As you'll notice, there's a shiny new menu to the left of the Exchange platform. You can think of this as a home base for exciting new Exchange products aimed at making your accounting workflow more efficient on the platform.
Currently, you'll see three products on the new menu:
- The Exchange
- Finance Manager (Accounts Payable and Accounts Receivable)
- Help & Communication
IN THIS ARTICLE
- What is Accounts Payable?
- How do I start using Accounts Payable?
- How do I chase missing documents needed from my supplier?
- Can I contact my customer directly using Accounts Payable?
- How do I approve records for payment?
- Is there an option to batch approve invoices?
- What types of filters and views are available to me?
- How do I integrate with existing accounting software?
What is Accounts Payable?
This module within Finance Manager enables members to access all invoices for loads completed on the platform in a single view. Users can search for all invoices by load ID, apply different filters to narrow search results and easily keep track of the invoice cycle from ‘Awaiting Approval' to ‘Ready to pay’.
It’s a straightforward and efficient system designed to help you keep track of all bookings completed on the platform, have invoices and PODs automatically paired for faster approval, and instantly communicate with suppliers using the built-in messenger.
How do I start using Accounts Payable?
Finance Manager comes readily equipped with Accounts Payable. You can find it in the new menu to your left. You should see the application icons for ‘Courier Exchange’ (the platform) and Finance Manager (AR and AP).
Opening Accounts Payable:
Hover your mouse over the new menu. Click on ‘Finance Manager’ and then ‘Accounts Payable’.
The overview window stores all your completed bookings in one place grouped by different statuses, making it easy to find the ones you're looking for.
How do I chase missing documents from my supplier?
If you're wanting to approve a completed booking but notice that an invoice or POD is missing, you can easily remind your supplier by using the one-click reminder feature as well as opening a query.
Step 1) Click on the 'Awaiting Approval' tab
Step 2) Find the record in question that says 'Awaiting docs'
Step 3) Depending on the urgency, you can either use the one-click reminder at the top or open a query with the supplier directly.
Can I contact my customer directly using Accounts Payable?
The great thing about the built-in messenger is that you can keep conversations clear and organised according to the load ID of the completed booking. So if your supplier has completed multiple loads for you but you'd like to query a specific load, you can ensure clear communication without any confusion.
How do I approve records for payment?
Step 1) Find the record you'd like to schedule payment for
Step 2) If you've received both the invoice and POD, you'll see 'Pending approval' next to the record
Step 3) Open the record, double-check that you are happy with the documents, and approve them one by one.
Step 4) If you're ready to schedule a payment, you will see the option appear at the top right of the screen to do so.
Step 5) Choose your payment date
Step 6) The scheduled payment will be visible in the 'Ready To Pay' tab
'Approve all' option:
If you're happy with all the documents in the record and would like to speed things up instead of approving them one by one, you can do so by using the 'Approve All' button at the top.
Batch select option:
You can batch select all approved bookings and download them as CSV files. This file will also include all billing information. If you want copies of invoices and PODs, you can download as PDF.
Is there an option to batch approve invoices?
For a growing business, the one thing you don’t have enough of is time. Not only are you trying to secure new revenue and build relationships, but you’re also spending a lot of time on invoice processing – something you don’t have to worry about anymore, thanks to Accounts Payable.
Batch invoice approval is a smart feature allowing you to approve and process a single invoice for multiple loads completed by the same subcontractor rather than approving each invoice individually.
Here’s how to go about approving batch invoices in Accounts Payable:
Step 1) Click on the ‘Awaiting Approval’ tab. If you already know the invoice number for the batch invoice you’re looking to approve, you can enter it in the search box at the top.
In this example, we can see the two loads that have been combined or ‘batched’ onto a single invoice.
Step 2) Click on the record to open the order details, batch invoice and PODs associated with each load.
Step 3) You can choose to approve each document individually, or you can click on ‘Approve All’ at the top to approve all documents in this record at once.
This is what you should see after everything has been successfully approved:
Now that this record has been approved, it will appear in the ‘Ready To Pay’ tab. If you’d like to download it, you can find the approved record faster by copying and pasting the order reference into the search box.
To download, check the box next to the record and click on ‘Download CSV’.
Once downloaded and opened in Excel, you will see the load IDS along with their references included in the batch invoice like in the example shown below:
You will also be able to view the documents included with the batch invoice in your downloads folder. In this example, the two PODs of the loads have been included with the batch invoice.
If you double-click to open the PDF invoice, it will look like this:
If for some reason you need to change the reference of the order details, you can do so by going back into the record and clicking on ‘Change REF’ below ‘Order Details’.
You can change the references for each individual load if you wish.
Click ‘Save’ when done.
All activity in Accounts Payable can be reviewed in the ‘History’ tab. In this example, you can see where we’ve changed the reference for the loads.
When you’re happy with all changes and have approved the batch invoice, you can go ahead and schedule the payment.
Click on ‘Schedule Payment’ at the top, choose a date and click ‘Ok’ to finish.
This record has now been moved over to the ‘Payments’ tab.
You can use the calendar to the right to search for the scheduled payment.
Click on ‘View Summary’ to see more.
You will see the payment summary with information about the batch invoice. In this example, you can see the two loads included.
You can also download the payment summary as a CSV.
What types of filters and views are available to me?
The Supplier tab
The supplier tab shows you an overview of your suppliers and all of their completed loads. You can add in date ranges for invoices received or scheduled for payment, so you never miss an invoice and can find what you're looking for quickly.
The Archive tab
Once you’ve scheduled payment, completed payment and want to keep your view organised, you can move that record over into the Archive tab. This will help you see things clearly in preparation for your next pay run.
The Payments tab
Once you've approved your record and scheduled payment, the record will appear in the 'Payments' tab. You can use the filters to help you find particular loads or suppliers requiring invoices to be processed in due course.
How do I integrate with existing accounting software?
Step 1) Navigate to the 'Settings' area in AP.
Step 2) Click on the 'Integrations' tab.
Step 3) Choose the accounting software you'd like to connect with and click 'Login'.
Step 4) Log in with your credentials and grant access to the app for data sharing.
Step 5) You'll see a confirmation message prompting you to map the items in the lists provided.
Step 6) Click on 'Login' to continue. If you need to edit any of the items you've mapped, you can do so in the 'Settings' area of your AP integration.
Step 7) Click on the 'Customers' tab to start connecting your customers with your chosen accounting software. If their name doesn't appear when you search for them, that means you need to create that customer in your accounting software for the integration to work.
Step 8) You can start sending invoices and credit notes across to your accounting software.
You'll know the integration was successful by seeing the logo of your accounting software in the 'Settings' area of AP.