM Checklist

For Bill Pay, code to:

  • Debit - Inventory Holding Accounts

  • Credit – Accounts Payable

At month end, do a Manual Journal Entry

  • Record a journal entry - PR list #3 to get the $

    • Credit – Inventory Holding

    • Debit Accounts Payable-Aspire System

  • At month end, in your Aspire System – A/P should be $0.

EOM Journal Entry

  • Debit COGS Accounts by Division

  • Credit Inventory Holding Accounts as needed

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