IMU_Invoice Approval

Invoice Approval and Unapproval

The servicer must approve a submitted invoice before it can be paid.

The ability to approve an invoice is dependent upon your permission settings and approval limit. For example, if your approval limit is $5,000.00 and an invoice is $5,500.00, you can only accept the invoice. Accepting the invoice moves it to a queue of someone with a higher approval limit. Contact your company administrator for more details.

To ensure best practice for invoice approval, do the following:

Confirm no outstanding invoice actions, such as adjustments, resolutions, or routes, exist.
Check for exceptions and business guidelines.
If configured by your organization, the Validate link appears on the Invoice Header to revalidate the invoice prior to approval. The Validate option appears for invoices with the following status:
- Submitted
- Submitted to REO/Vendor Outsourcer
- Reviewed
- Pending Servicer Review
- Pending REO/Vendor Outsourcer Review
For MSP clients, check MSP information.
If configured by your organization, the MSP/IP button on the Invoice Header provides a view-only, real-time view of the following information from MSP:

- Account History
- Corporate Advance History
- Default Information
- Notes and Memos

You can use the Pending Approval Report to work through a list of invoices that have not been approved or accepted. After ensuring the invoice is ready for approval, use the Approve action link on the Invoice Detail screen, which opens the Invoice Approval window.

You can do the following on the Invoice Approval window, depending on the configuration of your organization:

Change the corporate advance payee code - when manually approving an invoice, you can change the default value of the corporate advance code, which is determined by your company administrator.
Add a comment.
Approve or accept the invoice.
Select a pre-defined approval comment.
Select to disburse a separate check, which overrides any ACH functionality set for the vendor.
Provide a memo about when to issue a separate check for General Service invoices.

Invoice approval methods include:

Manual approval - manually approve individual invoices
Mass approval - manually approve invoices in bulk
Auto approval - InvoicingSM automatically approves an invoice after a vendor accepts a servicer's last line item adjustment and there are no exceptions. Zero amount invoices that are auto-approved are excluded from the check request process. This feature is sometimes used in conjunction with auto curtailment.
Instant auto approval - InvoicingSM automatically approves an invoice directly after the vendor submits it, if there are no exceptions. Zero amount invoices that are auto-approved are excluded from the check request process.
Outsourcer instant approval - InvoicingSM automatically approves an invoice after an outsourcer, who is handling the invoice on behalf of the servicer, has approved it and there are no exceptions.

Top of Page

Confidential, Proprietary and/or Trade Secret
TM SM Registered Trademark(s) of Intercontinental Exchange, Inc. or a subsidiary or affiliate
Copyright 2024 Intercontinental Exchange, Inc. All Rights Reserved
ICE | Privacy Notice