These cookies are required for the website to function properly. They ensure security, enable basic features like page navigation, and store user session data. You cannot disable these cookies.
- Steel & Metals ERP
- Features
- Finance and close
Finance and close
Tie invoices, settlement and journals to each entity period.
OverviewInvoices Awaiting Approval×
Steel & Metals ERP · Finance and close
New
Invoices Awaiting Approval
Approval waits for the finance manager
| Invoice number | Dealer | Invoice date | Total amount | Status | |
|---|---|---|---|---|---|
| CI-57482 | DLR-9229 | 07 Oct | 400 | Pending approval | |
| CI-42325 | DLR-5830 | 13 Oct | 560 | Pending approval | |
| CI-59514 | DLR-1962 | 02 Oct | 410 | Pending approval | |
| CI-91659 | DLR-1742 | 09 Oct | 190 | Pending approval | |
| CI-55024 | DLR-5924 | 04 Oct | 950 | Pending approval |
6 of 6 records
DLR-9229Customer invoices · CI-57482
Pending approvalInvoice date07 Oct
Total amount400
What you can do
Start from the operating record
Accountant prepares customer invoices only from eligible title-transferred and unbilled allocation. Finance Manager independently approves the document before posting. A supplier bill is matched to accepted receipt scope. Each document keeps its entity, currency, rate and accounting period, which matter when a distributor buys and sells across currencies.
How the work is organized
- Prepare documents. Accountant links invoices to eligible delivery scope and supplier bills to accepted receipts.
- Decide release. Finance Manager independently approves billing, payment and period decisions for the entity.
- Settle and reconcile. Accountant records actual cash and bank evidence, then applies bounded amounts and completes close tasks.
What to agree during setup
Agree the entity chart of accounts, accounting period, currency, exchange-rate source and tax treatment before posting. Finance Manager needs distinct authority for invoice approval, payment release and period close; Accountant prepares the supporting documents and reconciliations.
Start with one accepted delivery and one supplier receipt, then trace their invoices to original lines. Identify the bank statement source and the person who investigates uncertain payment outcomes. Reconcile opening receivables, payables and bank balances before the first close.
Check the handoff on an actual case
Actual customer cash first becomes a receipt. Applying it to an invoice consumes available unapplied cash and the invoice balance within their remaining limits. A supplier payment has a separate release decision and bank evidence. A sent instruction does not itself settle the bank account.
The period close draws on bank, receivables, payables, inventory and other reconciliation tasks. Accountant prepares evidence for the entity cutoff; Finance Manager reviews exceptions, revaluation and the period decision. Posted journals retain source links and corrections use separate reversal history.
Rehearse a customer receipt that covers only part of an invoice. Accountant posts the actual receipt and applies no more than its available unapplied amount or the invoice balance. Finance Manager reviews the invoice and period decisions; an open bank or stock close task keeps the period from closing.
What your team sees
- Invoices Awaiting Approval — Finance Manager checks prepared customer invoices and their source scope.
- Period Close Work — Accountant sees incomplete or review-required reconciliation tasks.
Follow the work through
See the operating process and the data model for the connected records.
What it keeps track of
Data model- Customer invoices
- Local customer debit/credit documents with mandatory independent Finance Manager approval.
- Customer invoice lines
- Exact unbilled title-transferred accepted price allocation or original credit scope.
- Supplier invoices
- Local supplier debit/credit documents with matching, carrying and separate settlement.
- Supplier invoice lines
- Supplier charges matched to accepted receipts, with explicit nonstock exceptions.
- Cash receipts
- Actual customer cash recognized once to unapplied liability before invoice allocation.
- Cash applications
- Cross-currency cash allocation consumes both receipt and invoice scope atomically.
- Payments
- One economic supplier disbursement with authoritative settlement/rejection/return evidence.
- Payment runs
- Frozen payable settlement proposals and protected beneficiary snapshots.
- Bank statement lines
- Actual external bank evidence, not inferred payment success.
- Journal entries
- Balanced entity-functional journals with source identity and immutable postings.
- Journal entry lines
- Nonnegative debit/credit magnitudes, one side per line, balanced in functional precision.
- Accounting periods
- Entity-specific fiscal periods and guarded close.
- Close tasks
- Current source reconciliation evidence for an entity cutoff.
Who uses it
Permissions- Accountant
- Prepares invoices, applications and reconciliations.
- Finance Manager
- Decides releases and close.
- Admin
- Controls access without posting authority.
Set up Steel & Metals ERP your way.
Start free, then use Proto to change fields, steps and approvals before your team goes live.