AP teams can now effectively manage unused purchase orders (POs) by closing them. This helps prevent accidental billing, ensuring that no new bills can be tagged to those POs once they are no longer needed.
Table of Content:
1. Steps to Close an Approved PO
2. Are Closed POs Synced to Vendor Portal?
3. Will Bills or Receipt Notes Get Matched with the Closed POs?
4. How to Re-open a Closed Purchase Order?
Steps to Close an Approved PO
1. Go to "Purchase Orders" section under "Payables" from the side menu.
2. Click on the purchase order that you want to close.
3. A pop-up window will appear. Click on the three-dot menu from the top right corner and select "Close PO"
4. Select "Yes" in the confirmation window to complete the process.
Are Closed POs Synced to Vendor Portal?
When the PO is closed, Peakflo will automatically sync and close the corresponding customer purchase order in your connected vendor portal.
The CPO will be moved to the "Billed" tab, and have a balance amount of zero.
Will Bills or Receipt Notes Get Matched with the Closed POs?
When a new bill is generated in Peakflo, either through OCR or manual entry, the system is designed to avoid matching it with any closed purchase orders. This helps to prevent potential errors and promotes efficient operations.
For receipt notes (RN), Peakflo automatically excludes matching RN with any closed purchase orders.
So, when a new bill is created from a RN, Peakflo automatically copy line items only from RNs that are matched to open POs, excluding any closed POs.
Similarly, for finance teams with connected vendor portal, when a new invoice is created from the customer RN, Peakflo automatically copy line items from CRNs that are associated with open CPOs only.
How to Re-open a Closed Purchase Order?
Yes, closed purchase orders can be reopened if necessary. To do this, follow the steps below:
1. Go to "Purchase Orders" section under "Payables" from the side menu.
2. Click on the "Approved-Closed" tab to view the approved POs that are closed.
3. The closed POs will show the status as "Closed". Click on the purchase order that you want to reopen.
4. A pop-up window will appear. Click on the three-dot menu from the top right corner and select "Re-open PO".
5. Select "Yes" in the confirmation window to complete the process.
The re-opened POs will function similar to approved POs, which means they can be matched with bills and receipt notes. Also, for teams with vendor portal enabled, once PO is re-opened the status will also get updated on your vendor's system. This enables vendors to create invoices from the re-opened customer POs.