There are three possible scenarios for receiving inventoried goods: they might come with the invoice, before the invoice, or after the invoice. You determine which by setting the Process Order pop-up menu. By definition, non-inventoried items cannot be brought into stock, and hence cannot be received before the invoice.
This is the usual case, and means you can enter the quantity received and the correct price; MoneyWorks will generate a creditor invoice or payment if required for the goods, which will be brought into stock when the invoice is posted. In this situation you would have recorded the total amount paid as a prepayment invoice or deposit, as described previously. You would then receipt the goods through the originating purchase order. You should not need to alter the prices, as these will have been entered when the invoice was processed —see Paying a Deposit with Order.
However if these have changed for some reason, you can alter them. The invoice number defaults to that in the Invoice field of the purchase order. This will be set automatically to the number of the last prepayment invoice. The Deposit product is used to reduce the outstanding amount of the invoice by the value of any previously paid deposits or prepayment invoices. You should use the same Deposit product as used when the original prepayment was made.
While others are ripe for automation like data capture and approval workflows. An invoice processing flowchart can also help you to identify and remove inefficiencies. If you can receive your invoices electronically, you can have all your vendor invoices sent to your AP automation system to save time on invoice receipt. And guess what? If you have your invoices coming in electronically—great!
AP automation software is uniquely suited to help capture and extract that data with no human intervention. With Stampli, you can also capture and extract invoice data below the header, including individual or custom line items. With an API integration, your AP automation platform will be synchronized with your financial system to categorize your invoices and automatically code them with your general ledger accounts.
Invoice verification is a huge responsibility for the AP department—this is how we avoid duplicate and fraudulent payments. However, when approving invoices manually, verifications become time intensive, and three-way matching can be nearly impossible for invoices missing information such as PO number. With AP automation, software can automatically read data on invoices and search its central database for corresponding data in POs or other supporting documents.
Moreover, if your vendor forgot to include the PO number, you can search open POs from your integrated accounting systems with AP solutions like Stampli. Think about the alternative:. After coding, one of your AP team members has to type out an email to a coworker in a different department, attach the invoice, then send the email… with their hands?
With an AP automation platform, the system aligns with your invoice processing approval workflows and all AP has to do is review any suggestions and verify.
Once routed for approval by AP, the invoice is sent to the appropriate approver s and in the correct order. Using automation for routing approvals, including follow-up notifications, can dramatically reduce the amount of time it takes to get an invoice approved. The whole reason we do what we do in AP is to ensure invoices are both valid and vendors receive payment.
Which takes no small amount of effort, given the number of steps, accounts payable fraud prevention controls in place, and number of people involved throughout the invoice processing lifecycle. Upon successfully completing the verification and approval steps, along with the accounts payable internal controls your organization has in place, your AP automation solution should automatically be able to send the approved invoice for payment directly into your accounting system.
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I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Accounting Basics. Accounting Theories and Concepts. Accounting Methods: Accrual vs. Accounting Oversight and Regulations. Financial Statements. Corporate Accounting. Public Accounting: Financial Audit and Taxation. Accounting Systems and Record Keeping. Accounting for Inventory. What Is an Invoice? Key Takeaways An invoice is a document that maintains a record of a transaction between a buyer and seller, such as a paper receipt from a store or online record from an e-tailer.
For invoices received where the agency did not designate the payment office, the Invoice Received Date is the date the agency initially receives the invoice. For invoices not submitted using the eInvoicing functionality of the SFS, agencies must populate the Invoice Received Date field on the voucher in the SFS using the date the agency received a proper invoice.
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