How Does the Auto Cost Feature Work?

This feature takes invoices that are cleared for Auto Match functionality and sends them directly to Accounts Payable. This process takes place automatically once the feature has been installed.

Video Demonstration

 

 

How do I get access to this feature?

Contact your CSM and ask about the Auto Cost feature. You will need to be current on your RFMS subscription in order to qualify.

After signing up for Auto Cost, one of our Implementation and Training Specialists will schedule a one hour setup and training meeting with you.

What do I need to know before implementation?

The implementation specialist will walk you through the setup process. Some of the settings that will be adjusted include Invoice Variance. This is what guides the Auto Cost feature in selecting what invoices to run through the automated process.

Some key information to go over ahead of time includes:

• Different suppliers can be setup with different variances. Write down ahead of time if there are any suppliers that you intend to have unique settings for.
• The changes to RFMS will be Global, so your users will have to exit the software and restart to gain access to these changes.

Options for product invoice variance setup:

Option	Explanation	Example
Discrete	Select this option if you want to put in a quantity or dollar amount for the variance.	If you set this amount to be 5 SF then all inventory with a product amount within 5 SF of the invoice will be costed.
Percentage	If the invoice amount is within this percentage range then the invoice will auto cost.	Percentages are written as a decimal. That means 0.05 is 5%. Inventory within 5% of the invoice will auto cost.
Exact	Comes into the penny or to the quantity of the invoice vs the inventory record.	Only exact inventory matches will auto cost with the invoice.
Min/Max POs	Only applies to roll products. The variance will follow the established Min/Max amounts for purchase orders.