Dynamics 365 Finance is changing as new updates are coming your way in February 2021. It is always the first one to adapt to the circumstances and revise their features or update them to stay in touch with the changing trends. Mainly, they have made the changes in vendor invoice automation, and here is what you need to know.
Dynamics 365 finance vendor invoice automation
In this blog, we will talk briefly about all the changes and how they can benefit your business.
Analytics and metrics
The Vendor invoice workspace enables you to concentrate on vendor invoices that have not been done through automation. Vendor invoices with unsuccessful submission to workflow, imported, or matched to product receipts are included in tiles on the workspace. The workspace now allows you to change the view of another organization without signing in. Power BI metrics are also included. You can use them to inform account managers about the efficiency of automation of vendor invoices.
Match product receipts to invoice lines that have a three-way matching
Frequently, invoices arrive ahead of the products. Someone must compare the invoice lines to the posted product receipts after the products arrive because the invoice line has a three-way matching policy. The system will now match posted inventory receipts to invoice lines using a three-way matching policy. The method will continue until the invoice quantity and the matched product receipt quantity is identical. You may specify how many times the system can attempt to fit purchase receipts to an invoice line before deciding that the process failed as part of this process.
This includes the number of days for invoice processing, the percentage of invoices processed successfully without affecting the last 30 days, the invoice failed automation reasons and further workflow testing.
Prevalidate vendor invoice posting
Accounts payable can go through the process by competent account payers during the invoice posting period but without any updates. You can now run the procedure on a single invoice or several invoices from the invoices pending for the vendor.
Submit imported vendor invoices to workflow
You may opt to make the device automatically send an imported invoice to the workflow in a touchless account payable invoicing method. The submit-to-workflow process will take place as a backdrop using an hourly or regular pace. You may also require that the system matches the inventory receipts to invoice lines before the workflow sends invoices automatically. An automatic posting activity is a part of the configuration workflow if the invoice is easy to process directly without manual intervention.
Further, the workflow may be automatically sent to the purchasing orders and invoices containing a procurement of non-PO type and non-stocked lines.
Tracking imported invoice amount and imported sales tax amount
The value of the invoice you import and of the imported sales tax is now easy to enter in the supplier’s import file. Usually, you can scan values by the external provider and include them in the import file. Dynamics 365 Finance calculates values depending on invoice data when the processing of the invoice occurs. The value imported has to match the amounts measured to ensure that the invoice represents correctly the sum owed to the vendor. If your company enables the automation of imported invoices, you can optionally request that the imported amounts match the measured amounts before a workflow is sent.
Tracking the invoice received date
The date of receipt of the invoice is the date on which the vendor receives the invoice. It offers a basis for monitoring the progress of the invoice and recording vendor invoices in Dynamics 365.
The date of receipt of the invoice will include in the data of a supplier. You should indicate the invoice date for invoices that had a manual entry. The date of it will be the default until today if it has no entry.
How can DHRP help?
DHRP is now a partner with Microsoft for several years. They contain in-depth knowledge for implementing and automating the business process through suitable solutions. So, if you need assistance, consultancy, or professionals to carry out the process successfully, you have just come to the right place. We offer all Dynamics 365 finance implementation, AP automation, and manufacturing solutions as per your business needs.
