3. Manage payables

3.1 Visualizations

• Ability to view payables aging with total outstanding, total overdue, total suppliers and total invoices as well as aging graph with invoices bucketed between
  • Due in 30+ days
  • Due in 30 days
  • 1-30 days overdue
  • 31-60 days overdue
  • 61-90 days overdue
  • 91-120 days overdue
  • 120+ days overdue
• Ability to view a supplier tab with all suppliers that have open invoices or have been paid in the last three months
• Ability to view an unpaid invoices tab with all open invoices and key metrics and actions
• Ability to view a paid invoices tab with all invoices paid in the last three months as well as key metrics and actions

3.2 Payables workflow

• Ability to pay supplier invoices
  • Ability to set a default payment method at the supplier level
  • Ability to set a payment method at individual invoice level
  • Ability to control payment date
  • Ability to control payment amount and make partial payments
  • Ability to apply credits against open invoices
  • Ability to view available early payment discounts if such terms are set in the General Ledger
  • Ability to add a remittance note for Supplier; included in remittance email sent to Supplier
• Ability to approve payments
  • Ability to set an approval policy with three levels of approval
  • Ability to define the approval limit for each level and place one or more users with approval permission within each approval level
• Ability to reject payments and provide rejection reason
• Ability to recall payments up to the paint of payment execution
• Ability to mark invoices as paid for payments that set to be made via credit card (other than CentimeCard) or other payment methods
• Ability to post invoices manually when automated posting has failed
• Ability to enrolling suppliers for credit card payments
  • Ability to view suppliers that likely accept card payments as a result of Centime’s integration with MasterCard Merchant Match
  • Ability to select suppliers and enroll them for credit card payments with supplier responses automatically reflecting back to the payments workflow and communicated to appropriate users
• Ability to enable electronic communications for suppliers with suppliers receiving emails when payments are scheduled and when payments are sent along with detailed remittance information
• Ability to view history at the invoice level including status changes, payment method changes, approvals provided, notes added
• Ability to add notes at the supplier and invoice level
• Payments voided in the General Ledger are moved to the Unpaid invoices tab
• Payments posted directly in the General Ledger are marked as paid and if there are payments that are in the workflow, these are canceled
• Multiple statuses help users operate the payment workflow
  • Ready to pay
  • Awaiting approval
  • Scheduled
  • In process
  • User action needed
  • Paid
  • Marked paid
  • Failed
• Ability to schedule and execute payments on the same day; payments that are scheduled for the same day are shown as “In process” for up to 15’ until they are executed by Centime

3.3 Payments

3.3.1 Checks

• Ability to register checking and saving accounts that are connected with Centime for check payments
• Ability to send check payments to any supplier with a United States address
• Ability to track the delivery status of the check from printing to delivery to supplier

3.3.2 ACH

• Ability to apply for ACH payments from the payment and credit solutions page
• Ability to execute ACH payments from any checking or saving account that is registered with Centime
• Ability to execute ACH payments (once approved) to any supplier for which account and routing number are available and set in the supplier side panel
• Ability to automatically view the supplier bank using after entering the routing number

3.3.3 Credit cards

• Ability to apply for CentimeCredit, Centime’s integrated line of credit
  • If approved, Client has the ability to use CentimeCard, Centime’s virtual card product to send payments to card-accepting suppliers
  • Ability to activate a virtual credit card on the scheduled date and use the card to pay the invoice
  • Ability to set the transaction limit and surcharge amount
  • Ability to set the delivery method to be either email sent by Centime or payment directly on the supplier website
  • Enrolled suppliers that respond positively for a client that has CentimeCard automatically set with CentimeCard as the default payment method
• Ability to register credit cards in the payment and credit solutions page
  • Ability to use business and commercial MasterCard and Visa credit cards to pay any supplier, even if the supplier does not accept card payments
    • Centime draws funds from the credit card and pushes the funds to the supplier via ACH
  • Ability to use any registered as the payment method and send supplier invoices through the payment approval process
    • “User action needed” status is used to remind users to process the credit card payment outside of Centime on the scheduled date
    • Centime automatically posts the payment to the General Ledger once the user marks the invoice as paid using the mark paid action

3.3.4 Other payments

• Ability to set other payment methods in payment settings
• Ability to select amongst a list of predefined other payment methods
• Ability to set specified other payment methods as the default payment method at the supplier level or at individual invoice level

3.3.5 FX payments

• Ability to set FX as the default payment method for non-USD suppliers

• Ability to specify the FX rate used for the payment in order to enable the successful posting of the payment to the General Ledger once marked paid

3.4 Known issues

3.4.1 Workflow

• Voiding payments
  • Voiding a payment (failed or paid) is not supported directly from within Centime. Users need to void the payment from their General Ledger and at the next sync, the payment status will be updated in Centime, the invoice will be moved back to the Unpaid invoices tab with status “Ready to pay”

3.4.2 Payments

• Other payments
  • Inability to set two or more other payment methods of the same type e.g. Card-on-file - scheduled for release April 18th
• Other issues
  • If a bank account or credit card account is deleted  or unlinked from financial institutions whilst payments are in flight, then these payment postings will fail