CONSTRUCTION VENDOR INVOICE MATCHING

Vendor invoice matching is the process of comparing the amounts, quantities, dates, etc. that are specified on a vendor’s invoice against the amounts & quantities that were actually received. For example, when a supplier delivers 100 units of a material, that delivery gets recorded in the 4castplus receiving module. At some point later, the same vendor will send an invoice for what they had delivered. The Invoice Matching module allows you to attest that the invoice correctly reflects what was recorded as received. If it all matches correctly, then it can be routed for final approval before being submitted for payment. However, if it does not match, the user can either approve or reject the discrepancy. When the invoice is matched and approved, 4castplus will automatically negate the accrual that was raised during receiving.

Yes, in cases when a receipt was not recorded, and only the invoice was received, users can opt to match the invoice against the original PO commitment.

By automating the invoice matching process, 4castplus ensures that discrepancies are automatically flagged and adjusted, minimizing human errors. This speeds up the AP invoicing process, reduces delays in processing vendor invoices, and prevents costly mistakes.

4castplus integrates seamlessly with your finance system, sending approved invoices directly to your accounts payable team. This ensures smoother payments, reduces the risk of manual errors, and enhances the efficiency of your entire invoicing process.

4castplus allows you to release retainage or holdback (retention) amounts when applicable as part of the invoice matching process. This ensures proper handling of contract terms and simplifies the management of retainage without the need for manual adjustments.

4castplus automates the accounts payable process by seamlessly matching vendor invoices to receipts or purchase orders, reducing manual effort. The system auto-adjusts for discrepancies, streamlining the approval process and saving your team valuable time.

Yes, 4castplus provides an optional “AP-Automation” module that will automatically match vendor invoices using powerful AI-driven OCR technology. In using this solution, Vendor invoices that are emailed to your AP inbox will be opened and read by the OCR engine and the details stored in a database. 4castplus will attempt to match the invoice captured by the OCR and forward the successful matches for approval. Any discrepancies are flagged for further review.

Managing the fluctuations in currency exchange rates is a common problem when a purchase order is issued in a currency that’s different from the base currency of the project. To account for this, 4castplus will apply an adjusting entry for the amount of the variance caused by currency exchange changes.

Yes, the enterprise integration can be setup to automatically send back the amount paid from the ERP to 4castplus on any invoice.

Yes, the enterprise integration can be set up to automatically send back the amount paid from the ERP to 4castplus on any invoice.

Yes, 4castplus has a specific interface for entering or importing 3rd party vendor expenses. This is for recording any non-PO costs or fees – such as credit card expenses – on the project. This module can be integrated with the ERP to sync any project-related expense. It can also be used as a direct entry of 3rd-party costs on the project.