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Invoice coding in accounts payable (AP) is a systematic method of assigning unique codes or identifiers to invoices. Just as different items have specific categories on store shelves, each expense in your financial records has its designated code, forming a comprehensive coding system.

What is a GL code? A general ledger or GL code is a unique identification code that allows businesses to classify and track their financial activity. It helps organizations record information on purchases, sales, and other transactions to create more accurate accounting records.

Steps involved in accounts payable invoice processing Step 1: Verifying the details of the invoice on receipt. Suppliers or vendors usually send an invoice on the completion of their services. Step 2: Recording the invoice in the system. Step 3: Invoice approval. Step 4: Payment of the invoice.

Invoice coding is the process of embedding additional information into an invoice using a unique system of codes. At a high level, its really that simple. But there are important differences in invoice coding between the invoices that companies send to customers and the invoices that companies receive from vendors.

As you can see, invoice coding is the glue that holds together your payables reporting. It ensures accurate financial reporting and helps improve your budget tracking and compliance. If you are looking to streamline and simplify your AP process, Centimes invoice coding automation is a game-changer.

Accounts payable (AP) invoicing is the process of receiving, recording and routing invoices, and executing payments. The process is complex, requiring multiple levels of approvals, at times, depending on what stage an invoice may be in and how the payer enterprise operates.

Steps involved in accounts payable invoice processing Step 1: Verifying the details of the invoice on receipt. Suppliers or vendors usually send an invoice on the completion of their services. Step 2: Recording the invoice in the system. Step 3: Invoice approval. Step 4: Payment of the invoice.

Invoice Processing is a part of Sourcing and Procurement. It is situated at the end of the logistics supply chain that includes purchasing and invoice verification. It is in Invoice Processing that incoming invoices are verified in terms of their content, prices, and arithmetic.