Function Point TrainingLibrary - The Mothership of How-TosLibrary ExpensesHandling Multiple Vendor Invoices Against a Single PO in fp.

Handling Multiple Vendor Invoices Against a Single PO in fp.

We are often asked how best to handle this scenario - you have multiple invoices from your vendor, for a single PO created in Function Point.

Please review this article to learn steps you can take to better manage this situation in your own system.

Filling in the Expense/ PO Form

Create your Estimate/ Job for the work as normal. Create the PO for the expense - in this case, $1,600 for printing.

  1. Enter the PO amount ($17250) into the Quoted for PO field.
  2. Leave the Quantity and Rate fields without a dollar value.

Click Save when done.

Viewing the Financials

Back on the Job Financials tab, this expense shows as a red $0.00. This represents an open PO for which there is no invoice. Hovering over the $0.00 will show the amount of the open PO.

Updating the Expense with First Vendor Invoice

The vendor sends in an invoice for $7250 - the first portion of payment they want to recieve. In your fp. system add a new external expense for this job - hover over the Expenses module in the main navigation bar and choose External > Add Expense.

Enter the supplier invoice number into the reference number field, and Quantity and Rate values as well. Click Save when done.

Update the Original PO Form

On the Financials tab of the Job you will now see 2 expense forms. Click on the original PO we made in the first step.

Click Edit.

Subtract the value of the invoice from the vendor from the quoted amount - in this example that is $7250 away from the original $17250, for a new amount of $10000. Click Save when done.

Repeat as Needed

Repeat these steps for subsequent invoices that come in from the vendor.

Following this process means that at any time, you can go to the Financials tab and see the amount of the PO that has yet to be billed to you by the vendor, as well as the value of the invoices that you have received from the vendor (actuals of the expense).

  1. Amount estimated/ amount on the original PO.
  2. Amount the vendor/ supplier has invoiced the agency so far.
  3. Amount the vendor/ supplier still needs to invoice you.
  4. Amount you have invoiced your client for on this service/ expense.

Please note that if there are multiple POs, each with multiple invoices, all going against the same expense type, it becomes much more complex. In these cases, you may want to create a separate service group for each PO going against the same expense type. Or, you could create multiple expense types for each type of expense (ie. Printing1, Printing2, Printing3 etc).

We welcome your further questions or concerns: support@functionpoint.com

0 Comments

Add your comment

E-Mail me when someone replies to this comment