In process withhold and release of invoice payment

New and timesaving feature for the people processing supplier invoices in Next®.

If you process supplier invoices in Next® and you from time to time want to withhold the payment of an invoice, this is now possible directly from within the approval process.

  • As an invoice approver, you can easily withhold a payment (or a part of it) and add a reason why you did so.
  • As a finance controller, you can easily find all invoices with a withheld amount.
  • As a process administrator, you can specify who are allowed to adjust the payment of an invoice.

Once the invoice is fully approved, it will be posted to the ERP system. In the approval process, the invoice will wait for the final release of payment, with task assigned to the person who originally held back the payment.

With In process withhold and release of invoice payment, you are able to process a bigger share of your supplier invoices all the way in Next®. This increases the benefits you gain from the solution. 


The invoice approver

In the simplest possible setup, the individual invoice approver will simply specify the amount to release for payment, and make a note on why.

In a slightly more helpful setup, the invoice approver gets to choose from a list of predefined standard reasons for postponing the payment. 

This not only makes it easier for the approver to get the job done, but also reduces errors, imposes company guidelines, and generate data that can be used to evaluate suppliers.


The approver can chose the amount to pay. 


The finance controller

Handling your release and withholding of invoices payments in this systematic way makes it much easier for your finance controller to keep on top of matters.  A new predefined search - Invoices with payments withheld - lists each supplier invoice that has an amount that is not yet released for payment. 


The finance controller can list all invoices with a withheld amount.


The process administrator

As a process admin you can tailor setup of supplier invoice payments to suit your needs. 

Anything from a simplistic setup where the individual approver makes their own call, to defining multiple lists of predefined and authorized payment release options. And allocating each of these lists to the people handling the different kind of invoices throughout your organization. Including the ability to set a lower threshold for how small invoices you are allowed jo adjust payments for.


The process administrator can control how payment can be adjusted, by who, and for which amounts.


We will be happy to help you get the setup that suits your needs the best.


The business log

When the invoice payment is adjusted, the business log is updated.  

Future enhancements

In a future release we plan to add an option for Immediate release of payment for trusted suppliers. 
This will allow us to release payments immediately for selected vendors with high frequency transactions, and for services such as power, gas, and water, where it does not make sense to await a specific approval.

For the techies

Use the Administration module in Next® to setup the new feature.

Additional information

Please refer to the online product guide for additional information on this feature, once it is released.

Commercial terms and conditions

This new features is available at no additional cost, to users of  Next® Invoices with an active service plan.

Any consultancy assistance will be invoiced.

Disclaimer

Despite our best efforts, we may be forced to change both content and expected delivery of future product updates without notice.  


Details

Title:

In process withhold and release of invoice payment

Type:

New feature

Status:

Released

Release time:

December 2020

Affected products:

Next® Invoices

Audience:

End users

Classification:

Public

Responsible product manager:

Jørn Christensen

Updated:

28.12.2020 

By:

Henrik Fjorback