The Invoice Control Log is a fantastic partial audit trail of invoice activity covering initial submission, rejections, revisions, resubmissions, the subsequent cycles and approvals. The Invoice Control Log will have additional utility if we expand its scope to cover the complete draw cycle from invitation to invoicing through payments.
On the front end of the draw cycle, add information about the invitation to draw… date invited and the invoice option from the Manage Draw Participants page.
Keep the invoice submissions, revisions, rejections, approvals covered by the current Invoice Control Log.
Present the date removed from draw if this occurs and the reason for removal.
On the back end of the draw cycle, add a history of the payments, splits, and/or partials. Present payees, amounts, form of payments. Authorizers and dates if Authorization is used. Disbursement amounts, dates and numbers.
Having a more comprehensive Invoice and Payment Control Log will reduce the effort and documents required to satisfy various audit requirements. It will tell a more complete story of a draw cycle for a participant. After invoice approval if the there is a period of time when the invoice is on a payment hold this is part of the story; however, telling this part of the story in an Invoice Control & Payment log is harder to envision.