Vendor payment tracking
Hold the payment run, the remittance advice, and the outstanding check register in step, so nothing is paid late, twice, or into a voided account.
Tools
NetSuite, Tipalti, Kyriba, Bill.com, Coupa
Outcomes
Every payment traced to an approved invoice • Unpaid invoices aged and visible weekly • Stale checks cleared on a schedule • Remittance advice sent with every run
Documentation
Instruction-ready detail below
The payment run is assembled in a spreadsheet on the morning it goes out, and the approved-but-unpaid list is often the only record of what still owes money. When that spreadsheet and the ledger disagree, the vendor relationship manager is the one taking the calls, because the vendor says nothing arrived and nobody can produce a remittance. A check that is issued and never logged disappears just as quietly, and the same invoice comes back around at the next run. This workflow keeps the run, the ledger, and the vendor's view of the account as one list. Approved invoices are aged by due date and by payment terms, and each shows what is queued, what is in the bank, and what has been confirmed lost. Remittance advice is generated from the run and reaches every vendor on it the same day. Checks outstanding past the stale date are listed for investigation rather than left in a drawer. A person still releases the batch and confirms the total against available cash.