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Managing your bills (payables)
Managing your bills (payables)
Emily Burrows avatar
Written by Emily Burrows
Updated over a week ago

1.About

There are times when you need to add or edit a bill from your supplier or vendor. Here’s how to do it.

2. The Bills screen

You can access the Bills screen by navigating to Vendors on your side menu and then Bills.

First get to know the main Bills screen and the different sections (see the screenshot below).

The Bills screen has these features:

Totals & transaction count and balances by due date (#1)

  • Past Due

  • Due in the next 7 days

  • Due after the next 7 days

Filters (#2)

Click the button to open the filter pane.

Open each dropdown to see the filter options:

  • Source box

  • Vendor

  • Status: open, partially paid, scheduled, paid, past due

  • Category

Apply one or more filters to refine the search. The number of filters applied shows in the Filter button.

Totals (#3)

  • Total amount due

  • Total balance due

  • Total number of transactions

Export (#4)

Export data to CSV.

Add bill (#5)

Open a new pane to create a bill.

Bill details (#6)

Click a transaction row to see the bill details.

Edit / delete / link (#7)

Edit; delete; link to a payment to a bill.

3. Create a bill

> To create a bill:

  1. Click Add bill on the main Bills page (top right).
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  2. The Create bill screen opens.
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  3. Complete the details.

    1. Payee: Use the dropdown to select an existing vendor or add a new one.

    2. Bill #: Add bill number to track a specific bill (optional).

    3. Bill date: Enter the issue date / effective date of the bill.

    4. Due date: Select the date the payment is due.

    5. Memo: Add a comment or description (optional)

    6. Attachment: Attach related documentation, such as a pdf of a bill (optional)

    7. Category: Add the products or services covered by the bill, grouped into one or multiple categories. If all items are in one category, you don’t need to add separate line items for each item. For example, you don’t need to add different categories for pants, and jackets, but can instead group them under the category 'Apparel.’

    8. Amount: This will be auto-calculated based on each line item you add.

  4. Alternatively, click Extract from file to upload a pdf or scanned bill to autocomplete most of this data.

  5. When complete, click Save.

NOTE: When managing bills through Bill.com or Settle, we sync the bills automatically. To learn more about setting up and managing your bills in Finaloop through your bill management software head over to the article Connecting bill management apps.

4. Edit a bill

>To edit a bill:

  1. From the main Bills screen, select the relevant bill.

  2. Click the 3 dots and from the dropdown. Select Edit bill. A new screen opens. Alternatively, you can click on the bill name from the main Bills screen. When the Bill opens, click Edit bill.

    Note: Bills impacting a year when your books are already closed cannot be edited.
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  3. Make the edits.

  4. Click Save.

5. Pay vendor bills

When paying vendor bills, you have several options:

  1. Bill.com or Settle.com

    You can pay bills via Bill.com or Settle.com and the payment will sync back to Finaloop. This is the recommended route.

  2. Bank payment

    Payments via ACH/Wire transfer are pulled from the bank and are either automatically matched to the bill or can be linked to the bill, following the instructions in this article.

6. Link a payment to a bill

To close a bill balance, a payment has to be linked to the bill.

Finaloop links bill payments automatically based on the bills and transaction data. In certain cases where our system couldn't identify a matching payment, for example the vendor name and amount are different than the bill, you'll need to link the bill to its payment(s).

If the bill is paid in either Bill.com or Settle.com, you should enter the relevant app to make any necessary changes and we sync the bill information and the payment information directly from there.

If you pay the bills via bank transfer, credit card, or check, you can link one bill to one or multiple payments from the Bill screen or you can link one payment from the transactions page to one or multiple bills.

Linking a bill to one or more payments on the Bills screen:

  1. From the main Bills screen, select the relevant transaction and from the 3 dots dropdown, select Link to payment. Alternatively, you can click on the bill name from the main Bills screen. When the Bill opens, click Link payment>Link to payment.
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  2. A new screen opens.
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  3. You can filter transactions by dates, vendor, and bank/card account. Enter the date range, vendor, and or bank account (use the dropdowns).

  4. You’ll see available payment transactions. When the Next button is enabled, it means there are more transactions to view.

  5. Check mark the relevant payment transaction(s).

  6. Click Link payment. This reduces or eliminates the open balance on that bill.

NOTE: You can link bills to more than one payment transaction, so long as the payment amounts aren't greater than the bill amount. If you want to link transaction(s) exceeding the bill amount (for example if one payment transaction is for multiple bills), see instructions below on linking a payment transaction to one or more bills through the Transactions screen.

Linking a payment to one or more bills through the Transactions screen

You can also link a payment to a bill on the Transactions screen.

  1. Find the payment transaction and click on the category bubble to categorize.

  2. In the category box, type or search for bill payment.

  3. Click Next.

  4. In the list of bills, select the relevant bill(s). You can filter by vendor and bills source.

  5. If the bill payment includes a payment fee, click the check box that says My payment includes a payment fee.

  6. Click Next.

  7. Enter the amount paid of each bill in the Bill payment amount box.

  8. If you selected My payment includes a payment fee, enter the Fee amount.

  9. Click Save.

Note: To click save, the Total allocated amount, which includes the amount of each bill paid by this payment and the fee amount must be equal to the transaction amount.

7. Add financed payment

Recently, we’ve seen an increase in AP financing used by our customers. AP financing is when a bill is paid by a third party lender in exchange for a financing fee.

To accurately account for these types of arrangements, you can link a bill to a financed payment, which automatically creates a loan between the business and a third party financing provider.

To link an existing bill to a financed payment:

  1. From the main Bills screen, select the relevant transaction and from the 3 dots dropdown, select Add financed payment. Alternatively, you can click on the bill name from the main Bills screen. When the Bill opens, click Link payment>Add financed payment.

  2. Select the financing platform from the dropdown.

  3. Enter the payment date and the amount paid (financed) by the third party lender.

  4. Click Save.

After you save this, a loan will be created on your Loans page asking for more details on the financing arrangement so we can properly account for the financing fee.

If you have any questions, reach out to [email protected] and we're happy to help!

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