In this release, Centime has introduced additional functionality to its invoice automation process to provide a better experience to the Manage Payables users.
What’s new:
| Solution | Feature |
|---|---|
| Manage Payables | Users can now choose to automatically send uploaded/emailed invoices for approval |
| Manage Payables | Centime will now auto-populate the exchange rate for non-USD invoices that have been uploaded or emailed |
| Monitor KPIs | Export the Cash Flow Statement table for the Cash Flow category in the Monitor KPIs solution |
Content:
- Feature 1: Auto-send invoices for approval
- Feature 2: Auto-populating exchange rate for uploaded/emailed non-USD invoices
- Feature 3: Export Cash Flow Statement table in the KPI Cashflow category
Feature 1: Auto-send invoices for approval
Solution: Manage Payables
Details:
- A new setting ‘ Auto-send invoices for approval’ is introduced in the ‘Document settings’ section of the ‘Payables’ setting on the Settings page. By default, this setting will be toggled off for the client.
- When this setting is toggled on, uploaded or emailed invoices with identified data in the mandatory fields and with no duplicates will be automatically sent for approval, as long as an approver is defined.
- For documents with the status ‘Needs Review’, the document will be auto-sent only when the user adds the mandatory details and has approvers defined.
- When an approval policy is not defined or an approver is not specified, the document will be auto-sent for approval only when the approver is defined in the ‘Approvals’ tab in the document viewer.
- Users will have to manually send invoices with the status ‘Ready for approval’ for approval using the ‘Send for approval’ action.
- When the document is sent for approval either manually or automatically, this is recorded in the audit trail for the document.
Required permissions:
| Permissions in | Permissions title |
|---|---|
| Manage Payables | Manage Document Settings |
Feature 2: Auto-populating exchange rate for uploaded/emailed non-USD invoices
Solution: Manage Payables
Details:
- When users upload or email a non-USD invoice to the ‘Documents’ tab in Manage Payables, Centime will determine and show the exchange rate based on the captured invoice date and invoice currency. The exchange rate takes into account the invoice date and not the date the invoice was uploaded on Centime.
- When the user modifies the invoice date or currency, the exchange rate is recalculated based on the modified invoice date or currency.
- The user can always update/modify these rates in the document viewer for an invoice.
- When posting this invoice to General Ledger, Centime will include the exchange rate, the original currency, and the USD equivalent.
Required permissions:
| Permissionsin | Permissions title |
|---|---|
| Manage Payables | Upload, process and code documents |
Feature 3: Export Cash Flow Statement table in the KPI Cashflow category
Solution: Monitor KPIs
Details:
- Users can now export their selection of the 'Cash Flow Statement' view for the 'Cash Flow' performance category in the Monitor KPIs solution.
- The exported data will reflect the selection on the time period and the frequency selected between daily, weekly, and monthly.
- For cash inflows and outflows, transactions will be consolidated under corresponding groups. If no groups exist, all transactions will be shown under the ‘Ungrouped’ category.
Required permissions:
| Permissionsin | Permissions title |
|---|---|
| Monitor KPIs | Monitor cash flow performance |
If you want to know more about this release, please contact our Customer Success team at cs@centime.com.