An invoice approval workflow routes a supplier invoice to the people authorized to confirm the purchase, receipt, coding, budget, and payment. Rules may vary by entity, department, amount, supplier, or exception and should preserve who approved what and when.
Quick reference for Invoice approval workflow
| Check | What it means for the transaction |
|---|---|
| Category | Orders, invoicing, accounts payable and accounts receivable |
| Record to keep | Link the order, delivery evidence, invoice, approval, adjustment and payment reference that belong to the same transaction. |
| Do not infer | An approved invoice or recorded payment does not by itself prove that funds have settled or that the open balance is reconciled. |
Trade finance connections
Approved invoice data can trigger supplier finance, reverse factoring or dynamic discounting.
