Settling Carrier Invoices
1. Required paperwork for processing carrier invoices:
- Carrier Invoice
- Signed rate confirmation
- POD - BOL must be signed or stamped by the consignee. If there are multiple stops - each BOL for each stop should should be signed or stamped.
- Accessorials if applicable (Lumper, pallet, or late fee receipts)
2. Copies are generally acceptable, but some customers require originals. Reference “Customer Billing Guide” for further detail about originals.
Processing & Settling Mailed Paperwork
1. Unpack mail, use load number from invoice to look up order number and customer in KP.
- Mark carrier invoice with this information.
- Use reference numbers on PODs to match to reference numbers listed in KP under pickup/delivery screens.
- Also confirm that all paperwork is signed or stamped by the consignee and that all accessorial paperwork matches the load.
2. Scan paperwork to Paperwise one document at a time, confirm order number and document type before saving each. Any orders which are already settled and invoiced check to make sure all paperwork is uploaded and set aside to file.
3. Begin processing in KP – pull up order number in both Relational and Order Entry screens
- Check carrier adjustments for advances or accessorials. Make sure that line items are added to CUSTOMER AND CARRIER side as needed.
- If carrier invoice total does NOT match KP total:
a. Send email to Carrier Rep and Customer Rep inquiring about the discrepancy.
b. Carrier reps must have documentation from the customer rep approving any additional costs that were added to the carrier “adjustments” but do not show up on the customer’s line items
- Go to settle loads screen – enter carrier abbreviation, carrier invoice number, carrier invoice amount, and invoice/due dates.
- Invoice date is the date the mail was received, NOT the invoice date listed on the carrier invoice.
a. Payment terms:
i. Most carriers = 30 days from receipt of invoice/POD
ii. Factoring companies = 29 days from receipt of invoice
iii. LTL companies = 15 days from their invoice date
- After the above information has been entered, tab through and enter the order number, select the highlighted load. Double check that total settlement amount in KP matches carrier invoice amount and click settle.
- Set paperwork aside for Accounts Receivable department to invoice customer.
Processing & Settling Emailed Paperwork
1. Open attachment, print to Paperwise. From the print menu, enter page numbers for the first document (ie: carrier invoice or POD). Repeat process for each document until all are accounted for. Double check in Paperwise that everything was saved properly.
2. Keep track of each order # processed (ie: write down each number)
3. Use our load/order number from invoice to look up order on both Relational and Order Entry screens. Use reference numbers on PODs to match to reference numbers we have listed in KP.
4. Make sure each POD is signed and that all accessorial paperwork matches up to the load.
5. Begin processing load in KP – pull up order number on both Relational and Order Entry screens.
6. Check carrier adjustments for advances or accessorials.
- Make sure that line items are added to CUSTOMER AND CARRIER side as needed.
7. If carrier invoice total does NOT match KP total:
- Send email to Carrier Rep and Customer Rep inquiring about the discrepancy.
- Carrier reps must have documentation from the customer rep approving any additional costs that were added to the carrier “adjustments” but do not show up on the customer’s line items
8. Go to settle loads screen – enter carrier abbreviation, carrier invoice number, carrier invoice amount, and invoice/due dates (If the carrier factors, adjust due date from 30 to 29 days). Invoice date is the date the mail was received, NOT the invoice date listed on the carrier invoice.
9. After the above information has been entered, tab through and enter the order number, select the highlighted load. Double check that total settlement amount matches carrier invoice amount and click settle.
10. Move the email to completed items folder in inbox and mark down the order number for AR to invoice customer.
Post settlements (for all invoices) at the end of each day:
KEYPOINT DASHBOARD → SETTLEMENTS → POST SETTLEMENTS → POST → PRINT TO SCREEN
Payment Status Requests
1. Use reference number provided in email or over the phone to pull up the load in Relational Inquiry.
2. Check under Settlement Status on the right hand side to see if the order has been settled.
- If settled, look under A/P Status below to see if it’s been paid, and if so, provide payment amount, check date, and check number. If the check or ACH payment has not yet been sent, right click A/P Status and click A/P Inquiry to see when the load is scheduled to be paid out.
- If not yet settled, ensure that we have all the correct paperwork so that we are able to settle it. If we don’t, request it from the carrier/factoring company and make sure they’re aware of everything we need.
Verify Carrier Rate Requests
1. Ask for the order number. Then pull up the Order Entry screen (under Operations menu in KP).
2. Once the order is open, click in the bottom right corner to open “adjustments” screen.
3. Ask the person inquiring of the rate what rate they show recorded. Ensure it is the same as the “balance” box at the top of the Adjustments screen.
4. If rates do not match, inquire if they are billing for any accessorials or if there were comcheck fees.
Updating Carrier Records for Remittance
Notice of Assignments (Factoring Notices)
(Received either via Mail or Email)
1. Check carrier records to see if NOA is already uploaded.
2. Go to Records > carrier records, and use MC# or DOT# provided on NOA to look up the carrier. If MC not provided, just search using carrier name.
3. If the factoring notice is already saved, discard the new one (assuming it’s the same). If it’s not already saved or if it’s a new factoring notice, scan and save it to the carrier record.
4. Ensure the remit to address for the carrier is updated and current.
5. Click update to save changes.
Remit-to Address Updates
(When address on carrier invoice does not match what we have on file)
1. Check to see if there’s already a carrier record in the system for the new remit to address (for factoring companies, there more than likely is).
2. If there is, double check the address and use this abbreviation as the new remit to for the carrier. If carrier is changing factoring companies, a letter of release is needed from the prior company as well.
3. If a new record is needed, use the first 3 letters of the carrier/factoring company name along with the first 2 of the city and the 2 of the state abbreviation to create a new 7 character abbreviation.
4. Under contact, enter “Remittance only” and check the remit to and do not use boxes.
5. *Click Update*
6. Make sure to link the original carrier record using the new carrier code you just created.
Sending Payment to Carriers
1. Go to A/P → release payments → search
- Move flag 1 over so that it’s next to the due dates (this indicates whether it’s an ACH or physical check). “A” indicates ACH payment. If it is blank, a physical paper check will print.
- Sort by due date, with the earliest first.
- For ACH payments, payments should be sent to include everything through the date thenext ACH payments will be sent. For example, if sending payments on Monday, payments should include anything due on Tues-Wednes. if Wednesday is the next time payments will be made.
- Select all payments to be made so that they appear in the column on the right. Total amount cannot exceed $50,000. Close this screen.
2. Go to A/P → create checks → post. Print to screen.
3. Go to A/P → print checks → enter today’s date as the starting check number, but take note of the starting check number which was already populated as this will be used as the starting check number for the physical checks. Print the check detail file as a PDF.
4. Go to A/P→ print check statements. If it says 1000, there is at least one statement to print. If this box is empty, there are no statements to print.
5. Go to A/P → Check Register. Save the check register file as a PDF, rename the check file to include today’s date and email to manager.
6. Extract individual files from the Check Details file so that each carrier has their own individually saved on the Share Drive, under Accounting → ACH Remittances to Carriers→ carrier name. Save using today’s date.
7. Send individual emails to each carrier/factoring company which is receiving an ACH payment and attach the respective check detail PDF. Remember to change date and $ amount for each if using a canned response. Use Check Register file as a guide to ensure that an email is sent to each carrier/factoring company.
8. ACH Payments are made to carriers every Monday, Wednesday, and Friday.
Printing Physical Checks
1. Go to A/P → Release Payments → Search
- Move flag 1 over so that it’s next to the due dates. “A” indicates ACH payment. If it is blank, a physical paper check will print.
- Sort by due date, with the earliest first.
- Select all physical checks to be paid out covering one full week in advance. For example, if checks are being cut on Monday, include any which are due through the following Monday.
2. Go to A/P → create checks → post → print to screen.
3. Go to A/P → print checks (it will tell you how many checks to grab). Grab the checks from the drawer, ENSURE THAT THE FIRST CHECK IN THE DRAWER MATCHES THE STARTING CHECK NUMBER INDICATED BY KEYPOINT.
4. Rearrange the checks so that the first one is on the bottom. Enter the starting check number into Keypoint.
5. Remove all paper from the printer, place the checks in the paper tray with the check facing down and closest to the outside of the printer. Click print → select the correct printer → print.
6. Go to A/P→ Print Check Statements. If it says 1000, there is at least one statement to print. If this box is empty, there are no statements to print.
7. Go to A/P → Check Register. Print to screen.
8. Once checks are printed, double check the remittance address and check number for each one before stamping and stuffing into envelopes.
9. Stamp checks and mail out directly from post office.
Comchecks, Fuel Advances, and Quick Pay
The Comchecks SOP addresses procedures for requesting a Comcheck during vs. outside normal business hours, fees incurred when a Comcheck is issued, and requirements for issuing a fuel advance
1. If a Comcheck is required for lumper service, the Carrier must be at facility where the service is required.
2. T1 will not reimburse any re-stack fees caused by products shifted in transit without S.L.C. on the bills.
3. Quick Pay Options & Fees
- Carrier should email invoice and all supporting paperwork to email@example.com and indicate preferred payment method; physical check or Comcheck
- Same Day Paper Check in mail:
a. Check will be sent out same day we receive Invoice, POD, lumper receipts, and other backup paperwork as necessary
b. FEES: 5% of balance due from total rate will be deducted as a fee
- Same day Comcheck Quick Pay:
a. Comcheck will be given to the carrier by EOB the same day we receive Invoice, POD, lumper receipts, and other backup paperwork as necessary.
i. Invoice and paperwork must be received before 4:00pm to receive payment same-day
b. FEES: As a fee, 5% of the invoiced amount/balance due is deducted from total rate. $5 per $500 comcheck fee is also applied.
c. EXAMPLE: Quick Pay for $1200 Carrier is as follows: $1200 - $60 (5% Quick Pay fee) - $15 (Comcheck fee of $5 for every $500) = $1,125.
Unsettled Loads Report
1. The Unsettled Loads report details which loads which carriers have run for us, but have not yet submitted paperwork for payment.
2. This report should be generated on a weekly basis, and reviewed on a daily basis.
3. Go to Settlements → Reports → Unsettled Load Report
- Segment status = delivered, Date type = delivered
- Generate report every Friday, for all loads run 1 week prior
- Select “print” and then save as a .txt file to pull into Excel
4. There should be one large Excel report for all unsettled loads for the year
5. Use V-lookup function in Excel to cross reference last week’s unsettled report
6. You may pull other pertinent information (order number and customer name) in by cross-referencing it to the “Order Status” report found under the Operations menu.
7. Call and/or Email all Carriers on the list, requesting they submit invoice, POD, and any accessorials ASAP so we can process for payment. At a MINIMUM you should request the POD.
8. If attempts to get paperwork from the carrier are unsuccessful, after 1 month, reach out to the Consignee directly and request the POD
- Consignee contact info can be found by double clicking on their “code” on the “delivery” tab on the Order Entry screen
9. Loads which we have NOT invoiced our customer on are priority.
10. If a carrier has not submitted paperwork 180 days after delivery date of the shipment, notify Manager, as no payment is due at this point if carrier signed our contract.
Before adding any accessorials to a carrier's rate confirmation, and prior to processing invoices, the following steps must be completed:
1. When adding a lumper to a load always ensure:
- You have the receipt and it matches the load in question.
- Confirm lumper amount shown on receipt is equal to or less than the amount approved by the customer **RE-STACK, BAD WOOD, ETC. FEES MUST BE APPROVED BY CUSTY REP IN WRITING**
2. If amount is equal to or less than customer approved lumper amount, ensure it is added to the customer side also, and proceed with settling/invoicing.
3. If amount is greater than customer approved, ensure you have approval documentation from carrier rep.
- If you have approval documentation, proceed with settling/invoicing.
- If you do not have approval documentation from carrier rep, notify carrier rep AND customer rep of the discrepancy. Inquire if we will be paying the carrier AND if we will be charging the customer.
4. Once you’ve received direction from carrier AND customer reps, make sure charges are added to customer side (if approved per customer rep) and proceed as directed with settling.
Detentions/Pallets/Late Fees/Stop Charges
1. If there is ever a non-lumper accessorial charge on carrier load but NOT on customer order:
- Notify carrier rep AND customer rep of the discrepancy. Inquire if we will be paying the carrier AND if we will be charging the customer.
- Request customer approval documentation from the customer rep. Save in Paperwise.
- Upon receiving approval from both carrier/customer rep and necessary documentation, you may add/remove charges as directed and then proceed with settling.
1. Once AP is finished with the invoices from the carriers, it is time to invoice the customers.
- There are occasions when AR will invoice customers prior to receiving invoice from carrier.
2. Always verify the paperwork is correct for the load. This gives a checks and balances to the accounting department, ensuring no errors are missing between AP & AR processes.
- No invoice should be processed by AP if it is not in “Finished” Status. Never invoice a load that is not in “Finished” Status!
- Check that the POD matches the Pro number listed in Keypoint. Ensure that every PO # has been signed as “received” by the consignee.
- If something looks amiss, verify against the load tender saved in Paperwise Query.
- Make sure that all accessorials are added on the Customer and the Carrier side in the Order Entry Screen.
a. Sometimes detention will be paid to a carrier but not billed to the customer.
i. For these issues, always follow-up with the Customer Rep to verify that we are not billing for the charge, unless documentation was already provided to AR when AP requested approval to pay carrier the charge.
ii. If a comcheck is given for a lumper/accessorial but a receipt is not provided T1, will generally, not be charging our customer.
- Verify all line items are coded correctly in order entry screen. (Fuel = FSC, Lumper = Lump or Flat, etc.)
3. Once all the paperwork has been verified, orders can be invoiced.
- Some customers must be billed through their portals prior to invoicing in Keypoint, and some are billed after invoicing in Keypoint.. Reference “Customer Billing Guide” document to determine specific billing requirements for individual customers.
4. Under the A/R option in the menu of Keypoint open the “Invoicing” option and invoice the order
- Enter the Order number in the Invoice box near the top of the Invoicing Screen, then press Tab to locate the invoice/order.
- Once the system pulls up the information it will show the details in the white area at the bottom of the screen. It displays the charges to the customer along with the Bill To and the Status of the load.
a. Always verify the status of the Load is FINISHED prior to invoicing.
- If all the information is correct, click on the box “Update” in the upper left hand corner of the screen.
a. If the invoice date needs to be adjusted, once the invoice has been updated enter in the order/invoice number again and “Search” (Tab) to pull up the information. Once Keypoint shows the pop-up that this invoice has already been invoiced, it will show the invoice date and due date in the top portion of the screen. This is when the entry/invoice dates can be adjusted.
b. Sometimes an error will appear because the invoice has already been invoiced in the invoicing screen but the invoices have not been posted yet.
- After the order has been invoiced in Keypoint, always “Print and Post Invoices” using the Rendition Option.
a. Never “Post” Invoices, always Rendition.
b. “My Invoices” should have a checkmark in it.
c. There is no need to fill additional information on this screen so that all invoices are always submitted.
d. There will be a pop-up screen prompting how to proceed with the Invoice Register, print to screen. If a paper copy of the Invoice Register is desired, printing from the screen version is still an option.
e. Always check the invoices being sent out to make sure that the invoices which needed to be printed from Keypoint were printed and the invoices that were emailed out were received in the communal firstname.lastname@example.org inbox. (Always check to make sure that the emails were sent out.)
- Prior to sending out the paper invoices, check the paperwork one last time to verify that all the information is correct. All invoices sent out should have an invoice sheet, load tender, POD and any accessorial paperwork then staple the paperwork together.
a. Stuff and stamp envelopes before mailing out.
5. Reprint Invoices
- If an invoice doesn’t rendition properly or it was a paper invoice that was mailed out and a copy is required, use this option.
- Enter the Order/Invoice number in the Reprint box. Make sure to enter a start and end Order number or there could be a large amount of invoices printed.
- If it was a whole day’s worth or error invoices, enter the date range that needs to be recreated.
6. Upload/email pdf invoices to designated portals.
One week after the invoice date for the first load moved for every new customer, reach out to the customer’s AP department, and cc our customer rep, to ensure the customer has received the paperwork, we are set up fully, and that payment is scheduled as we expect. This way any issues that come up, can be smoothed out prior to due date.
Processing Customer Payments
To apply payments from Customers:
Keypoint Dashboard → A/R → Cash Receipts
1. Only apply Checks or ACH Payments, do not apply them together
2. Enter in the Customer “Bill-to” Abbreviation
3. All of the open invoices for the Customer will auto-populate in the detail section of the screen
4. Enter in the Check Number
- Some ACH Payments don’t have a check number. If there is no check number, enter in the date of the ACH Transaction like 4/14/2015 is 20150414
5. Enter in today’s date then tab -- or the date of receipt the ACH payment hit the bank
6. Enter in the full payment amount from the Check or ACH payment then tab
7. In the Invoice section enter in the Invoice number listed on the check and tab. This will highlight the invoice number entered. If an incorrect invoice number is entered Keypoint will update with an error. If the invoice does not match the Customer Abbreviation that is entered for the payment Keypoint will ask if you want to apply this payment to another customer. This is rarely something you should do.
8. If the payment amount does not match the total invoiced(For overpayments or underpayments):
- Click on the Short-pay/Overpay tab
- Unselect the invoice where it is marked as Full Payment by double clicking it
- Enter in the total amount paid by the customer in the Amount box and click on apply
a. This will create the actual payment, be it more or less than what was billed
b. It will be marked as Partial Payment or Overpayment once payment is applied
- Once all the payments have been applied to the invoices listed on the Check or ACH Remittance Detail, make sure that the total amount on the check matches the total shown in Keypoint. If everything matches, click update
- If the amounts do not match, double check the payment amounts applied to each invoice
- Once all the checks (or ACH payments) have been applied, Post CashReceipts
9. Post Cash Receipts
- Once in this screen you can Preview the payments applied in the Cash Receipt Screen
- On this screen make sure the amounts applied and the dates selected are correct
- Check the total deposit amount. If everything is correct, close out the pop up screen
- Click on the Post button
- This will create a Journal entry of the payments applied
a. Select Print to Screen, no need to print a copy of this
10. If there are additional payments (ACH or Check) start the Cash Receipt Process over again for those payments
Aging Report and Collections
The aging report should be worked on daily
The aging report is saved on the shared drive in the Accounting Folder. To pull the information for the Aging Report:
- Go to Keypoint Dashboard → A/R → Reports → Aged A/R As Of
a. At the bottom of the Report Screen select the Report Type: File
b. Click Create at the top of the screen and save the CSV file
c. Input the information from the aging report into the Excel aging report
i. To merge the notes from the previous tab, use the VLookup excel formula
ii. Now that the Aging Report is updated with the most current details go through the report and contact people regarding payment status
Aging Escalation Process
1. Customer Sales Reps should be notified and involved in collection/payment status requests on the first day one of their customers’ accounts goes beyond payment terms
2. To determine payment terms for a customer, reference the “Customer Billing Document”, orview in the Customer Record on the “A/R” tab
3. For all customers with Net 20 Payment Terms:
- 15 days after invoicing: Contact customer, request check #, and date the check will be/was mailed. Payment should be made within the week
- 21-40 days: Email customer twice a week for payment status, informing them it is past due, send statement
- 41-55 days: Email and call customer daily, include AR Manager on email
- 56-75 days: Contact customer TWO times per day, include AR Manager, JT, JF on email
- 76+ days: Inform customer they will be sent to collections. We are willing to set up a payment plan if need be to avoid going to collections
a. If unable to set up payment plan, send to collections with approval of JF or JT
Net 30 Customers
1. 25 days after invoicing: Contact customer and customer sales rep, request check #, and date the check will be/was mailed. Payment should be made within the week
2. 31-45 days: Email customer and/or customer sales rep twice a week for payment status, informing them it is past due, send statement
3. 45-60 days: Email and call customer daily, include AR Manager on emails
4. 60-90 days: Contact customer TWO times per day, include AR Manager, JT, JF on email
5. 90+ days: Inform customer they will be sent to collections. We are willing to set up a payment plan if need be to avoid going to collections
- If unable to set up payment plan, send to collections with approval of JF or JT
Net 45 Customers
1. 40 days after invoicing: Contact customer and customer sales rep, request check #, and date the check will be/was mailed. Payment should be made within the week
2. 45-60 days: Email customer and/or customer sales rep twice a week for payment status, informing them it is past due, send statement
3. 61-75 days: Email and call customer daily, include AR Manager on emails
4. 75-115 days: Contact customer TWO times per day, include AR Manager, JT, JF on email
5. 115+ days: Inform customer they will be sent to collections. We are willing to set up a payment plan if need be to avoid going to collections
- If unable to set up payment plan, send to collections with approval of JF or JT