Invoice Data Entry
Invoice data entry is also known as Account Payable (AP) that is used to enter information from vendor invoice that are eligible for payment. Invoice data entry service is a batch-oriented process.Batch is the collection of invoices which are entered together. We can work on one batch at one time, but when large no of invoices are processed; multiple operators can work in multiple batches simultaneously.
Generation of invoice data entry
During the daily course of activities an organization generates a large number of invoices. There are two types of invoice- inward invoices and outward invoices. Inward invoices are the invoices that reflect purchases of goods and services from vendors and principals and outward invoices are the invoices that reflect the sale of goods and services by the organization. Most of the large organizations implement database driven software which is known as Enterprises Resource Planning (ERP) software, which helps in generating the routine data as well as perform validation on regular invoice data entry.
Features of Invoice Data Entry
Invoice data entry is the record of various business transactions entered by the organization which contains all the information such as the delivery of goods and services, quantities, material bill if applicable, tax liability, debit and credit information and some company important data such as VAT ( value added taxes) registration details, contact person details and much more. Company data and description of sales such as base sale selling price which are usually generated from the template and the actual selling price after any mark up discounts and bulk prices are altered manually by the Invoice Data Entry operator with prior to generation of the invoice.
Storage and Validation of Invoice Data Entry Services
As the process of data entry completed and the invoice is confirmed, the software automatically stores it in the file server and usually it stores in the PDF file format. A large number of validation steps are performed which includes the generating of serial numbers, authority of the invoice signatory, authority level of the discount signatory, applicability of the taxslab, availability of the stock items, calculation of errors and much more in case of any discrepancy the in the invoice data entry an automatically alert is generated at the appropriate level, so that the invoice data entry can be revised. When all the work is done, the software sends the completed invoice to the customer by e-mail, fax or as a paper invoice.
Some of the major common data fields that need to capture from the invoice are as follows:
- Invoice date- The date of the invoice generated.
- Invoice amount-At what price the invoice is generated.
- Company name- The name of the company or the organization.
- Company code- The registered code of the company or an organization.
- Supplier code- The entry of supplier code
- Company address- The complete company address
- Tax code. And much more.
This is what invoice data entry service is and how it is useful to generate business. Lets have a brief glance.