Accruing Expenses: How Can I Track and Manage Prepaid Invoices Over Time in Docyt?

Accurately accruing expenses for invoices spanning multiple periods can streamline your financial management. Docyt offers a robust accrual functionality to track and manage such expenses seamlessly.

1. Log into Docyt:

   • Access Docyt either through the web app by logging into https://app.docyt.com/.

2. Access the Invoice Queue in Docyt's Expense Management module:

   To access your invoices in Docyt's Expense Management module, follow these steps:

   a. Click on 'Expense Management' in the top header menu.

   b. From the dropdown menu, choose 'Accounts Payable'.

   c. Select 'Invoice Queue' to access all your invoices in one place.

   
   
   
   • Identify the invoice that requires accrual, ensuring it is in the "In Verification" status.
   • Select the invoice by clicking on it.
   • The data window will appear on the right side of your screen.

3. Initiate the Accrual Process:

   • Click the blue "Accrue" hyperlink in the Data window on the right side of your screen.
     
4. • The "Accrue Invoice" panel will appear on the right side of your screen.
     
     

5. Specify Accrual Dates:

   • Input the "Accrual Start Date" and "Accrual End Date" for the selected invoice.
     

6. Choose an Accrual Schedule:

   • Automatic Schedule: Docyt will auto-calculate accrual amounts based on your provided dates.
     
   • Custom Schedule: Manually define the amounts for each accrual period.
     • Click on "Custom Schedule."
     • Set specific dates and amounts for each period.
     • Click "Save" to finalize the accrual settings.
7. Save your changes by clicking the "Save" button when you have finished.
   

Tips and Warnings:

• The custom schedule option grants more control over journal entry amounts for every accrual interval. You can tailor accruals according to your business's specific needs.

FAQs:

• What happens after verifying a bill in Docyt?
  • Approval Step: The verified bill undergoes review and approval for businesses with an approver in their workflow. Approvers can approve or reject the bill.
  • Ready to Pay: Bills without assigned approvers or those approved will enter the "Ready to Pay" status, indicating they're prepared for payment. Ensure payments align with your business's protocols.