Handle invoices with suspicious bank details safely in iCompleat

Bank detail verification in iCompleat checks whether the bank details on a supplier invoice are authentic.

Here's why that's useful:

• Identifies if bank details are missing from a supplier invoice.
• Helps you keep supplier bank details up-to-date in your finance system.
• Flags up potentially fraudulent bank details.

When bank detail validation is activated by an iCompleat administrator, iCompleat will automatically compare the bank details on all invoices it receives with the details saved against suppliers in your finance system or reference data.

If the bank details match, a green piggy bank icon appears next the invoice in the tray, and the invoice can be processed and approved as normal.

 

 

If the bank details don't match, a pink piggy bank icon appears. If the bank details are missing from the invoice, a grey piggy bank appears.

In both scenarios, iCompleat has been unable to validate bank details, and action needs to be taken by the designated bank detail validation approver before the invoice can be processed.

 

 

The bank details on supplier invoices are for reference only. iCompleat does not override the bank details in your finance system with the details it detects on supplier invoices. Bank detail validation is simply a tool to flag up any mismatches that occur between the ones held in your finance system, and those stated for reference on supplier invoices.

 

How to deal with failed bank detail validation

When an invoice has a pink or a grey piggy bank next to it in the tray, bank detail validation has failed.

If you're the user who has been designated to deal with invoices containing bank detail validation errors, you'll see any invoices with failed validation in your Awaiting approval tray.

When you select the invoice, you'll see the message No match underneath the Bank Details section of the invoice header.

 

 

If you click No Match, a pop up appears comparing the supplier bank details on the invoice with those saved in your reference data or finance system.

 

 

How you should deal with the validation error depends on the nature of the mismatch. Here are the steps we recommend you follow when an error occurs.

 

1. Check if the bank details in your finance system are accurate

If your company has proof of the supplier's bank details, like correspondence from the supplier, then it's a good idea to check that the bank details have been correctly entered into your connected finance system. It might be that a simple typo is to blame.

It might also be that your supplier has changed their bank details, and for some reason those details haven't been updated in your finance system yet. This might be because the supplier hasn't informed you, or simply because the relevant person hasn't got round to doing it.

If any of these scenarios apply, then the following steps should be taken:

 

1. The supplier's correct bank details should be immediately updated in you finance system.
2. An iCompleat administrator should then perform a recache.
3. Approve the invoice so that it can be processed through iCompleat.

 

2. Contact the supplier

If you were unable to resolve the bank detail validation error following the above steps, then it's a good idea to get in touch with your supplier to get to the bottom of the problem.

It might be that the supplier has made an error when adding their bank details to the invoice. In this case, the supplier might want to reissue the invoice containing the correct bank details. If they decide to do this, you should deny the invoice with the incorrect bank details so that the new invoice can be processed in its place.

If the supplier doesn't reissue the invoice in this scenario, you can approve the invoice. The bank detail validation error will remain on the invoice, but it can continue to be processed through iCompleat.

 

 

If the bank details are missing from the invoice and a grey piggy bank icon is present, then you might want to contact the supplier to confirm that the invoice was definitely sent by them. If so, then you can approve the invoice so that it can be processed through iCompleat.

 

3. Report any fraudulent activity

If you've followed the steps above and have reached the conclusion that the bank details on the invoice are fraudulent, then you should immediately deny the invoice so that it won't be processed through iCompleat.

You should then follow your company's individual protocol for reporting fraudulent activity, which might involve informing the supplier that a fraudulent organisation is impersonating them.

 

 

Best practice tips

Whether you approve or deny an invoice with a bank detail validation error, here are out top tips to make sure the invoice's audit trail contains a detailed record of what has taken place.

 

TIP 1: Add a note

 

 

When approving or denying bank detail validation errors, it's good practice to add a note to the invoice - even if you added a comment when you approved or denied it. A note is immediately visible from the invoice tray for other users, and will provide context to approvers and other users who come into contact with the invoice.

 

TIP 2: Add a comment

 

 

You can add a comment before you hit approve or deny, which will appear on the invoice's Documents and Timeline.

 

TIP 3: Attach a document

 

 

You might also choose to attach a document to the invoice before you approve or deny it containing any useful information that will provide context to your decision to approve or deny the invoice. This could be an email conversation with your supplier or between colleagues, or a document containing details of bank details.

Again, this attachment will be visible to other approvers and users who come into contact with the invoice.

 

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