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iw@re VERIFICATION MODULE - iVM
The invoice Verification Module integrates iPS stock procurement with the asset management functionality of iAM. Every invoice captured is verified against its source purchase order, and any serious exception results in the invoice being flagged as in dispute. Less serious exceptions result in warnings to the capturer. These verification rules and the severity of the associated exception are fully customizable, and include checks for payment account validity, line quantities, unit value variance, line value variance, total value variance, stock items and asset existence. Additional costs, which may not be on the purchase order, such as shipping may also be included on the captured invoice, and these are then verified against the purchase order to ensure that the total variance is within predefined levels. Once again, any exception in this check results in a dispute.
While capturing the invoice, the user needs to indicate the precise item or items are being selected from those received on the purchase order when dealing with detailed stock items. Assets in particular require this selection to be made by the user. If the user fails to do so, an exception is generated and the invoice processing may not proceed until the user resolves the dispute.
All disputes need to be resolved before an invoice may be completed. These disputes may require information or documentation from the vendor, or the re-authorisation of the purchase order when one of the variance rules cause a dispute due to excessive increase in unit, line, or total value.
When the invoice is verified correctly, it may be completed and sent for approval. The selected approver may either approve or decline the invoice. Once an invoice is approved, its payment may be processed.
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