Open Account
Open account is a trade arrangement where goods are ordered by a buyer and shipped by the supplier. Payment is due a number of days specified by the buyer after shipment, e.g. 30, 60, or 90 days. Invoices must satisfy a set of rules specified by the buyer to be approved and paid. The buyer reserves the right to accept invoices that do not satisfy the rules and when appropriate can make adjustments to the payment.
Kanexa manages Smart Contracts as a collection of matching rules. Matching rules are checked by the system. These rules are applied by Kanexa to invoices and logistics documents. When all the rules are satisfied, an invoice can be approved by the system or manually.
The Kanexa Open Account workflow:
- Purchase Order is submitted by the Buyer.
- Invoices and logistics documents submitted by the Supplier or their LSP.
- Smart Contract (Matching) is applied by Kanexa.
- If the contract is satisfied, the invoice is approved automatically or manually if the Buyer prefers.
- If the contract is not satisfied, the Buyer may accept or reject the invoice. The Supplier may resolve the issue by updating the invoice or logistics documents. If the Buyer accepts the invoice, an adjustment may be applied.
- Approved invoices are paid at maturity.
- Rejected Invoices are not paid.