The direct integration between Receipt Bank and ApprovalMax for Xero allows Receipt Bank to push finance documents like supplier invoices and expenses directly to ApprovalMax for proper authorisation instead of sending them to Xero as drafts. In case of bills, this works for both unpaid and paid ones.
ApprovalMax runs documents received from Receipt Bank automatically through the predefined review and approval workflow, which is based on approval criteria pulled from Xero (tracking category, supplier, amount, etc.). On approval completion, documents are published to Xero in the "Awaiting payment" status, along with the automatically created audit report. If the approval is for bills that have already been paid, ApprovalMax will also push the bank transaction data to Xero.
Receipt Bank needs to be configured to send all digitally captured invoices to ApprovalMax instead of Xero.
Pre-accounting data capture
After extracting the relevant invoice data, Receipt Bank enters the information into the bill fields and attaches an invoice scan to the digital invoice copy before publishing it to ApprovalMax for authorisation.
Bill review, matching and authorisation
In ApprovalMax, each invoice is routed to the appropriate manager with the specified authorisation level as determined in the approval matrix and the approval workflow.
Once approved via the web or mobile app, bills are assigned the "Awaiting Payment" status and published to Xero. A notification about the successful authorisation is sent to the specified email address. A detailed audit report containing the approvers' names and dates etc. is created automatically and attached to each approved document. It can be accessed directly from Xero.
Bill "Paid", bank transaction data is included
Receipt Bank needs to be configured in order to send all digitally captured invoices to ApprovalMax instead of Xero.
Pre-accounting data capture
After extracting the relevant invoice data, Receipt Bank enters this information into the bill fields and attaches an invoice scan to the digital invoice copy before publishing it to ApprovalMax for authorisation. The bill gets marked as "Paid" in Receipt Bank and the respective bank account is selected.
Review and authorisation
In ApprovalMax, bills with the status "Paid" will be routed to the appropriate manager with the specified authorisation level as determined in the approval matrix and the approval workflow.
After the formal authorisation process has been completed, bills are pushed to Xero in the "Paid" status, along with information on the associated bank transaction.
Keeping the general ledger orderly
No unauthorised bills in the accounting system as only fully approved bills receive the "Awaiting payment" status and are published to Xero.
Minimising the risk of fraud and human error
Approving bills in Xero incorrectly is impossible because bills are only published to Xero once they've been approved in strict accordance with the approval matrix set up in ApprovalMax.
Specialised workflow for new suppliers (coming soon)
Bills from new suppliers will be identified as such and trigger alerts to the administrators or marking with a flag to raise awareness.
Approval automation for paid bills
No more tracking paid bills in Xero to route them manually for approval. Bank transaction data of their payment is retained and pushed to Xero along with the approved bill.
No problem. You can still use the Receipt Bank to ApprovalMax configuration. The approval workflow in ApprovalMax can be set up in a way that individual documents which don't need to go through an approval process are identified as such and published to Xero straight away.
Rejected documents need to be resubmitted for approval via Receipt Bank. If necessary, changes to the documents can be made in Receipt Bank.
Yes, receiving bills from Receipt Bank is just one of the available options. Apart from using the Receipt Bank to ApprovalMax direct integration, it is still possible to have ApprovalMax pick up bills from Xero as usual.
No, Receipt Bank is connected to ApprovalMax, and ApprovalMax is connected to Xero. Please note: ApprovalMax needs to be connected to Xero first, before Receipt Bank is connected to ApprovalMax.
No. Currently, workflows that have Receipt Bank connected to ApprovalMax can only process bills. However, after completing the approval of paid bills, ApprovalMax will push the respective bank transaction details to Xero along with the approved bill.
Subscribe to our monthly newsletters to receive product updates, corporate & industry news and blog recaps.
Thank you for signing up! You will be the first to know about ApprovalMax product updates, corporate & industry news and blog recaps. Stay tuned.