4-eyes approval of deferred partial payments adds to your compliance

In all businesses you will encounter supplier invoices that are not eligible to be paid in full. Maybe the delivery was not as expected, or the price on the invoice does not match what was agreed. Besides postponing the approval of the invoice, and thereby deferring the payment of the entire invoice, you now have the option in Next® Invoices to release a partial payment.

When an invoice should not be paid in full, the approver can use "Adjust payment" to specify the amount to be release for payment.


The approver selects what amount to defer. And also when to release the rest.


Later, the approver is reminded to release the remaining payment in an additional processing step. The approver is in control. 


For some industries deferred payments are not an exception


For some industries deferred payments are not an exception, the deferred payments are of considerably value, and the period is sometimes several months.

In this case, it is highly relevant to involve others in addition to the original approver, in order to ensure that the business rules are followed. And to secure that an invoice is not paid "by accident".

To make the process at such companies easier, more efficient, and especially more secure, we now add 4-eyes approval of deferred partial payments.


4-eyes approval of deferred partial payments    



The approver selects what amount to defer. And an extra set of eyes And also when to release the rest.


With this release of Next® we made it possible to opt for an additional mandatory approval step when you wish to release a deferred payment.

Using the automatic assignment policies, it is possible to assign this specific task to almost any imaginable person or group. Most often, the person who made the original 2nd approval of the invoice, is the most relevant approver of the payment release. But, if you have a different process in place, we are most likely able to set that up as well. 


This new 4-eyes approval of deferred partial payments is a major enhancement for the companies where deferred payments are an integral part of their business model



Future enhancements

In a soon to come release, we will introduce additional payment status information. This will make it even easier for the involved persons to tell when an invoice has a deferred payment. 

For the techies


For the techies

Everything is logged in the business log. Both the original deferral of a payment, and the following release - including the additional approval. 

Compliance to internal processes is easily documented. 

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 feature is available at no additional cost to users 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:

4-eyes approval of deferred partial payments adds to your compliance

Type:

New feature

Status:

Released

Expected release:

September 2022

Affected products:

Next® Invoices

Audience:

End user

Classification:

Public

Responsible product manager:

Jørn M Christensen

Updated:

29.09.2022

By:

Henrik Fjorback