Mastering Your Software Application

Mastering Your Software Application

When an organization or corporation makes a software solution purchase, it is often the result of many hours of research, meetings, demonstrations, and the submission of countless forms and paperwork. It’s a considerable investment for sure, with the hopes of future efficiencies and cost savings. However, if the application isn’t being managed by the right resource, … Read More

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ABBYY FlexiCapture for Invoices Video – QuickBooks Pro

Watch our video to see how ABBYY FlexiCapture for Invoices can automatically export to Intuit QuickBooks Pro to create a bill including line item details and vendor information. Eliminate manual keying of data by AP analysts to allow them to focus on their core business functions rather than data entry.

Hello. I’m going to show you how to automatically process invoices, also known as bills, into QuickBooks Pro. Let me show you a couple of the invoices we will process today. Just a couple of things to note is that they do not look similar. They are different formats. They have a little bit different detail on them that we want to capture. So there’s our first one, and here’s our second one that we will process today during this demo. And what we’re going to do is simply just drag and drop these into our software.

Now, what the software will do … it will automatically read the details off of the invoice. It will do a comparison into QuickBooks to make sure that we have the correct vendor and that we have the correct purchase order information if we so desire to do that comparison. So let’s take a quick look at these. On the left of the screen you’re going to see what the software grabbed, what details it found on the invoice. And on the right, you’re going to see just a copy of that invoice for us to do a review against.

Let’s start at the top. Here, you’re going to see the invoice type. Now, the software is smart enough to know that there could be an invoice or a credit note, so it knows that this one is an invoice. You can see it’s an invoice by this invoice word here. There’s a business unit found on the software as well as a vendor. Now, the vendor … it will do a comparison into QuickBooks, and it will look at all of our vendors and say who, what address, name, the details on this invoice match a vendor in our system.

We can see it also captured invoice number and date and the invoice total, and what it did is it did a lookup into all of our purchase orders and found the purchase order that was associated with this invoice or bill. And it did a comparison here, and it found that the total was … is matching what is on the invoice, and therefore, it will allow us to process it. Now, if that was not matching, it would actually flag us and not allow us to process that until that was resolved. But since this one’s good and our line item detail information was captured as well, we’ll move on to our next invoice and do just another quick comparison.

It’s also an invoice, not a credit note. It found the internal business unit. It did find another vendor here. We have an invoice number, an invoice date. We have our amounts, and once again, we do have another purchase order that we’re processing up against, and our total, once again, matches that as well. And we can find our line item detail here, as well.

So what we’re going to do is we’re going to export these into QuickBooks Pro. Okay. Now that that is completed, we can actually open up our QuickBooks application, and what we’re going to do is run a report on our accounts payables. When we run this report, we can see that there are two transactions, which matches the two invoices that we just submitted into ABBYY FlexiCapture. So we can edit this transaction and do a review of it, and we can see on this bill who the vendor is, all of this information provided by our software, what the reference number was, also known as the bill number or the actual invoice number from the vendor. We can see the totals, and neat of all, we can see all of our line item detail here, as well.

Also, if we so determined to look at this invoice and wanted to just reference the actual document itself, we can hit our vendors menu and say, “Open this invoice attachment.” And you’ll see right here, that’s exactly what I did. It opened a PDF copy of the invoice, and we can now reference that and do a review, and we have an audit trail and history of that. What we’ll do now is take a look at our other transaction that we submitted, and you’re going to see that it’s very similar to what you just saw.

We have our vendor information, our reference details, including dates, reference number, our totals, and then we have our line item details. And once again, we can look at the actual document by hitting our vendors’ open invoice tab, and we have our document here in front of us. So this is a very neat, clean, and efficient way to process incoming bills into our organization, keep an audit trial of both the data and the document. This will save you a lot of time and money, and please contact us to learn more.

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ABBYY FlexiCapture for Invoices Video – 2-Way Match

Watch this video showing the ABBYY FlexiCapture for Invoices performing a two-way match out-of-the-box. Matching is a concept that is very familiar to people in the accounting field and especially those involved in the processing of accounts payable (AP) invoices. The two way match is at the most basic level a correspondence between the details on the invoice and the purchase order that requisitioned the product or service. During this matching process the accounts payable analyst will verify their business rules for the following: (1) The price of each line item on the invoice is less than or equal to the line item values on the purchase order, and (2) Verify that the total invoice price is less than or equal to that listed on the purchase order.

Hello. Today I’m going to show you how two-way matching is done within ABBYY FlexiCapture. Now, this is a very neat process because it allows us as invoice processors to understand what’s included on our invoice and to compare that against the purchase order that was presented for that invoice to the vendor.

What we’re going to do is process just a couple of invoices here. These should be very similar invoices to what you have in your organizations today. There’s nothing too special except that you see that they reference a purchase order number. What we want to do is we want to look that purchase order number up in our accounting system and compare that against this invoice to make sure that we received what we ordered.

That’s our first invoice. We’re just going to run two. Here will be our second invoice and it’s very similar, too. You see there’s an order number here as well.

What we want to accomplish is just that, doing that comparison. Let’s go ahead and run these. We’ll just strap this into our ABBYY FlexiCapture system and let the system do the comparison. That’s what it’s doing right now. It’s done.

Let’s walk through just a couple things, just the basics that the system found automatically. You can see here that we found the business unit. We found a vendor who is on the invoice. I can zoom in on the invoice here just a little bit. You can see that there’s the vendor. We have the business unit here. We’re able to find the invoice number, the data automatically, the total on the invoice.

But the very neat part, and this is the two-way matching that is so, so important, is our purchase order. You see that it found that there’s a relevant order associated with this invoice. What it does is it looks this purchase order up in our accounting system to make sure that, for one, we find the order and, for two, that it matches the total that we presented on the purchase order.

Then the next thing it does is it looks up the line-item detail for that purchase order and does a comparison once again against the purchase order and the invoice. You can see here that we actually have a rule. This is called a rule. What this means is that there’s something wrong with the data. This line item does not match.

We can just take a peek at it. The best thing that we can do is actually go look and if we press this details button, we can see in our accounting system all the information about this purchase order. We can see that this is actually that line item.

The problem is is that the unit price does not match. You can see the unit price on the invoice says $3.50. The unit price within our accounting system on the purchase order says we were purchasing this at $1. There’s a problem there.

There’s a couple things we could do here is, one, we would reconcile this with the vendor. We would call the vendor and make sure this is right. Of course, if for any reason we wanted to override it, which is not a typical response, but we can do that, we can just override it. You’ll see here, once it does that, it will pass all the rules. Our rule is gone and this invoice is ready to get exported into our accounting system.

We’ll look at the second invoice here. Very similar. You see that it’s an invoice versus a credit note. There’s a business unit, a vendor, and an invoice number and date that we found automatically. Of course, the invoice total, U.S. currency.

Once again, we were able to find that there’s an order number on the document automatically, without any templates, and we were able to look at that purchase order in our accounting system and find a total, which does actually match this invoice. This invoice is good to go. There’s no issues.

Also, we did a look up and comparison against our accounting system, so the items here in green, if you can see that, mean that they have been checked and they are approved versus our accounting system. What this invoice shows is what our accounting system had on the purchase order.

That’s how the two-way matching is done. It’s a very neat feature. It synchronizes seamlessly with your accounting system. We can implement this in just a few hours and you’ll be running invoice processing and doing this two-way match against your purchase orders so that you have the correct data on your invoices. Thank you.

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Sage 50

UFC releases a new connector to integrate with Sage 50 Accounting – U.S. Edition! (Previously known as Sage Peachtree)

We are excited to share our new Sage 50 connector with you! It can be integrated into many document capture systems such as ABBYY and IRIS. Please click here to learn more about the connector and to watch a video of it in action!