Manage received invoices with an accounts payable ledger and approvals
A new Accounts Payable Ledger tracks received invoices as unpaid along with their due dates, and Payment Requests let you send invoice payments for approval.
Before
Received invoices were recorded as paid from your bank account on the invoice date, and there was no place to see a list of unpaid invoices.
What's new
- Expenses now have an Invoice (pay later by bank transfer) payment method and a payment due date. These are recorded as other payables (or as trade accounts payable for purchases) and appear in the accounts payable ledger.
- In the Accounts Payable Ledger, you can see the total unpaid amount, invoices due within 7 days and overdue invoices. You can also record payment history and cash payments.
- In Bank Transactions, you can match withdrawals that look like payments of unpaid invoices right there. Transfer fees borne by you or by the payee, as well as partial payments, are supported.
- In Payment Requests, you can submit received invoices (payee, registration number, invoice date, due date, line items and the invoice file) and have them approved through approval flows set by amount. Once final approval is given, the invoice is automatically recorded in the accounts payable ledger, and when payment is complete, the request is marked as paid too.
- You'll be notified when expense claims and payment requests are submitted, approved, sent back or canceled.
Who it's for
- Industries: small businesses and sole proprietors (Payment Requests requires the Standard plan or higher)
- Screens: Accounting > Accounts Payable Ledger, HR > Payment Requests
How to use it
- Open HR > Payment Requests and click Create payment request.
- To use approval flows, set them up by amount under Approval flows. (If none are set up, requests are approved as soon as they're submitted.)
- Check approved invoices in Accounting > Accounts Payable Ledger, and match the payment withdrawals in Bank Transactions.