With our Accounts Payable refresh, we have introduced more specific statuses to help your scaling team manage processing, paying & reconciling your payables.
Rho AP is broken down into two cycles: Bill cycle and payments cycle.
The Bill cycle includes submitting, processing, editing, and reconciling bills
The Payment cycle includes confirming payment details, approving, scheduling, and reconciling bill payments.
Here is a mapping of how our prior statuses map to new AP statuses:
Bill Cycle
This workflow starts with a status of Bill Draft and ends with a Status of BIll Processed
New Status
What does this Status mean?
Prior Status
Bill Draft - Incomplete
Bill has been submitted via Dedicated AP Inbox or Platform upload and requires review
Not Acknowledged
Bill Draft - Complete
Bill is ready to be synced (if integrated) & sent to payments
Incomplete
Bill Processed
Bill details are complete & synced (if integrated), Bill Payment cycle has started
To Be Scheduled
Payment Cycle
This cycle begins when a Bill moves to Processed Status and begins with Payment Draft Status and ends with Paid status.
New Status
What does this Status mean?
Prior Status
Draft Payment
Bill payment details need to be completed
To Be Scheduled
Pending Approval
Bill payment requires approval prior to payment releasing
Needs Approval
Bill Processed, Payment Scheduled
Bill payment is scheduled
Scheduled
Bill Processed, Pending Payment
Bill payment has been executed and is pending settling / authorization
Pending
Paid
Bill payment has settled
Paid
Additionally, a Bill can always be Archived and now includes more granular statuses to ensure your team understands why a bill is not moving forward to payment.
Note that bill payments can only be archived when they are in Payment Draft status.
New Status
What does this Status mean?
Prior Status
Archive
Bill was flagged by user as needing to be archived
Archive
Mistake
Bill was flagged by user as having a mistake in data entry and was archived
Archive
Duplicate
Bill was flagged by user as a duplicate and was archived
Archive
Fraud
Bill was flagged by user as Fraudulent and was archived
Spam
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Rho is a fintech company, not a bank or an FDIC-insured depository institution. Checking account and card services provided by Webster Bank N.A., member FDIC. Savings account services provided by American Deposit Management Co. and its partner banks. International and foreign currency payments services are provided by Wise US Inc. FDIC deposit insurance coverage is available only to protect you against the failure of an FDIC-insured bank that holds your deposits and subject to FDIC limitations and requirements. It does not protect you against the failure of Rho or other third party.
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*This reflects the sought net yield based on 90-day Treasury Bill rates as of [DATE] and an annual fee which ranges from 0.15% for deposits of $20M or more to 0.6% (the maximum annual fee) for deposits under $2M. Individual results may vary depending on the actual investment date and investment products selected. Past performance is not a guarantee of future performance results. The yield is variable and fluctuates without prior notice. The rate shown is net of fees. The amount of Treasury Bills available at a particular yield will depend upon the sellers’ offer size; any remaining cash balance after the purchase may not earn the same yield.
Rho is a fintech company, not a bank. Checking and card services provided by Webster Bank, N.A., member FDIC; savings account services provided by American Deposit Management Co. and its partner banks.
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