Vendor Invoice Management (VIM)

Exam Code: VIM

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Topic Areas:

The topic areas that are typically covered in vendor invoice management include:

Invoice receipt and handling: This includes the process of receiving invoices from vendors, managing the physical or digital storage of invoices, and maintaining accurate records of invoice details.

Invoice verification and approval: This involves the process of verifying the accuracy and completeness of the invoice, ensuring that the invoice is authorized for payment by the appropriate individuals or departments, and obtaining any necessary approvals before processing the payment. 

Purchase order matching: This step involves comparing the details of the invoice to the corresponding purchase order to ensure that the goods or services have been received as per the order.

Payment processing: This includes the process of entering invoice details into the accounting system, scheduling the payment, and sending the payment to the vendor.

Payment reconciliation: This involves the process of reconciling payments with invoices to ensure that all payments are made accurately and on time, and to identify any discrepancies that need to be resolved.

Vendor management: This includes maintaining accurate records of vendor information, tracking vendor performance, and ensuring that vendors are paid on time to maintain good relationships.

Reporting and analysis: This involves generating reports on invoice processing metrics, identifying areas for process improvement, and analyzing invoice data to identify trends and opportunities for cost savings.

Overall, effective vendor invoice management requires attention to detail, efficient processes, and strong communication and collaboration between different departments. and stakeholders

“Pass rate for this exam is 75%, that means you should answer 30 questions correctly out of 40. Please note we provide you total 40 Questions & Answers with Pictures for your perusal”.

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More Details:

.VIM (Vendor Invoice Management ) :

           VIM is nothing but management of invoices of vendors. To overcome all the drawbacks (mentioned below) automated process is developed which is VIM.

 Existing Process for processing / Posting invoices is as follows :

1. Internal Requirement.
2. Purchase Requisition.
3. Requesting for Quotation
4. Purchase Order creation
5. MIGO – Goods receipt number (GRN)
6. MIRO – Invoice created / posted

Drawbacks in (above mentioned) existing process are as follows:

1. Manual communication processing like if any invoice got misplaced then vendor needs to ask to buyer and do the communication which is time consuming process to invoice processing.
2. In MIGO need to enter data manually which is time consuming process.
3. Attachment of files to email like if that file is of large size then it consumes more space so memory allocation problem occurs and cause of which performance degraded.

1. VIM Architecture ( Paper based ) :                

   

Working of VIM :

1. Invoice comes through Email or by fax or by paper.
2. It gets scanned first.
3. After that it goes to archive server where that invoice gets archived to document automatically and that document get stored and identify by 30 digit alphanumeric unique number.
4. That document is sends to SAP VIM where it get stored and identified by 12 digit hexadecimal number which is called DP number.
5. For extraction of data on invoice it sends that document to ICC (Invoice capturing center) server. Once it extracts whole data such as vendor number, currency, posting date, address and etc. from that document it sends it back to SAP VIM.
6. Validation of extracted data is happened in exception handling like is there any mismatching of data or no data for particular field and etc.
7. Once there is no exception found invoice is  posted through MIRO through BAPI.

This is process of Early archiving that is first invoice comes, scanned and stored it in  archiving server and then DP number gets generated. VIM uses early archiving process.

And Late archiving once invoice comes to Archive Server it parallelly starts creating DP number for that document.