Manage effectively with automated Payment Control
The key financial control functionality in the Purchase Ledger is: Firstly to ensure that only valid supplier invoices are posted; secondly to ensure that payments are accurately made to the correct supplier bank account; and thirdly to optimise working capital by only paying what is strictly due.
Validate purchase invoices by matching against cost accruals
The De Facto® Purchase Ordering System has tight controls over posting of purchase invoices for stock orders received (with goods received notes) and additional supplier costs relating to those orders such as transport. The invoices are posted against the accruals ensuring costs can only be paid once and at the correct value.
Create automatic payment runs to benefit from credit terms and discounts
De Facto payment runs are created automatically using credit terms and settlement discount terms held against the supplier. Auto payment runs also ensure that the business can benefit from prompt settlement discounts.
Create payment files for On-Line banking to reduce risk
Supplier bank details are held within De Facto, where editing access is strictly controllable. The system can therefore be used to create files for loading in to On-Line banking to improve accuracy and reduce risk of fraud. The Purchase Ledger controller can also generate automatic remittances to email to suppliers.
View clear transaction history and separate special debt types such as factored
On screen supplier accounts contain a clear record of transactions which can be filtered by period, type or for outstanding, with easy drill down to the transaction. Outstanding creditor reports can be formatted in a user friendly way to show age of invoice and also be broken down by multiple nominal ledger creditor control accounts for example to separate currency or group creditors.
Set user approval rules for trusted users to approve high value invoices
For additional financial control, Purchase Ledger process controls can be defined. These are far beyond normal user restrictions and, for example, they may allow only certain authorised users to approve non stock invoices over a specific value. Only once authorised, will the system allow them to be posted by other users. Use of unique purchase invoice reference numbers also help to avoid duplication.
Contact us today to discuss your business needs with our software team.