#DEFINE INVOICE APPROVAL VERIFICATION#
Verification typically involves matching the invoice with the appropriate purchase order (PO) for the product or service. The invoice is verified by the staff member responsible for procuring that particular type of product or service. The business receives an invoice from a vendor or supplier. These are the steps involved in a typical invoice approval process: 1. Here’s what a typical invoice approval workflow looks like: Invoice Approval Workflow Steps It’s a simple sequence of events to ensure that the invoice is legitimate and that there are no discrepancies between the invoice and the original purchase documents, such as the purchase requisition, purchase order, order confirmation or other procurement/sales documents. Quite simply, an invoice approval workflow is the process of approving invoices before payment is processed. And at the heart of any AP department is the invoice approval workflow. Suppliers or vendors need to be paid for their products and services, and they need to be paid accurately and on time if you want to maintain good supplier relationships.Īccounts payable (AP) plays a vital role in any organization, whether it’s a one-person accounting operation in a small business or a whole finance department in a large enterprise. Save your work.Every business, whether its offering is a product or service, has expenses.
#DEFINE INVOICE APPROVAL CODE#
If you want to inactivate the approval code on and after a certain date enter an Inactive Date.Ģ.
If you are defining a hold code, enable the Postable option if you want to allow Payables to post invoices that have this hold code. The name and reason will appear on a list of values whenever you need to enter the approval code. For detailed information on any field, see: Invoice Approvals Window Reference.Įnter a unique Name and Reason to identify the approval code. You can define either hold or release codes. In the Invoice Approvals window enter the type of approval code you are defining. See: Control Region of the Suppliers and Supplier Sites window.ĭefining Invoice Approvals To define invoice approval codes:ġ.
Payables automatically assigns defaults you define for a supplier to any new sites you enter for the supplier.
You can also define default values for these controls in the Control region at the supplier level. Payables provides you with four types of controls that you can enable in the Control Information region at the supplier site level of the Suppliers window. You can automatically place holds on invoices for a supplier site by enabling invoice controls for the site. In the Invoice Approvals window, you can query the predefined hold and release approval codes that Payables provides, but you cannot modify them. Payables predefines hold codes and release holds that it uses to apply and release invoice holds during Approval. If you assign a posting hold code to an invoice, you cannot post the invoice until you remove the hold. You can also determine whether to allow posting for the hold codes you define. You cannot pay an invoice that has a hold applied to it. You can also define release codes that you use in the Invoice Holds or Invoice Actions window to remove the holds you place on invoices.
You can define hold codes that you assign to an invoice during entry to place the invoice on hold. You can define as many invoice approval codes as you need. Invoice Approvals Use the Invoice Approvals window to define the invoice approval codes that you use to manually hold or release invoices.
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