System and method for approval and allocation of costs in electronic procurement
View Patent ↗A system, method and computer program product for approval and allocation of costs in electronic procurement is described, wherein approval and allocation of costs are made in response to an electronic invoice, which includes information used to allocate procurement costs to one or more cost centers.
1. A method, comprising:
determining, by a computer-based electronic invoice processing system, an allocation code associated with an electronic invoice;
determining, by the invoice processing system, an allocation rule based upon the allocation code and an effective date associated with the allocation rule; and
allocating, by the invoice processing system and based upon the allocation rule, costs associated with procurement to at least one of the plurality of cost centers using validated information from the electronic invoice.
2. The method of claim 1 , further comprising receiving, at the invoice processing system, the electronic invoice from a supplier.
3. The method of claim 1 , further comprising validating, by the invoice processing system, at least a portion of information in the electronic invoice.
4. The method of claim 1 , further comprising matching, by the invoice processing system, the electronic invoice with a pre-existing electronic procurement contract.
5. The method of claim 1 , further comprising validating, by the invoice processing system, rate information included in electronic invoice information with a contract rate from a pre-existing electronic procurement contract.
6. The method of claim 5 , wherein the pre-existing electronic procurement contract specifies a contractual obligation between a supplier and an organization regarding procurement costs.
7. The method of claim 1 , wherein the allocation code is determined based upon at least one of input received from a user interface, a line item of the electronic invoice and the procurement contract.
8. The method of claim 1 , wherein the allocating costs includes selecting an allocation rule that identifies the at least one cost center.
9. The method of claim 1 , wherein the costs are allocated to more than one of the plurality of cost centers in accordance with a percentage associated with each of the more than one cost centers identified in the selected allocation rule.
10. The method of claim 1 , wherein the electronic invoice includes a plurality of input fields, at least one of which is used to input the allocation code.
11. The method of claim 1 , wherein the allocating costs includes:
allocating costs to an initial cost center; and
reallocating the costs allocated to the initial cost center to the at least one of the plurality of cost centers.
12. A system, comprising:
a network interface communicating with a non-transitory memory, the network interface configured to receive an electronic invoice from the supplier;
the memory communicating with a processor for electronic invoice processing; and
the processor, when executing a computer program, is configured to perform operations comprising:
determining, by the processor, an allocation code associated with an electronic invoice;
determining, by the processor, an allocation rule based upon the allocation code and an effective date associated with the allocation rule; and
allocating, by the processor and based upon the allocation rule, costs associated with procurement to at least one of the plurality of cost centers using validated information from the electronic invoice.
13. The system of claim 12 , further comprising a cost allocator comprising a selector operable to select the allocation rule that identifies the at least one cost center.
14. The system of claim 13 , wherein the cost allocator is operable to allocate costs to more than one of the plurality of cost centers in accordance with a percentage associated with each of the more than one cost centers identified in the selected allocation rule.
15. The system of claim 12 , wherein more than one allocation rule is associated with the allocation code, and wherein a selector is operable to select the allocation rule having a closest effective date prior to an invoice processing date.
16. The system of claim 13 , wherein the cost allocator includes:
a first cost allocator operable to allocate costs to an initial cost center; and
a second cost allocator operable to reallocate the costs allocated to the initial cost center to the at least one of the plurality of cost centers.
17. A non-transitory computer-readable medium (CRM) having computer-executable instructions stored thereon, when executed by a computer for electronic invoice processing, cause the computer to perform operations comprising:
determining, by the computer, an allocation code associated with an electronic invoice;
determining, by the computer, an allocation rule based upon the allocation code and an effective date associated with the allocation rule; and
allocating, by the computer and based upon the allocation rule, costs associated with procurement to at least one of the plurality of cost centers using validated information from the electronic invoice.
18. The CRM of claim 17 , wherein the executable instructions, when executed by the computer, further cause the computer to perform allocating the costs to more than one of the plurality of cost centers in accordance with a percentage associated with each of the more than one cost centers identified in the selected allocation rule.
19. The CRM of claim 17 , wherein the executable instructions, when executed by the computer, further cause the computer to perform selecting an allocation rule having a closest effective date prior to an invoice processing date.
20. The CRM of claim 17 , wherein the executable instructions, when executed by the computer, further cause the computer to perform:
allocating costs to an initial cost center; and
reallocating the costs allocated to the initial cost center to the at least one of the plurality of cost centers.