Purchase invoice processing



Purchase invoice processing

Every finance department receives invoices to be moved to the purchase ledger. Invoices can be easily processed in TietotiliOnline’s sub-section for purchase invoices. The purchase invoice feature is a highly automated tool to process and archive invoices. It is essential that all the invoices are processed in the same program to guarantee real-time information for the corresponding manager.

Smart scanning eases the process

Traditionally invoices are received as paper documents. Sellers are transitioning to e-invoices at an accelerating rate. Until all invoices are received via e-invoice, paper invoices need to be smart scanned into the system. The smart scanner interprets the available data and places it to the appropriate locations in the software. Initially the smart scanner might place figures in the wrong locations but as more invoices are received from the same company, it learns to read data from the correct location and place them accordingly. The scanning always holds a margin of error, which is why the invoices should be verified for their detail before moving them to the ledger.

E-invoices are quickly becoming the standard

E-invoices are delivered to a web based e-invoice operator, from where TietotiliOnline retrieves them automatically overnight. The most common format of e-invoices is currently Finvoice. E-invoices do not require scanning, the transaction information is automatically transferred to the software. The person responsible for processing the invoice, only needs to confirm that the withholding information is in accordance to the agreed terms.

After the initial preparation has been done, the invoices are placed in their corresponding accounts and transferred to the person in charge of verifying the information. If the invoice is placed in the correct account, and the invoice details match the contract, it can be moved forward to be accepted for payment. Naturally, the person responsible for verifying the invoice and submitting it for payment can be the same. Multiple members of the staff can be added to the verification chain to ensure it reaches the correct authority.

A screened invoice transfers automatically to the accounts ledger to be paid

Once the invoice has been verified and accepted for payment, it transfers automatically to the purchase ledger. The information of the invoice also shifts to the main account and cost account if applicable. None of these steps need to be done manually.

A invoice doesn’t move to the purchase ledger until it has been verified by the client. It is especially important to verify these invoices at the end of the month, because otherwise deductible VAT costs and other costs belonging to the accounting period will not registered.



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