About Invoice Status and Ownership
ACCESS
You can view the status of all invoices in two transaction lists:
- Invoices Added on <Date> – A/R Activity > Invoice History > click the count in Total Transactions column for a specific date
- Transactions by Month – A/R Activity > View Transactions by Month (left navigation pane)
Your business owns an invoice until your financial institution approves it and transfers funds to your DDA to purchase the invoice. Ownership transfers back to your business if the invoice is repurchased. Non-funded invoices may be under review for eventual funding, or your financial institution may opt to decline them. Both funded and non-funded transactions (including repurchases) appear on customer statements.
| Invoice Status | Description | Owned by |
|---|---|---|
|
Unsubmitted |
Queued in a preliminary state before being submitted. |
Business |
|
Pending |
Held for further review by your financial institution. Funding issues are often resolved automatically as payments are processed during the workday because the customer and business balances decrease. |
Business |
|
Approved |
Likely to be funded. NOTE Funds are not available in your DDA until the financial institution processes the transfer. When the invoice's status changes to "Funded," your account has been or will be credited. You can request to receive an email notification when invoices are funded. |
Business |
|
Paid Before Funded |
Full payment received before funding. |
Business |
|
Funded |
Credit to DDA account is in process or has already been initiated (funds may not be immediately available). NOTE The financial institution's purchase of a receivable does not relieve you of the ultimate collection responsibility if a customer does not pay. Remember that when the financial institution enforces your repurchase obligation, those invoices are returned to you for collection. |
Financial institution |
|
Declined |
Not purchased. NOTE Declined invoices remain in the system and continue to appear on customer statements. |
Business |
|
Repurchased |
Financial institution charged invoice back to your business based on invoice age or other circumstances. TIP Ask your financial institution representative about which business account they use to process repurchases – Reserve (recommended) or DDA. |
Business |
