Submitted Invoice Processing

StreamV supports the processing of both active and submitted accounts payable invoices. 

      Active or status A invoices are accounts payable invoices that have been distributed to the general ledger.  When a status A invoice is saved in the system, the invoice is available for payment (unless it is on hold for some reason).

      Submitted Invoices or status S accounts payable invoices are invoices that have been entered into the accounts payable register file, but that have not been distributed to the general ledger.  A submitted invoice cannot be paid until it has been converted to an active invoice.

The Submitted invoice option allows you to record the fact that you have received a vendor invoice and to put the basic information about the invoice into your system.  Once the invoice has been entered into the system, it can be output on reports, but it cannot be paid.  Submitted accounts payable invoices can also be converted into Active status invoices, so that they can be distrbuted to the general ledger and paid. 

Submitted invoices allow you to input an invoice into your system (record the receipt of it) and then forward the invoice to a department head for signature approval.  Once the invoice has been approved, the invoice can be converted to an active invoice.

Submitted invoices can also be used to record invoices that you do not know how to distribute.  An invoice can be entered as a submitted invoice, then forwarded to an accounting manager to determine the proper general ledger distribution for the invoice.

Importing vendor invoices as submitted invoices

Submitted invoices can be created automatically in StreamV from vendor supplied information.  When this option is used, the following information is required by the system.

Vendor information:  The vendor name and account number to be used for the accounts payable invoice.  This vendor information needs to match the appropriate vendor record that is set up in your system.

AP invoice information:  The vendor invoice number, date, amount, payment terms, discount date and amount and other required information for the vendor invoice.

Since submitted accounts payable invoices are not distributed to the general ledger or matched to receiving or vendor shipment transactions, no GL distribution or inventory detail is required.

Once a submitted invoice has been created in the system, it is normally converted to an Active invoice using the AP Invoice Entry program.  The system will require you to distribute or allocate the enter amount of the invoice when the invoice is converted to active status, and it will also post the invoice distribution amounts to the general ledger  

Once a submitted invoice has been converted to Active status, the invoice can be paid.

Note:  This option does not save a lot of time due to the fact that the submitted invoices created by the import process still need to be manually distributed to the general ledger.