Financial Management

Streamline budgeting, expense control, cash flow, and reporting with connected financial records and workflows.

Overview

Labii Financial Management provides a connected system for managing vendor data, products and services, quotations, invoices, invoice line items, and charts of accounts. It helps organizations replace disconnected spreadsheets and email-based financial tracking with a structured, auditable workflow.

The application supports budgeting discipline, expense visibility, cash flow monitoring, and detailed financial reporting. By standardizing how financial records are created, approved, and analyzed, teams can make faster and more informed decisions while improving operational accuracy.

Financial Management integrates with the broader Labii platform so procurement, operations, and finance teams can collaborate using a shared data model.

Use Cases

Budget and Expense Governance

• Track planned versus actual spending by category and account.

• Standardize how teams submit and review quotes and invoices.

• Improve spending control with consistent approval and posting processes.

Vendor-to-Invoice Lifecycle Management

• Manage vendor records in one place and reuse them across financial workflows.

• Convert approved quotes into invoice records with complete traceability.

• Reduce manual errors by linking invoice headers and invoice line items.

Financial Reporting and Audit Readiness

• Map transactions to the correct chart of accounts for clean reporting.

• Preserve record history for internal controls and compliance reviews.

• Generate reliable summaries for budget review and management reporting.

Getting Started

1

Install the Financial Management application from Add from a template.

2

Confirm the following core tables are available:

• fn_vendor

• fn_product

• fn_quote

• fn_invoice

• fn_invoice_item

• fn_charts_of_accounts

3

Assign team roles for requester, approver, finance reviewer, and accounting owner.

4

Define account structure, fiscal periods, and required fields so all financial records follow a common standard.

Set mandatory fields for vendor, account code, cost center, tax details, and due date before rollout to improve downstream reporting quality.

Workflow: Build Master Financial Data

Create foundational records before processing operational transactions.

1

Set up vendors in Vendors (fn_vendor) with billing terms, contact details, and compliance metadata.

2

Create products or billable items in Products (fn_product) with pricing references and category tags.

3

Configure Charts of Accounts (fn_charts_of_accounts) to define account hierarchy for expenses, assets, liabilities, and revenue tracking.

4

Validate permissions so only authorized roles can modify master financial records.

Workflow: Manage Quotes and Approval

Capture and evaluate expected costs before invoicing.

1

Create quote records in Quotes (fn_quote) and link each quote to the relevant vendor and products.

2

Record quoted quantities, unit prices, taxes, and validity periods.

3

Route quotes for review and approval based on amount thresholds or department policy.

4

Mark selected quotes as approved and archive or reject alternatives with reason notes.

Workflow: Create and Reconcile Invoices

Translate approved commitments into accountable financial records.

1

Create invoice headers in Invoices (fn_invoice) using approved quote and vendor references.

2

Add detailed line items in Invoice Items (fn_invoice_item) for products, quantities, unit prices, discounts, and tax.

3

Map each invoice item to the correct account in Charts of Accounts (fn_charts_of_accounts) for proper reporting.

4

Review totals, confirm due dates and payment status, and close invoices after validation.

Use standardized invoice status values (for example Draft, Under Review, Approved, Posted, Paid, Closed) to improve visibility across teams.

Workflow: Monitor Cash Flow and Reporting

Turn transactional records into actionable financial insight.

1

Build filtered views by vendor, account, department, and period to monitor spend concentration and payment timing.

2

Track outstanding invoices and due dates to identify near-term cash obligations.

3

Aggregate invoice item data by account to compare actual spending against budget expectations.

4

Share reporting snapshots with management for planning, variance analysis, and corrective actions.

Advanced Features

Account-Based Financial Control

Enforce account mapping at invoice line level to prevent uncategorized spending and support accurate period-end reporting.

Multi-Role Review Workflow

Use role-based access to separate data entry, approval, and financial control responsibilities.

Cross-Application Financial Visibility

Link procurement and operational records to financial records for end-to-end traceability from request to payment impact.

Troubleshooting

Issue: Invoices are created but reporting totals are inconsistent

Symptoms: Summary totals do not match expected spend by account or period.

Solution:

1

Verify each fn_invoice_item record has a valid account mapping in fn_charts_of_accounts.

2

Check for duplicate invoice items or incorrect quantities and unit prices.

3

Confirm date filters and fiscal period configuration in your reporting views.

Issue: Quotes cannot be approved

Symptoms: Approval action is unavailable or records remain in pending status.

Solution:

1

Review role permissions for fn_quote and verify approvers have update rights.

2

Confirm mandatory quote fields are populated before approval.

3

Check workflow rules for amount thresholds or conditional review steps.

Issue: Vendor records are visible but not editable

Symptoms: Users can search vendors but cannot update terms or contact information.

Solution:

1

Verify edit permissions for fn_vendor at team and project level.

2

Check for record-lock rules tied to approved or active financial documents.

3

Assign a data steward role responsible for controlled vendor master updates.