Our pay cycle feature gives you more control over when payments are scheduled, helping you streamline your payment process. With this feature, you can set specific payment dates, such as the 15th and 30th of each month, and the system will automatically apply these dates when you approve invoices. You can still adjust these payment dates at the time of approval if needed.
What Are Pay Cycles?
Pay cycles allow you to schedule payments on specific dates, making it easier to align your payments with your internal processes. When pay cycles are set, the system will use these dates to calculate the estimated payment date for invoices during the approval process.
How It Works:
Set Your Pay Cycles
You can define specific dates (e.g., the 15th and 30th of each month) as your pay cycle dates. This ensures that all approved invoices are scheduled for the next available payment date according to your defined cycle.
Automatic Payment Scheduling
Once your pay cycles are set, the system will automatically apply these dates to Early Payment requests and regular invoice approvals, simplifying your workflow.
Flexibility at Approval
If the automatically assigned payment date doesn't suit you, no problem! At the moment of approval, you can still manually adjust the estimated payment date to what works best for your needs.
Clear Payment Date Information
The invoice approval screen now includes inline messages displaying the next available payment date based on your pay cycle, so you always know when the payment is scheduled to go out.
Step-by-Step Guide to Setting Up Pay Cycles:
Go to the Settings menu in your dashboard.
Find the section for Pay Cycles.
Set the dates you’d like to use as your pay cycle (e.g., 15th, 30th) and a cut-off time.
Save your changes
Once this is set, the system will automatically assign payment dates based on these cycles when invoices are approved. You can adjust these dates during approval if needed.
Ready to see it in action? Watch our quick video tutorial and start taking full control of your payment scheduling today.
Frequently Asked Questions (FAQs)
Q: Do I have to use pay cycles?
A: No, using pay cycles is optional. If you don’t set up a pay cycle, the system will continue to function as it always has. You can enable pay cycles at any time if you want to take advantage of automatic payment scheduling.
Q: Can I change the payment date if it's automatically assigned?
A: Yes! Even if a payment date is assigned based on your pay cycle, you can still change the estimated payment date when approving the invoice.
Q: What happens if I don’t set any pay cycles?
A: If you don’t set up pay cycles, the payment date for invoices will continue to be managed manually during the approval process, just like before.
