Permission Required: Users with the Admin Profile can access this feature
Regional Availability: Australia, India, Indonesia, Singapore, United States
Overview
Quickly set up Bill Pay with Volopay to streamline your payment processes. Begin by accessing the Bill Pay tab.
Setup approval policy
Approval policies are essential for managing bill payments effectively, ensuring adherence to your organization's financial controls and operational rules. By establishing structured approval workflows, these policies help in the efficient validation and processing of payments while preventing unauthorized expenditures.
Types of Approval Policies in Volopay
Company Approval Policy:
This universal policy mandates a consistent approval process across the company, ensuring all departments and projects adhere to the same standards when processing payments.
To set a company approval policy for bill payments:
Navigate to Bill Pay.
Select Settings.
Go to the Spend Controls section.
Access Company Approval Policy to review or establish new policies.
Choose Edit Policy to modify or create policies, defining approvers and notification settings for each approval level.
Save changes to finalize the policy.
Custom Approval Policies:
Tailored for specific departments or projects, these policies allow for customized approval processes that align with particular operational needs.
To set custom approval policies for bill payments:
Ensure the policy is enabled by going to Manage > Settings and turning on Custom Approval Policy.
Under Manage, select the desired department or project and click Edit Name and Policy.
Click the Approval Policy.
Click Bill Pay Policy section under Bill Pay settings.
Initially, the company policy will be visible.
Click on Edit Policy.
Customize the policy by defining approvers and setting notifications for each specified range.
Save changes to apply your customized approval policy.
Note: You can learn more about setting-up an Approval Policy by viewing this article
Assigning an AP Clerk
Overview
An Accounts Payable (AP) Clerk plays a crucial role within your organization, tasked with managing the drafting, creation, and editing of bills. They ensure bills are prepared accurately for approval, although they do not handle payment disbursement.
How to Assign an AP Clerk
Navigate to the Bill Pay settings in the General tab.
Click on Add AP Clerk.
Use the Edit option to assign users to the role of AP Clerk.
Note: This role is pivotal in maintaining the efficiency and accuracy of your company's bill management process, ensuring that payments are processed smoothly and in compliance with set policies.
Assigning Payment Initiators
Overview
Payment Initiators are designated within the organization to execute payments post-approval. This role is vital for maintaining timely cash flow and handling transactions efficiently.
How to Assign a Payment Initiator
Navigate to the Bill Pay settings.
Under the General tab, select Add Payment Initiator.
Click on Edit to add or remove users assigned to this role.
Note: Payment Initiators are crucial for executing payments, especially in scenarios where immediate or scheduled transactions are required, ensuring financial operations proceed without delay.
Setting up Auto Payment
Overview
Setting up automatic payment for bills facilitates the timely execution of financial obligations without manual intervention. This feature is particularly useful for regular and recurring bill payments.
How to enable Auto Payment
Access the Bill Pay module.
Go to Settings and find the Auto Payment option.
Toggle this on.
Note: By automating payments, businesses can improve their cash flow management, reduce the risk of late payments, and ensure that financial commitments are met on schedule.
Duplicate payments are now easily recognizable
To make it easier for users to identify duplicate bill and salary payments, there is now a small cue visible below the line item in the approval table itself.
Users no longer need to manually inspect each bill payment to determine its duplicate status.
