What are the best practices on Payables Multi-period accounting (MPA) and Accruals?
Business background: The client is a banking sector client. We are trying to implement touchless invoice processing. Almost all purchases are multi-period. All invoices have a backing PO.
Problem statement: When invoices are processed via Invoice Data Recognition (IDR, Invoice Imaging), they don't have the inputs on multi-period accrual and recognition parameters which must be entered manually, leading to increase in invoice processing time.
Need recommendations/ best practices along:
- How to implement MPA when using IDR.
- How are accruals recognized in such a scenario.