Previous steps in the invoice workflow

• Invoice submission by prepayment payer.

• Invoice submission by true sale payer.Invoice upload by seller and confirmation by true sale payer.

Prerequisites to fund manager invoice approva

• Set your default invoice approval workflow. If you did not yet do this, you can learn how to do so by reading the Setting up Invoice Approval Workflows page.
  

• Log into the Fund Manager account and switch to the Fund Manager Mode via the toggle shown below.

  
  

Approving invoices as per the predefined invoice workflow

There are four default invoice approval stages:

1. Confirm Invoices (Maker)

2. Confirm Invoices (Checker)

3. Risk Approve Invoices (Maker)

4. Risk Approve Invoices (Checker)

Sections and video below explain every stage of the process.

Confirm Invoices (Maker)

This stage applies to true sale payers and their respective fund managers who by default inherit the permission to upload/confirm invoices on behalf of the true sale payers they manage.

Fund managers can disable this stage of their invoice approval workflow to ensure that only the true sale payer can confirm invoices at this stage. However if the need arises invoices at this stage can be confirmed as shown below.

1. Open the Confirm Invoices (Maker) page.

2. Filter, select and confirm invoices.

3. All confirmed invoices will move into the next stage of approval.

   All additional approval stages after "Confirm Invoices (Maker)" will only apply to the fund manager. These additional approval stages give the fund manager's back office a chance to review and approve invoices prior to funding. Ideally the fund manager should have at-least two (maker-checker) approval steps that follow this stage.

Confirm Invoices (Checker)

This confirmation stage is optional and can therefore be enabled/disabled by the fund manager. Invoices will therefore skip this confirmation stage if disabled by the fund manager.

To confirm invoices at this stage follow the steps shown below:

1. Open the Confirm Invoices (Checker) page.

2. Filter, select and authorise invoices.

Risk Approve Invoices (Maker)

This approval stage is optional and can therefore be enabled/disabled by the fund manager. Invoices will therefore skip this approval stage if disabled by the fund manager.

To confirm invoices at this stage follow the steps shown below:

1. Open the Risk Approve Invoices (Maker) page.

2. Filter, select and risk approve invoices.

Risk Approve Invoices (Checker)

This approval stage is optional and can therefore be enabled/disabled by the fund manager. Invoices will therefore skip this approval stage if disabled by the fund manager.

To confirm invoices at this stage follow the steps shown below.

1. Open the Risk Approve Invoices (Checker) page.

2. Filter, select and risk authorise invoices.

Next Steps

Once invoices pass all confirmation/approval steps they will flow/move into either one of the following statuses:

1. Ready to sell - the seller needs to login and sell the invoice after which the invoice will move to the Awaiting funds status. This status will only apply to True Sale payers who have sellers that have not activated the auto-sell functionality.

2. Awaiting funds - the invoice is ready to purchase. Every morning the daily job will try to match the invoice to an active investment strategy. Once a match is identified the invoice will be purchased by the matching investment strategy and the strategy and payer exposure will be updated. The funder will receive an email with the payment instruction file within an hour of the invoice being purchased.