Accounting

With a thorough understanding of the importance of ensuring that the client records transportation expenses accurately within its general ledger, Freight Payment Inc. can provide the client with accurate general ledger coding of all shipping costs per the client specifications. In addition, by utilizing the downloaded Bill of Lading file and applicable carrier pricing agreements, Freight Payment Inc. is capable of providing its clients with an accurate month-end freight accrual. All transactions that have cleared audit are presented to the client in one concise weekly statement for processing. A weekly close schedule is established per the client's directive.

Regarding source documentation, clients are also able to retrieve scanned images of all shipping documents and carrier invoicing via the web. Alternatively, Freight Payment Inc. can also provide the client with monthly or quarterly CDs containing the scanned images that is menu driven for easy retrieval by carrier pro#, BOL#, etc

Fiscal year-end sales revenue testing is an accounting aspect that is always tested by an organization's outside auditors. Depending on the shipping terms, Generally Accepted Accounting Principles require that sales revenue not be recognized unless actual delivery of product has taken place. Freight Payment Inc. also provides its clients with year-end cutoff testing to ensure that year-end revenue is properly recognized by the client organization.

Benefits

Reap the benefits of automated and accurate general ledger coding
Produce a more accurate P&L with the provision of an accurate freight accrual
Have source documents at your fingertips when needed.
Create efficiency for your Accounts Payable Dept. One close / statement per week
Properly record sales revenue at month, quarter, or year end