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Vendor Payments
How Max ITC is going to help you in recovering payment from your vendors?
You can recover your ITC from your vendors by clicking on Vendor Recovery. You can see the ITC that is stuck with your vendors and also can get to know the risk factor of each vendor. You will see the analytical view and number of vendors in each risk category and amount of ITC to be recovered from each risk bucket.
The risk bucket has been categorized as shown below :
Risk | 3B Filing | Operator | G1 Filing/ IFF |
High | Delay in >60 days of filing | or | Delay in >60 days of filing |
medium | Delay in> 30 days <=60 days of filing | or | Delay in> 30 days <=60 days of filing |
low | Delay in<= 30 days of filing | or | Delay in<= 30 days of filing |
compliant | filing without delay | and | filing without delay |
Basis on the vendor view you can take following payment action on each vendor :
Payment Actions:
i) Make full payment : Invoice is marked as ‘Make Payment’ irrespective if the invoice is matched in 2A/ 2B until user manually change the payment definition of the invoice
ii) Hold GST amount until filed by vendor : Invoice automatically gets marked as ‘Make Payment’ when respective invoice is matched in 2A/ 2B. Until then GST amount of the invoice is marked as hold.
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iii) Vendor Whitelisting: If you have critical vendors, whitelist them so that their invoices are never blocked irrespective of the rules defined on Max ITC.
iv) Manual Overrides: If a vendor/business team makes a special request to unblock a particular invoice or all payments to a vendor as an exception, take a manual override action on the Max ITC tool.
For ERP users, to get that these manual overrides stored in your ERP system, you will need to trigger a fresh recon after manually overriding invoice(s) on the Max ITC UI.
Payment action i)-iii) will be automatically reflected in your ERP during each scheduled recon run.
You can send communication to your vendors via email communication
- Select all vendors in the Vendor Payments --> Vendor Tracking page and go to Actions --> "Mail Vendor"
- In the email modal, choose "Hold Gst Amount" in the filter for payment action, and click "Send".
- 1.Select specific vendors to whom you want to send the communication and go to Actions --> "Mail Vendors"
- 2.In the email modal, customize your content as your business situation demands and click "Send Email"
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Last modified 11mo ago