Vendor Remittance Emails

When you pay vendors, a remittance advice is required to provide details of all invoices and credit notes settled on a specific payment date.

The Vendor Remittance Emails workspace in the Accounts Payable module supports this.

Specifically, you can do the following in the workspace:

• Send vendor remittance emails to show that the vendor invoice was paid within the payment terms.
• View vendor remittance email logs and track all attempts to send the vendor remittance emails.

This feature enables you to generate emails with an automatically generated attachment that contains the remittance advice for each vendor. Each payment generates an entry. You can report these entries as an on screen query for audit purposes.

Example

Each month, the Accounts Payable team reviews the vendor accounts (both external and internal vendors, such as employee expenses and credit cards) on each company. They pay the approved invoice and credit note entries, which are due for payment in accordance with the agreed payment terms for each vendor.

Once a payment is generated, the company signatory manually or electronically signs it, and sends it to the vendor. This may be in the form of a physical check or an electronic bank transfer. Maconomy can now generate the remittance advice and send it to the vendor’s email address on the payment date or another preferred date.