Introduction:
A vendor invoice is a document issued by a supplier detailing the products or services provided to a buyer, along with the corresponding costs. It is a critical part of the procurement process, ensuring that the buyer is billed correctly for the received goods or services. Managing vendor invoices accurately is essential for maintaining good financial records and ensuring timely payments to suppliers.
Step 1: Accessing the Vendor Invoice Page
Navigate to the Vendor Invoice Section:
- From the main menu, go to the "Purchases" section.
- Click on "Vendor Invoice" to access the list of invoices.
- Here, you'll see all the vendor invoices, whether they've been processed or are pending.
Step 2: Creating a Vendor Invoice (With PO)
Attach Vendor Invoice to a PO:
- If you've already issued a Purchase Order (PO), the vendor may attach their invoice to the PO via email.
- Alternatively, you can attach it manually.
- On the "Purchase Order" page, locate the relevant PO and select "Attach Vendor's Invoice" from the action dropdown.
Step 3: Creating a Vendor Invoice Without PO
Add New Vendor Invoice:
- If no PO was issued, you can create a Vendor Invoice directly.
- Click "Add Vendor Invoice Without PO" on the "Vendor Invoice" page.
- This will open a form for you to input all the necessary details.
Step 4: Filling in Invoice Details
Enter Required Information:
- Delivery Date, Issued Date, Payment Due Date: These fields should be filled out accurately to track the invoice lifecycle.
- Invoice Number: Enter the unique invoice number provided by the vendor.
- Select Vendor: Choose the appropriate vendor from the dropdown list.
Step 5: Item/Service Selection
Choose Items/Services:
- Select the items or services associated with the invoice.
- You can categorize them under CAPEX, OPEX, Materials for Manufacturing, or Products for Resale, depending on the nature of the expense.
- This categorization helps in proper cost allocation and financial reporting.
Step 6: Review and Submit
1. Final Review:
- Ensure that all details, including item quantities, unit prices, and total amounts, are accurate.
- Check the subtotal, tax codes, and total amount to ensure that everything matches the vendor's invoice.
2. Submit Invoice:
- Once reviewed, click "Submit."
- The system will automatically update the Purchase Order (if applicable) and prepare it for further actions, such as Goods Received Note (GRN) generation or payment processing.
Conclusion:
Effectively managing vendor invoices ensures timely payments and accurate financial records. Whether you're handling invoices connected to a Purchase Order or creating them directly, XFlow ERP simplifies the process, allowing you to focus on maintaining strong supplier relationships and efficient financial operations.