Users select a Supplier Invoice Number on the Invoice Listing page to see the Invoice Details page. The Invoice Details page displays an Invoice Details table that shows the invoice data relevant to the selected invoice. It also includes:
- An Audit Trail with time stamps for each event in the history of the selected invoice.
- Batch Payment Details with details of the invoices and credit notes which were included in that payment.
Invoice Details
The table includes:
- Supplier Invoice No.-A unique value the Supplier uses to reference the invoice
- Buyer Invoice No.-A unique value the Buyer uses to reference the invoice
- Currency-The currency code for the invoice; for example, USD for US Dollars or GBP for British Pounds Sterling
- Invoice Amount-The face value of the invoice
Note: The Invoice Amount includes any taxes or other amounts which may have been applied to this invoice prior to loading the invoice.
- Credit Applied-The value of any credit notes that have been applied against the invoice, reducing the amount eligible for payment
- Early Payment Fee-The fee that results from early payment of the invoice; this fee is calculated for the date the invoice is currently scheduled, using the interest rate that is active
Note: A "~" in front of the Early Payment Fee amount indicates an estimated fee. Expect small changes in estimated Early Payment Fees over time, because interest rates can change daily.
- If the invoice has been sent for funding or is already paid then the Early Payment Fee is the fee assessed for early payment of this invoice.
- If the invoice has not yet been sent for funding, then the Early Payment Fee is estimated based on the Scheduled Date for Payment and the current interest rate. Changes to either the Scheduled Payment Date or the Interest Rate will update the estimated Early Payment Fee for the invoice.
- Interest Rate-The underlying rate of interest (shown as an annual percentage rate) that is used to compute Early Payment Fees
- Tenor in days-The number of days between the scheduled early payment and the full-term date of the invoice
- Payment Amount-The amount to be paid to the Supplier
Note: The Payment Amount is the Invoice Amount less the Early Payment Fee and any credit amounts applied.
- Supplier-The organization that issued the invoice for payment (from the Buyer) for goods or services rendered to the Buyer
- Buyer (Main Contractor)-The organization responsible for payment of an invoice from the Supplier
- Status-A state that corresponds to the workflow steps:
- Scheduled-Indicates a newly imported invoice that will be scheduled according to the default payment timing
Note: Suppliers Set Up Default Payment Settings.
- Sent for Funding-Indicates an invoice has been sent to the Funder for early payment
Note: Invoices typically transition from Sent to Funding status to Paid within hours.
- Paid-Indicates an invoice payment has been made to the Supplier
- Settled-Indicates the Buyer has repaid the Funder for an early invoice payment made to the Supplier
Note: Only Buyers will see this status.
- MC Payment Notification Sent-Indicates the Payment Notification file has been sent
Note: Only Buyers will see this status. The Payment Notification file shows repayment of the invoice to the Funder has been sent.
Note: The Invoice Details page shows more detailed status options than the Invoice Listing page.
For example, Paid by Credit Note would simply appear as Paid on the Invoice Listing grid.
- Invoice Date-The date that the original (paper) invoice was sent to the Buyer from the Supplier
- Scheduled Payment Date-The date that is currently scheduled to pay the Supplier for the invoice
- Payment Date-The date that the payment was received by the Supplier (this date is estimated based on the date when the electronic payment file was created)
- Full Term Date-The date that the invoice is due for payment
Note: The Full Term Date acts as a backstop, setting the latest date on which an invoice may be sent for payment.
- Invoice Payment Batch ID-The batch identifier assigned to the invoice payment
Note: Payments for many invoices might be submitted to a Supplier any given day. All invoices that are paid on the same day, to the same Supplier, in a batch, are assigned the same Invoice Payment Batch ID.
- Maturity Payment Batch ID-The batch identifier assigned to the maturity payment
Notes:
- The maturity payment is the repayment the Buyer makes to the Funder who paid the Supplier for the invoice.
- Only Buyers will see this status.
- Invoices in a single Payment Batch may have different Full Term Dates and different Maturity Payment Batches.
Audit Trail
Each Status Event in the life of an invoice is tracked. Status Events in the workflow result in the current status of an invoice. Users can review previous events in the Audit Trail.
Note: A date and timestamp are included for each event in the history of the selected invoice. These timestamps are automatically displayed in your time zone (based on your computer).
Status Events include:
- Invoice Received-The date and time when the invoice was imported.
- Default Payment Schedule Applied-The date and time the Default Payment timing was applied to the invoice
Note: Suppliers Set Up Default Payment Settings.
- Payment Scheduled-The date and time a user manually rescheduled the invoice for payment
Note: A user may Edit an Invoice’s Payment Schedule and there is no limit on the number of times an invoice may be rescheduled.
- Sent for Funding-The date and time the invoice is sent to the Funder for early payment
- Paid-The date and time the electronic payment file for the invoice was created
Note: A payment is often included in a batch file.
- Supplier Payment Notification Sent-The date and time a Payment Notification file is sent, which alerts the Buyer to the invoice status in their system of record
Notes:
- This Payment Notification file shows payment of the invoice to Supplier. It is sent for early payments and full-term payments.
- Only Buyers will see this status.
- Settled-The date and time the Buyer repaid the Funder for an invoice that was paid by the Funder
Note: Only Buyers will see this status.
- MC Payment Notification Sent-The date and time a Payment Notification file is sent, which alerts the Buyer to the repayment of the invoice after the electronic payment file was created
Notes:
- This Payment Notification file shows repayment of the invoice from the Buyer to the Funder.
- Only Buyers will see this status.
Batch Payment Details
The Payment Batch table appears in the lower right corner of the Credit Note Details page. It displays all the invoices and credit notes that were included in a single payment to the Supplier. The Payment Batch ID is included in this area.
Notes:
- There may be multiple batches paid to a Supplier in a single day.
- The Payment Batch ID is included in the remittance information added to electronic payment files.
- The batch payment appears as a single line item on bank statements.
- Some banks may not include the remittance text on the bank statement.
- Batch IDs ending in EP indicate a discounted early payment for an invoice was included under the batch.
- Batch IDs ending in FT indicate a full-term payment was included under the batch.
- Return to Invoices-A link that returns the user to the Invoice Listing page with the previously selected filters and sort settings
- Total Batch Payment-The total amount of the payment made to the Supplier for this batch
The Invoices Included in Batch table shows the items that were included in the batch. This detail includes:
- Supplier Invoice No.
- Invoice Amount
- Credit Note Applied Amount
- Early Payment Fee
- Net Payment Amount
Example: A batch might include two invoices and a credit note, which results in a payment of £932.87 to the Supplier. All three items would be labeled with the same Payment Batch ID. The combined payments would show as a single payment of £932.87 on the Supplier's bank statement. The ID would be included in the electronic payment file. The Payment Batch ID may not appear on the bank statement of the Supplier.