Supplier payment process and approval

Guideline for IOD/IB/NOC to submit supplier payment request to Finance for payment processing

Weekly submission deadline: :

All finance payment request (not procurement approval) submitted to CFO (after finance team’s review process) at or before 18:00 each Monday can be assumed to be settled on Friday of the same week. (Assume Raymond can come back to review each Friday morning)

 

Process Flow Chart:

Step-by-Step Guideline:

1. Requester accesses the Monday.com form link.

(https://forms.monday.com/forms/2c1eead0878531e9bcb3f98ec6033ecf?r=use1)

2. Requester fills up the form with following fields:

• Name : The format is "Department" +  "Payee" + "Period" (for example: (Admin) CLP HK for Jan 2023);
• Description : Nature of the invoice that need to be shared to Finance for payment processing (For example: Electricity energy charge 21/F for 22Dec2022-27Jan2023 - a/c# XXXXX-XXXXX-X);
• Files : Attach all necessary documents;
• Department : IOD/IB/Network Operation;
• Currency : EUR/HKD/MOP/USD;
• Invoice Number: If no invoice number, please fill in "N/A";
• AR Amount for Netting : Provide the amount of Accounts Receivable;
• Payment nature 1: (Remarks: Please use the account code based on the following table)
  
• Payment amount 1: Provide the amount of payment;
• Expected payment date: Please refer to invoice due date, and please put the current Friday if no such date can be found;

After filling up the field, click "Submit".

3. System creates new item in the "Finance Requests" board in Monday.com

(https://m800-cast.monday.com/boards/3038977992/)

and also create a new ticket in HubSpot with the "Supplier Payment" pipeline in "WORKING ON IT" stage and associate the ticket to the selected company from the form.

The newly created item in "Finance Requests" will be assigned to the Department Approver and the Status will be set as "Department head review". Depending on the Department selection, System assigns items to Department Approver.

The Monday.com Item ID and the HubSpot ticket link will be filled up by System.

*Editing permission is limited to the ASSIGNEE. 

 

4. Requester will be redirected to HubSpot ticket page of the "Suppler Payment" pipeline after submission of the form. Requester searches for correct corresponding contacts and company to associate them to ticket.

(https://app.hubspot.com/contacts/20604920/objects/0-5/views/9193689/board)

 

NOTE:

There are two "APPROVE" buttons. One for departmental use and the other is for Finance team process. The related status associated to each button is tabulated as below:

 

 

5. Department Approver reviews the item details. Click "APPROVE" or "REJECT".

When "APPROVE" is clicked, if the Department is IOD/Network/Product Team, a 2nd Approval is needed. System changes the Status to "2nd approval" and assigns it to 2nd Department Approver.

When "APPROVE" is clicked, if the Department is IB/ITS, a 2nd Approval is NOT needed. System changes the Status to "Finance 1st review", moves the item to "Finance review and approval" group and assigns it to Finance Officer.

When "REJECT" is clicked, System changes the Status to "REJECTED" and assigns it back to the Requester. 

 

6. 2nd Department Approver reviews the item details. Click "APPROVE" or "REJECT".

When "APPROVE" is clicked,  System changes the Status to "Finance 1st review", moves the item to "Finance review and approval" group and assigns it to Finance Officer. 

(At the same time, the vendor bill will be created in NetSuite based on the data of the payment request, the Finance office should review all the require are synchronized to the vendor bill.)

If the synchronization is failed, a message will be prompted in "updates" in Monday.com. 

Please contact Brian Wong if the above error message is seen.

When "REJECT" is clicked, System changes the Status to "REJECTED" and assigns it back to the Requester. 

 

7. Finance Officer reviews the item details. Click "APPROVE" or "REJECT".

When "APPROVE" is clicked,  System changes the Status to "Finance approval" and assigns it to Finance Manager.

When "REJECT" is clicked, System changes the Status to "REJECTED", moves the item to "Open Requests" group and assigns it back to the Requester. 

 

8. Finance Manager reviews the item details. Click "APPROVE" or "REJECT".

When "APPROVE" is clicked,  System changes the Status to "CFO approval", moves the item to "CFO Approval" group and assigns it to CFO.

When "REJECT" is clicked, System changes the Status to "REJECTED", moves the item to "Open Requests" group and assigns it back to the Requester. 

 

9. CFO reviews the item details. Click "APPROVE" or "REJECT".

When "APPROVE" is clicked,  System changes the Status to "Payment Process", moves the item to "Payment Process" group and assigns it to Finance team.

When "REJECT" is clicked, System changes the Status to "REJECTED", moves the item to "Open Requests" group and assigns it back to the Requester. 

 

10. Finance team proceeds the payment process with the item details. Fill in the "Payment Reference ID" and Click "APPROVE". Or click "REJECT" when something is wrong.

When "APPROVE" is clicked,  System changes the Status to "Done", moves the item to "Done" group and unassigns the item.

When "REJECT" is clicked, System changes the Status to "REJECTED", moves the item to "Open Requests" group and assigns it back to the Requester. 

 

11. Requester updated the items details again if the item was rejected in any stage. After details update, click "APPROVE".

When "APPROVE" is clicked,  System changes the Status to "Department head review" and assigns it to Department Approver.

 

12. When the item Status is updated to "Done" and moved to "Done" group, System updates the ticket in HubSpot to "DONE" stage.

 

Review and Export:

The activity log can be exported to excel by clicking this button:

The whole board can be exported here:

The whole group can be exported here:

Single item details can be exported here:

 

 

Item Removal:

If the payment request is rejected by finance and the payment request is no longer valid (ie: Duplicated request, Wrong supplier), a new payment request is needed to be submitted and the existing payment request shall need to be achieved in Monday.com and removed in HubSpot.

 

Issue an ITS ticket in Jira with the quote of the item ID and HubSpot ticket ID. The item ID and HubSpot Ticket ID can be found in the payment request board under each of the Item as follows. Please note that each request of the removal will need to be approved by the department head.

 

 

Appendix: 

Assignee matrix:

Monday.com "Finance Requests" board Status Summary