Page Comparison

Overview

Note: As with all suggested IMOS workflows, before implementing this workflow, review and approve it with your Business Process Owner or IMOS Administrator. Due to the integrated nature of Veson Nautical products, if one user makes changes in IMOS, it may have unintended impact on other users.

This workflow is based on the following flowchart, steps, roles, and responsibilities.

Flowchart

Steps

1. Creating an Invoice
2. Reviewing an Invoice
3. Posting an Invoice
4. Tracking Outstanding AP/AR Invoices
5. Tracking Cash Payments and Receipts in IMOS (Optional)

Roles & Responsibilities

...

Creating an invoice is the most variable step of this workflow. Based on the roles and responsibilities defined above, the first responsible party will be the Voyage Operator or Post Fixture Specialist (PF). As a Voyage Operator or PF, it is your responsibility to ensure that all voyage-related documents are properly managed, including creating AR documents and recording AP documents received from vendors, suppliers, or counterparties.

...

In this workflow, approving an invoice is a much more standard process than creating an invoice. Based on the roles and responsibilities defined above, invoice approval will be performed by an Operations Manager. An Operations Manager will be responsible for several Operators and voyages, and therefore efficiency is important when dealing with many voyage invoices awaiting approval.

• You can use the Invoice Approvals form to set limits on which users can approve invoices of a certain Type, Trade Area, or Amount.
• IMOS user rights can be set to enable specific users to approve invoices of a certain Type.

...

In this workflow, posting an invoice is similar to reviewing an invoice because you can complete all of the steps from one list (unlike creating an invoice). Based on the roles and responsibilities defined above, IMOS users in the Accounting or Control team typically post invoices. This conservative approach accommodates the fact that posting an invoice is the first time Operations has an impact on the financial ledger.

...

1. In the Financials module center , open the Post Invoices list.
2. Create and save a List View that meets your needs.
   Note: You only have to do this once; saving a view enables you to retrieve it later.
3. In the Post Invoices list, next to the invoice you want to post, click Post in the Action column.
   
   Note: If you have not configured your Business Rules correctly, messages will notify you of the missing rules. If you encounter one of these warnings, inform your IMOS Administrator.
4. Review the Accounting Date and Due Date of the invoice to ensure that it is posted into the correct financial period and the AP/AR team can track the invoice aging correctly. For more items to check before posting, see IMOS - Complete Operations and Financials AP-AR Workflow69765090.
   
5. To officially recognize the transaction on your financial ledger, click .
   

...

1. List Views: It is most important to design a List View that meets your needs; only show the columns you want to see, hide anything that is not important, and make sure to sort by Invoice Age.
2. Invoice Aging Buckets: To configure IMOS Invoice Aging Buckets to be the ranges you want, your IMOS Administrator must modify the following configuration flags: CFGActAgingBucket0, CFGActAgingBucket1, CFGActAgingBucket2, and CFGActAgingBucket3.
3. Collection letters: To create, send, and track collection letters to a counterparty, next to the invoice you want to send a collection letter for, click Remind in the Action column. To change the text of the collection letter, your IMOS Administrator must modify the collection letter stylesheet.
   
4. Invoice Actions (with CFGEnableInvoiceNotes): Invoice Actions enable you to create an action log per invoice for tracking and audit purpose.
   1. Use the Financials Module Invoice Actions form to create categories for your Invoice Actions.
   2. In the Receivables Summary, click  and then click Invoice Actions.
      
   3. Click the white space of a line item in the List View to open the Action Log for that invoice.
      
   4. In the Action Log table, add rows to add new actions and perform invoice tracking.

...

The IMOS Payables Summary offers almost all of the same functionality as the Receivables Summary. However, you cannot send a collection letter for an invoice from the Payables Summary. For advanced payables workflows, see the following pages:

• Payment Batches
• Advance Payments and Receipts

Accounts Payables/Receivable Report

...