Auto-Scheduling Payments

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Audience: Accounting Manager and MineralTree Administrator

Summary: Reviews how to schedule payments on a company-wide scale or at the vendor level. 

The article covers the following topics: 

Overview of auto-scheduling

Auto-scheduling allows users to schedule invoices to be paid on a specified date. This can be done at a company-wide level or at the vendor level. Even if a payment is auto-scheduled, it will still follow any invoice approval and payment authorization rules applied to it, and the payment will only be processed once all approvals/authorizations have been granted. If the auto-scheduled date passes without approval, the payment must be manually submitted.

Given that all invoice approvals are obtained before the auto-scheduled date, the payment will be submitted on the auto-scheduled date in one of two states:

  • Awaiting Approval – if payment approvals are required
  • Scheduled - if payment approvals are not required

MineralTree does not recommend using the Auto-Scheduling Payments feature if payment approvals are not required.

Auto-scheduled payments will not be submitted if MineralTree detects that the required payment information is incomplete (e.g. invalid address for check payments, missing vendor information).

Company-wide auto-scheduling

This setting can only be completed by a MineralTree administrator. When auto-scheduling payments at the company-wide level, all payments up to the set amount ($) threshold will follow the payment scheduling rules.

1. Click into Settings > Manage Company Settings to access the Administrator Application.

2. In the Payment Approval tab, you will see an Auto-scheduling Payments section at the bottom. The feature is disabled by default.

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3. Select Auto-schedule payments to vendors. Options will display to configure payment threshold amount and scheduled date settings.

4. You may select whether to auto-schedule payments for all invoices or only invoices up to a specific value. Payments greater than $250K should not be auto-scheduled due to restrictions with certain banks.

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The invoice will be submitted for payment once relevant invoice approvals are complete and it is posted back to your accounting system by your Accounting Manager. The payment date will be determined by the rule you set:

Pay on the due date: set the rule as “0” days before or after the due date

Pay on the discount date: set the rule as “0” days before or after the discount date

Or specify X number of days before or after the discount date or due date.

Note: If payments are auto-scheduled to meet any discount dates, you still need to manually apply the discount. That is, you must adjust the invoice amount to the discounted amount.

Vendor Level Auto-Scheduling

This setting can only be completed by a MineralTree Accounting Manager user. If payments are auto-scheduled at the vendor level, the vendor level rule will override any company-wide rule but only apply to invoices from that specific vendor. You can also auto-schedule payments for specific vendors without having auto-schedule payments enabled at the company-wide level. If auto-scheduling payments is enabled for a vendor, separate payments will still be sent out for each invoice from that vendor.

To setup an auto-scheduling rule at the vendor level, follow the following steps:

1. Go to the Vendor Details page. You can access the Vendor Details page by going to Search > Vendors.

2. Click into the vendor for which you'd like to schedule payments.

3. Scroll down to the Payment Preferences section.

4. Select "Auto schedule payments to this vendor." Options will display to configure payment threshold amount and scheduled date settings. 

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5. You may select whether to auto-schedule payments for all invoices or only invoices up to a specific value. The default payment account and payment method set for the vendor will be used for auto-scheduling payments.

Payments greater than $250K should not be auto-scheduled due to restrictions with certain banks.

The invoice will be submitted for payment once relevant invoice approvals are complete and it is posted back to your accounting system by your Accounting Manager. The payment date will be determined by the rule you set:

Pay on the due date: set the rule as “0” days before or after the due date

Pay on the discount date: set the rule as “0” days before or after the discount date

Or specify X number of days before or after the discount date or due date.

Note: If payments are auto-scheduled to meet any discount dates, you still need to manually apply the discount. That is, you must adjust the invoice amount to the discounted amount

 

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