Payables lifecycle
Learn about the statuses that an incoming invoice goes through inside Monite.
Lifecycle of a payable
A payable represents the full range of obligations owed by a business to pay off a short-term debt to its creditors or suppliers for products or services that were purchased on credit.
Each payable is allocated with a status that indicates its progress throughout the payable lifecycle, from its creation until its payment.
Statuses
Check out below a detailed explanation of the payable statuses and the payable approval process:
Approval processes
Before a payable is ready to be paid, somebody may be required to approve the operation. The approval processes empower you to seamlessly integrate approval workflows for your payables, ensuring smooth operations and compliance with your organization’s policies. See Approval processes for details.