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6 Steps of Invoice Processing Receiving The Invoice. You made an order to your supplier and they delivered the goods and the accompanying invoice. ... Entering Data Into System. Now here's the tricky part. ... Three-Way Matching. ... Payment Approval. ... Payment Processing. ... Storing The Invoice.

Invoices arrive via mail, get opened, reviewed for accuracy, and scanned or manually entered into the company's ERP system. From there, invoices are coded for the correct accounts, cost centers, or projects. Then the invoices are sent off to the appropriate manager for another round of reviews and, hopefully, approval.

Invoice processing involves the complete cycle of receiving a supplier invoice, approving it, establishing a remittance date, paying the invoice, and then recording it in the general ledger. It is a critical aspect of running a business.

Step 1: You Receive an Invoice from a Vendor. Vendors send an invoice once their work is completed, their service is provided, or their product is delivered. ... Step 2: A Copy of Vendor Invoice is Placed or Scanned Into your Filing System. ... Step 3: Invoice Approval. ... Step 4: Invoice is Paid.

A billing process flow chart is a visual representation of the steps involved in the billing process. It typically includes the key elements such as generating invoices, sending them to customers, receiving payment, and reconciling accounts.

Also known as invoice processing, invoice management is the process by which businesses receive an invoice from a vendor, validate its legitimacy, pay the supplier, and record the payment. Good invoice management and vendor payments can impact the profitability of a business just as much as revenue.

Here are the steps for invoice processing: Capture, general ledger (GL) code, and match supporting documents such as a purchase order and/or delivery receipt. Send invoices to authorized approvers to approve or reject invoices. Authorize and submit invoices for payment in a financial system.