Invoice title-transferred quantity, approve and post it, and apply the dealer's payment.
The Accountant creates the invoice from title-transferred shipment lines, claiming quantity and value through sales allocations so nothing is billed twice. The invoice carries the period, currency, frozen rate, due date and tax evidence.
The Finance Manager approves the invoice only when net plus tax equals the total within a cent, the period is open, the rate is frozen and the billed quantity stays within the eligible scope. The preparer cannot approve their own invoice.
The approved invoice posts with a balanced journal, and its outstanding amount becomes part of the dealer's exposure.
The Accountant records the actual receipt into the bank account and applies it to open invoices. An application cannot exceed the unapplied cash left after other reservations, and the invoice moves to partly or fully settled.
The Accountant matches bank statement lines to receipts and reconciles them. Returned payments and write-offs are recorded as finance corrections, which the Finance Manager approves before they post.
And how to keep it from happening.
Start free, then use Proto to change fields, steps and approvals before your team goes live.