Understanding the Invoice Auto-Approval Threshold
This guide offers insights into the Invoice Auto-Approval Threshold and its applicability. Let’s explore this feature!
Typically, an invoice will be paid after three days it was created; however, as a Property Manager, you have the option to pre-set an amount that enables an invoice to be approved without your direct involvement. To know how you can set this up, follow the steps in Managing the Invoice Auto-Approval Threshold.
In order for this feature to take effect, there are criteria that your Account Settings must meet . Let’s review each one.
- A service provider payment method must be set. If it’s not yet set up, please follow the instructions in this help guide: How to Update the Service Provider Payment Method on File
- The Service Provider Payment Settings must be ON for Preferred Service Provider and Latchel Service Provider.
To enable this, go to Account Settings, click the Payment Settings tab, then toggle the switch to the left on Preferred Service Provider Payments, and Latchel Service Provider Payments. You will know that it’s already on if the toggle becomes blue.
- Depending which Service Provider Payment Settings you turned on, remember to make sure that it is also the type of service provider assigned in any of your work order.
For example, if you only activated payment settings for Preferred Service Providers, ensure that the service provider assigned to the work order is one of your Preferred Service Providers. Assigning the correct type of service provider based on the settings enabled will trigger the Invoice Auto-Approval Threshold to take effect.
Notice that the Service Provider Payment Method enabled is for Preferred Service Provider.
- The Service Provider assigned in the work order must have their payment method activated in Latchel. In addition, if you decide to use a Latchel Service Provider, they must be using direct deposit only, and a payment method must be activated in their account. Otherwise, the Invoice Auto-Approval Threshold will not work.
A banner “LCN Direct Deposit” under the name of the Service Provider indicates that it receives payment via direct deposit only. To learn more on how you can assign Latchel Service Provider on work orders, follow the steps in How to Assign a Latchel Contracted Network Service Provider (New Experience).