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 Contents:
1. Steps to Close an Approved PO
2. Steps to Close a PO Line Item
3. Are Closed POs Synced to Vendor Portal?
4. Will Bills or Receipt Notes Get Matched with the Closed POs?
5. How to Re-open a Closed Purchase Order?
6. How to Re-open a Closed PO Line Item?
7. How to perform bulk action?
Steps to Close an Approved PO
1. Go to the "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.
Steps to Close a PO Line Item
1. Open an approved purchase order and click on the line item expand view.
2. Now, click on the three-dot icon corresponding to the line item you want to close. Then click on "Close Line Item".
3. Click on "Yes" to complete the steps.
You can also close line items of partially billed purchase orders. The partially billed purchase orders are visible under the "Approved-Open" tab in the "Purchase Orders" section.
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 copies line items only from RNs that are matched to open POs, excluding any closed POs.
Similarly, for finance teams with a connected vendor portal, when a new invoice is created from the customer RN, Peakflo automatically copies line items from CRNs that are associated with open CPOs only.
How to Reopen a Closed Purchase Order?
Yes, closed purchase orders can be reopened if necessary. To do this, follow the steps below:
1. Go to the "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 reopened POs will function similarly to approved POs, which means they can be matched with bills and receipt notes. Also, for teams with vendor portal enabled, once the PO is reopened, the status will also get updated on your vendor's system. This enables vendors to create invoices from the reopened customer POs.
How to Re-open a Closed PO Line Item?
1. Open an approved purchase order and click on the line item expand view.
2. Now, click on the three-dot icon corresponding to the line item you want to reopen. Then click on "Re-open Line Item".
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3. Click on "Yes" to complete the steps.
How to perform bulk action?
To close multiple POs in one go, first select the POs you want to close. Then click on the "Bulk Action" option and click "Close POs."
To reopen multiple closed POs in one go, first select the POs you want to reopen. Then click on the "Bulk Action" option and click "Re-open POs."
