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Home > Project Management INVOICE PROCESSING |
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The invoice processing function
enables high speed processing of Purchase Order related vendor's invoices.
The purchase order and receipt information from Procurement is utilized
so minimal data input is required, with one time entry of data eliminating
errors, maintaining data integrity and increasing efficiency. During
the invoice process purchase order details are defaulted into the
invoice with receipt and discrepancy information verified prior to
invoice completion.
Invoices for items not related to a purchase order are also fully supported and are managed using the same process as PO related invoices, although specific information has to be input. Management of employee expenses is an example of how this feature could be utilized. A significant feature is the ability to have multiple invoices for a purchase order line item; this ensures that phased deliveries for an item can be paid within the contractual time frame. Part payment of an invoice and/or a purchase order is also catered for. A number of payment management features are incorporated these include: Recording when invoices are due for payment, with the facility to advance or defer payment. Presentation of due payments, commitments and totals over defined periods which assists with cash flow controls with an over-ride pay/hold facility allowing you to ensure that sufficient funds are available to satisfy the due amounts. One-off payments can also be recorded for a set of invoices against any defined method of payment. All relevant details, such as monthly accruals, reversals and payment
transactions are passed across to the general ledger as required. |
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