Purchase invoice flow
Document lifecycle
Purchase invoices are documents received by a buyer from a seller, detailing the products or services acquired, their quantities, prices, and any applicable taxes or discounts. They serve as records of financial obligations, payment verification, and tax purposes. From the seller's perspective, these documents represent a formal request for payment for goods or services provided.
The Banqup purchase invoice lifecycle is a comprehensive process that begins with the receipt of a purchase invoice and concludes with the receipt of payment. It encompasses various stages, including validation, approval, payment, and reconciliation.
To integrate the purchase flow, check out the API recipes.
Document actions
There are several actions available that can be performed on purchase documents, depending on the stage of the invoice lifecycle.
Check out the glossary for details on each action.
Happy flow
A happy flow refers to an invoice flow that ends up in full or partial payment.
Edge cases
Edge cases refer to flows that involve invoice issues that make payment impossible. In some cases, the issues may be resolved and payment becomes possible.
Purchase invoice statuses
At the moment, three types of statuses are available for Banqup documents:
- General status - takes into consideration document and payment status and reflects the current state of the invoice in a manner that is most relevant to the user.
- Document status - reflects the document state regarding data accuracy.
- Payment status - reflects the document state regarding payment.
EXAMPLE
If an invoice has document status Partially approved and payment status Fully Paid, the general status will be Disputed because this one is most relevant to the user to trigger further action. Note that the general status dictates which actions are available on an invoice.
General statuses overview
The general statuses can be one of the following (see definitions below):
- Awaiting validation
- Disputed
- Refused
- Fully paid
- Partially paid
- Unpaid
A graphic representation of the possible flows of the general statuses:
Document statuses overview
| Document status | Description |
|---|---|
| Awaiting validation | The document has been received by the system and is currently undergoing automated checks for format, data accuracy, and regulatory compliance. |
| Validated | The document is deemed valid and acceptable for further processing. |
| Invalid | The document failed one or more validation checks. This status signals that the invoice is rejected and requires correction or resubmission. |
| Fully approved | Document has been fully approved by the recipient and can be sent for payment. |
| Refused | The invoice recipient declines the invoice because it is incorrect and cannot be paid as it is. The refusal is a business decision. |
| Disputed | An invoice can be disputed by the recipient if the invoice is not correct. More communication is needed with the sender to reach an agreement. In the end, the invoice can be refused or approved. |
Payment statuses overview
| Payment status | Description |
|---|---|
| Unpaid | The document has not been paid yet. Once a full or partial payment is received, the status will change to Fully paid or Partially paid. |
| Partially paid | A partial payment has been received for the document. Once the remaining amount is paid, the status will change to Fully paid. |
| Fully paid | The document has been paid in full. |