An issued invoice establishes an amount receivable. A bank statement records a transaction in the account. To determine how much of the document has been paid, the correct payment must be linked to the correct receivable.
First the transaction, then its meaning
A payment reference may include an invoice number, but it can be incomplete or ambiguous. The operator needs context: the counterparty, amount, currency and open documents. The system can help identify matching candidates, while the scope of automatic allocation depends on the data and the agreed rules.
A partial payment does not settle the whole receivable
In a fictional example, an invoice has PLN 12,000 outstanding. The customer pays PLN 5,000. After this amount is allocated to the document, PLN 7,000 remains. The process should show the payment received, the amount actually allocated and the document's balance.
A subsequent payment can settle the remainder. However, a transaction simply appearing on a statement should not replace checking what it relates to.
An exception needs an owner
When a reference does not identify a document or an amount needs clarification, it is important to assign the matter to the responsible person. A clear list of exceptions helps distinguish completed allocations from transactions waiting for a decision.
Accounting has its own status
Accounting for an invoice and handling its payment are linked to the process, but describe different events. During implementation discussions, it is useful to establish which statuses and connections users should see to follow the entire process.
Vector ERP supports work from statement import through matching to payment allocation. Specific formats, rules and exception handling are defined for the implementation.