Do you ever find you are entering the same coding details on invoices again and again? For invoices and suppliers where there is a standard set of distributions, you can use Accounting Templates to setup default coding based on fixed amount, percentages, or even left open, so AP doesn’t have to spend time manually entering in codes and amounts every month when the information is always the same.
It will likely take you more time to determine where you need accounting templates than to actually set them up! Though once you start using them, you’ll find it’s an easy way to cut time when manually coding an invoice.
Users with the Expense AP role can edit and remove accounting templates and users with permission can create and save their own.
When you have determined where you can create efficiencies, it only takes a few minutes to setup each Accounting Template with any associated suppliers, users and/or roles. Details on how to setup an Accounting Template can be found on the Success Portal.
Go to detailed guide on Success Portal
For users who have access to apply an Accounting Template to an invoice they are reviewing, check out the details here. Or watch a demo video on how to get started.
Control Energy provides power for Sprightly’s eight offices and bills the organization monthly. The bill is divided based on the square footage of each location, meaning the AP professional must manually calculate the amount and distribute to the correct location code every month. This practice is time consuming and cumbersome and must be done for several utility bills across the organization. In some cases, costs are not just allocated by location, but by department, meaning there might be hundreds of cost centers on a single invoice. Acounting Templates can be used to create a set accounting distribution and automatically applied based on the supplier or added to an invoice at the time of review. Users can even setup their own if you give them permission.
Manually coding an invoice takes time, especially when there are accounting distributions used again and again. By creating and using Accounting templates, you can cut down overall processing lead time. Track your success by monitoring your Processing Time in MediusFlow and use our Benchmarks to compare your performance with other companies using MediusFlow.