Permission required: All users can access this feature.
Regional Availability: Australia, India, Indonesia, Singapore, United States
Overview
Managing accurate contact and payment details for your vendors is crucial for maintaining strong business relationships and ensuring timely payments. Volopay equips your employees with the tools necessary to handle these essential tasks efficiently.
Creating a Vendor
Bill Pay is designed to enhance your relationships with vendors by allowing you to easily manage contact details, make payments, and store contractual information. You can create a vendor during the bill creation process or directly via the Vendors page.
Integration with Accounting Software : If your accounting software is connected, Bill Pay will attempt to match with any existing vendors in your accounting provider. If no match is found, a new vendor will automatically be created in your accounting software to maintain accurate records.
Retrieving Vendor Payment Details : You can retrieve bank details of your vendors in two ways:
Manually Add Bank Details: Add bank details manually by navigating to the vendor page, selecting 'Manually Add Bank Details,' and entering the details.
Request via Email: Send an email to the vendor, who can then provide their bank details directly. These details will automatically be updated on the platform.
Editing a Vendor
To edit a vendor, navigate to their specific profile on the Vendors page where you can update their contact details, bank information, or any other relevant data to ensure effective vendor management.
Deleting a Vendor
To delete a vendor, go to their profile and click on 'Delete Vendor.' This action will remove all their stored information from your system and should be executed with caution to avoid disrupting ongoing transactions.
Vendor Owners
Vendor Owners are assigned to manage specific vendor relationships and are responsible for overseeing the transactions associated with them. This role is ideal for an employee who manages significant expenditures with a particular vendor, such as Amazon.
Assigning a Vendor Owner:
Navigate to the Bill Pay module.
Open the Vendors page.
Click on '+ New Vendor' and select a user as the vendor owner from the dropdown menu. Note that only one owner can be assigned per vendor.
Using Vendor Owners: Vendors added in Volopay are linked to a specific department or project, depending on the vendor owner assigned. This link determines the applicable approval and submission policies for payments to the vendor. Vendor Owners receive notifications regarding updates or changes to bill payments for their vendors, ensuring they are always informed.
Vendor Notifications
Vendor notifications are crucial for maintaining communication with your vendors about bill payment statuses and updates. These notifications help ensure that both parties are aligned and that transactions are processed smoothly, fostering a reliable payment process.
Note : A user should be added as a AP Clerk before creating a Vendor.
Pay Once Approved Enabled by Default
Default Setting Activation: For clients whose primary use case is "Pay once approved", we have now enabled a backend setting that makes this feature active by default in the create bill slider.
Users still have the flexibility to schedule and un-schedule payments and use the V2 payment flows, but this enhancement will streamline their workflow, reducing the number of clicks required to create payments.
For now, to have this enabled, please reach out to [email protected] for the same.
