How an Invoice Moves Through Finofo, From Upload to Paid

How It Works

Invoices arrive by upload, or by email or text to your workspace address and number. Emailed and texted documents wait in the Inbox until someone sends them to extraction, unless a sender rule processes them automatically. Finofo then works out the document type, reads the vendor, invoice number, dates, every line and the tax on each line, finds the purchase order the invoice bills against and suggests GL coding.

An invoice can go for approval only when its Approvals checklist is complete. Approval policies route it to an approval group, and approvers decide in My tasks. Depending on Settings > Documents, the final approval posts the bill to your ERP (Automatic posting), or someone posts each approved invoice (Manual posting). Approved invoices can then be paid in a payment batch.

The Six Stages

Each stage below shows what happens, followed by where to find it in Finofo.

• 1. Capture: The invoice is uploaded, or emailed or texted to the workspace and released from the Inbox.
  + > Upload documents; Inbox.
• 2. Classify: Finofo identifies the document and reads its fields and lines. Files it cannot recognize wait for review.
  Documents > Invoices; Documents > Unclassified.
• 3. Match: The invoice is linked to its PO and goods receipt and compared line by line.
  Invoice > Open reconciliation.
• 4. Approve: The completed invoice is submitted and routed by policy to an approval group.
  My tasks; Settings > Approval Workflows.
• 5. Pay: Approved invoices are built into a payment batch and sent for payment.
  Documents > Invoices > Approved; Batch payments.
• 6. Sync to ERP: Approved bills post to your ERP; paid batches post payment entries.
  Settings > Documents; Settings > Integrations.

Walk One Invoice Through

1. Click +, choose Upload documents and drop the PDF. For an emailed invoice, open Inbox, select the message and click Send to extraction.

2. Open Documents > Invoices and find the invoice on the In Progress tab, already linked to its PO.

3. Open the invoice and check each bill line, its Tax cell and the coding row under it.

4. If a flag shows the paperwork disagrees, click Open reconciliation and decide each line that needs review.

5. When every step of the Approvals checklist is complete, click Submit for approval. The invoice moves to In Approval.

6. The approver opens it in My tasks and clicks Approve & next, or Reject, which asks for a reason.

7. The invoice moves to Approved and posts to your ERP, on final approval or when someone posts it. The ERP section then links to the bill.

8. On the Approved tab, tick the invoice and click Pay. Check the batch, click Review payment batch, then Send for payment. The invoice moves to In Payment, and to Paid once payment completes.

Choose When Bills Post

1. Open Settings > Documents and select the Invoices tab.

2. Under Approval and posting, choose Automatic posting ("The final approval posts the bill to your ERP.") or Manual posting ("Someone posts each approved invoice to your ERP.").

Tips

• Post goods receipts before the invoice arrives, so lines can match immediately.
• Work through the In Progress tab daily; it is where invoices wait for coding and matching.
• Choose Manual posting while your team is learning the coding rules, then move to Automatic posting.

Frequently Asked Questions

Do I need to tell Finofo which PO an invoice belongs to?

Usually not. Finofo finds the PO the invoice bills against while reading it. Check the link before you submit.

Where does a rejected invoice go?

Back to In Progress, with the reason the approver gave, so AP can correct and resubmit it.

Can I pay an invoice that is still in approval?

No. Only invoices on the Approved tab can be selected for a payment batch.

Can we keep paying vendors from our existing system?

Yes. Finofo can post approved bills to your ERP and mark them paid outside Finofo while payments continue from your existing system. Batch payments are optional.