This payment workflow is available for the following accounting systems -
Sage 50 US
Payments module is enabled for your legal entity. For details, read here.
Vendors are on-boarded for at least one payment method. For details, read here.
Invoice(s) for the vendor has been successfully exported.
Partial Payments. For details, read here.
Auto Release Payments. For details, read here.
Revoke Payments. For details, read here.
Filters. For details, read here.
Reports. For details, read here.
Mark invoice as paid/ unpaid. For details, read here.
Payment Statuses. For details, read here.
PAYMENT SETTLEMENT TIME
To learn more about how long does it take for the vendor to receive the payment for different payment methods, read here.
HOW IT WORKS
For this workflow the payment is created in Beanworks, submitted for payment approval workflow, released to the vendor and payment data is exported into the accounting system.
STEP 1: Create payment(s)
Payment create tab will have a list of all outstanding invoice as an aged payable list that are ready to be paid. You can select single or multiple invoices to pay for same or different vendors.
Below is an example of selecting 2 invoices for a given vendor.
Once you have selected the invoice(s) you want to pay, click on 'Create Payments'
The system will throw a confirmation message. Click 'Continue'
STEP 2: Add Payment Details and Submit for Approval
You can add the following details to the payment.
At this point you can choose to make a partial payment or set this payment for auto release.
Once you have entered the details, submit the payment for approval.
STEP 3: Approve payments
Once payment are submitted for approval, they will hit the approval queue of the approver created at the time of setup. To learn more about how to create approval channels, please read here.
As an approver you have the option to approve or reject payments either by going to to each payment individually or by batch approving or rejecting payments.
Below is an example of an individual payment that can be either approved or rejected.
Below is an example of a list of all payments that can be approved or rejected.
Please note, adding a comment is mandatory when rejecting payment(s).
STEP 4: Release payments
Once payment(s) are approved, they appear in the Releases tab in the approved [A] status. Approved payments can then be released. You have the option to release them individually or batch release them.
Select the payments you want to release and click on 'Release Payments'
The system will throw a conformation message. Click 'Release'
The payment status will change to Pending Release [PR]. Behind the scene the payment gets send to the payment partner and after the payment has been successfully send, the payment will change to Released [RL] status. When the payments are released we get confirmation back from the payment partners and the payment status then changes from Released [RL] to Paid [PD].
Please note, the timing of when the payment status changes to Paid [PD] depends on the payment method and our integration with the payment partner. Details can be provided during the implementation process.
STEP 5: Export payments
Once payment(s) are in paid [PD] status they can be exported into your accounting system. You can either export all payments or selected few in PD status.
Please note, export payment information as data.
If you select payments in both Released [RL] and Paid [PD] status, the system will not allow you to export payment information either as data or PDF.
Also, you can use the status filter to only show the payments in paid [PD] status.
STEP 6: Sync Payment Information into the Accounting System
As the final step, please sync the exported payments into your accounting system. This step would depend on the accounting system you are using and how it is connected to Beanworks.