Suiteapp overview.
Payment approvals is a part of regulatory compliance and fraud prevention for all businesses. This product is developed to add approval for Vendor Bills and to automate Vendor Payment process.
By using NetSuite’s native functionality of Vendor Bill and Vendor Payment, this product will add automation to help finance team to reduce manual repetitive work.
User can now create a batch with multiple Vendor Bills and submit entire batch for approval. Once approved, user can create payment records just in few clicks.
Key Benefits
Enhanced user experience with effective vendor payment management.One-time setup to select the applicable subsidiaries, batch creation and approval roles, auto creation and application of bill payments.
Facilitates the accounting personnel to provision for adequate cash flows by referring to approved batch records.
Modify Batch before submitting for approval
Email Notification and partial payments capability.
Auto apply payments functionality.
Create payment batches by Subsidiary, Vendor, Due Date, Bank Account Currency and AP account.
Unique Batch id creation with functionality to print the batch record in a PDF format.
Provides complete linkage between batch records and bill payments.
Adequate Validations.
Restrict bypassing of the approval process.
Restrict accounts with type AP to be selected Journals.
Excludes pending approval or approved bills.
Business Benefits
Yantra’s Vendor Payment Approval is built on NetSuite’s SuiteCloud platform and is an add-on cloud business suite that offers users the flexibility of creation of a vendor payment batch, route it for approval, auto generate bill payments and apply it to respective bills. Integrated Vendor Payment approval solution enables you to prepare payments batches beforehand, seek online approval, eliminate offline process and most importantly manage cash flows in an efficient way.