This feature allows users to automatically schedule invoices to be paid on a specified date. This can be done at the 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.
See below for a step-by-step guide on how to automatically schedule payments.
When auto-scheduling payments at the company-wide level, all payments up to the set amount ($) threshold will follow the payment scheduling rules. You must have MineralTree admin privileges to auto-schedule payments at the company-wide level.
1. In the MineralTree Accounting Manager or Payment Authorizer application, go to Settings | Manage Company Settings to access the Customer Admin application.
2. In the Payment Approval tab, you will see an Auto-scheduling Payments section. The feature is disabled by default.
3. To use this feature, check the “Auto-schedule payments to vendors” checkbox. Options will then 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.
5. The invoice will be submitted for payment as soon as any approvals are taken care of and it is posted back to your accounting system. The payment date will be determined by the rule you set:
- To pay on the discount or due date, set the rule as “0” days before or after the desired 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:
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.
To setup an auto-scheduling rule at the vendor level, go to the Vendor Details page. The “Auto-schedule payments to this vendor” checkbox is displayed in the Preferences section. Checking the checkbox will bring up the auto-schedule configuration settings.
Important things to consider:
• If invoice approval is required before payment, the payment will not be submitted until after the required approval(s) is granted.
• If invoice approval is required before payment and the auto-scheduled date passes before approval is obtained, 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.
**Warning: MineralTree does not recommend using the Auto-Scheduling Payments feature if payment approvals are not required.
• For auto-scheduled payments, the default payment account and method set for the vendor will be used.
• If auto-scheduling payments is enabled for a vendor, separate payments will still be sent out for each invoice from that vendor.
• 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, etc.).