System and method for managing vendors, tax allocation and posting journal entries

Abstract

The present invention consists of an improved system and method for tracking expenses and billing them to a client, matter, task, activity, client group or phase and assessing goods and services purchased to these categories on a line by line basis. The system also allows an employee to place an order by selecting from a list of preapproved vendors and checking both vendor ratings and item ratings prior to purchase. Once the items are received, the bill of lading is reviewed for receipt of the proper items in the proper quantities. This information may be scanned, texted or emailed into the system to generate additional in house reviews for the system. Information on the items purchased is allocated across one or more ledgers on a line by line basis and may be entered into one or more of the following categories: Client ID, Task, Activity, Phase, Matter and Client Group.

What is claimed is: 
     
         1 . An Improved System for Managing Vendors and Vendor payments comprising; creating an online account for a Company employee with a password and ID, the employee entering the System and using a CPU and data storage to access the System; the Employee entering a database of pre selected Products and Services which have been pre approved by the Company, the Employee selecting two or more items and comparing their features and attributes and price and making a selection of one or more items for purchase online, the System generating a Request for Purchase and entering it into the System for approval by one or more entities approving Purchase requests, upon approval the System then generating a Purchase Invoice displaying an Invoice Number and the System then electronically contacting the Vendor to purchase the Products and Services listed in the Purchase Invoice wherein the System is able to compare Products and Services and create Purchase Invoices in two or more currencies. 
     
     
         2 . The Improved System for Managing Vendors of  claim 1  further displaying to the User of the System at least one or more product and service reviews which have stored in the System and which product and service reviews are associated with one or more products and services are under consideration by the Company employee for purchase. 
     
     
         3 . The Improved System for Managing Vendors of  claim 1  further displaying to the User of the System at least one or more product and service reviews which the System searched for online and then displayed to the User of the System to aide in any purchasing decision. 
     
     
         4 . The Improved System for Managing Vendors of  claim 1  further having stored over time a series of purchases for given Products and Services, then analyzing the usage of the Products and Services over time and the System then periodically asking the User electronically if it is time to reorder any Products and Services so that the User will not run out of needed Products and Services are performed punctually. 
     
     
         5 . The Improved System for Managing Vendors of  claim 1  further having means to scan in a Bill of Lading at the time of delivery of the Products and Services to the User which is matched to the Request for Purchase, wherein the User may then review the items received and check them for quality, quantity and price and compare these to the Bill of Lading and note any discrepancies thereupon which are immediately entered into the System as an unacceptable variance. 
     
     
         6 . The Improved System for Managing Vendors of  claim 1  further having means to scan a Bill of Lading for one or more of the following codes: a UPC code, a QRT code and a product code and enter the scanned code into the System together with a quantity received. 
     
     
         7 . The Improved System for Managing Vendors of  claim 1  further having means to receive Goods and Services, generate a review form, electronically transfer the review form to one or more employees that ordered the Goods and Services, the employees ordering the Goods and Services received then rating the Goods and Services on at least their quality and attributes and then saving the review in the System for future reference. 
     
     
         8 . The Improved System for Managing Vendors of  claim 1  further having means to approve a Request for Purchase by one or more managers based upon one or more of the following: the Employee's ID, the Employee's job title and the Employee's job level. 
     
     
         9 . The Improved System for Managing Vendors of  claim 1  further having means to allocate expenditures for Goods and Services on a line by line basis by one or more of the following: Task, Matter, Activity, Phase, Client and Client Group. 
     
     
         10 . The Improved System for Managing Vendors of  claim 1  where taxes paid for Goods and Services may be allocated to one or more of the following: a general ledger, a cash ledger, a sub ledger and a tax ledger. 
     
     
         11 . An improved Method for Managing Vendors and Vendor payments comprising: creating an online account for a Company Employee with a password and ID, the employee entering the System and using a CPU and data storage to access the System; the Employee entering a database of pre selected Goods and Services which have been pre approved by the Company, the Employee selecting two or more Products and Services and comparing their features and attributes and price and making a selection of one or more Products and Services for purchase online, the System generating a Request for Purchase and entering it into the System for approval by one or more entities approving Purchase requests, the approving entities then approving the Request for Purchase, and then the System generating a Purchase Invoice in two or more currencies. 
     
     
         12 . The improved Method for Managing Vendors and Vendor payments according to  claim 11  further displaying to the User of System at least one or more product and service reviews which have been Stored in the System and which product and services reviews are associated with one or more products and services under consideration by the Company employee for purchase. 
     
     
         13 . The improved Method for Managing Vendors and Vendor payments according to  claim 11  further displaying to the User of the System at least one or more product and service reviews which the System searched for online and then displayed to the User of the System to aide in any purchasing decision. 
     
     
         14 . The improved Method for Managing Vendors and Vendor payments according to  claim 11  further storing over time a series of purchases for a given products and services, then analyzing the usage of the Product and Service over time and the System then periodically asking the User electronically if it is time to reorder the Product and Service so that the User will not run out of a Product and any Service will be performed in a timely manner. 
     
     
         15 . The improved Method for Managing Vendors and Vendor payments according to  claim 11  further having means to scan in a Bill of Lading at the time of delivery of Products and Services to the User which is matched to the Request for Purchase, wherein the User may then review the Product and Services received and check them for quality, quantity and price and compare these to the Bill of Lading and note any discrepancies thereupon which are immediately entered into the System as an unacceptable variance. 
     
     
         16 . The Improved System for Managing Vendors of  claim 1  further having means to scan a Bill of Lading for one or more of the following codes: a UPC code, a QRT code and a product code and then entering the scanned code into the System together with a quantity received. 
     
     
         17 . The improved Method for Managing Vendors and Vendor payments according to  claim 11  further having means to receive Products and Services, then the System generating a review form, the System electronically transferring the review form to one or more employees that order the Products and Services, the employees ordering the Goods and Services received then rating the Goods and Services on at least their quality and attributes and then saving the review in the System for future reference. 
     
     
         18 . The improved Method for Managing Vendors and Vendor payments according to  claim 11  further having means to approve a Request for Purchase by one or more managers based upon one or more of the following: the Employee's ID, the Employee's job title and the Employee's job level and then approving at least one Request for Purchase. 
     
     
         19 . The improved Method for Managing Vendors and Vendor payments according to  claim 11  further having means to allocate expenditures for Goods and Services on a line by line basis by one or more of the following Categories: Task, Matter, Activity, Phase, Client and Client Group and then allocating at least one expenditure to at least one Category. 
     
     
         20 . The improved Method for Managing Vendors and Vendor payments according to  claim 11  further having means for noting taxes paid in connection with the purchase of Goods and Services and means for allocating the purchase of Goods and Services to one or more of the following Tax Categories: a general ledger, a cash ledger, a sub ledger and a tax ledger, and the System allocating the Purchase of Goods and Services to at least one Tax Category. 
     
     
         21 . The improved System for Managing Vendors wherein the System will not display any Vendors who have received too many low ratings to prevent employees from making purchases from said Vendors. 
     
     
         22 . The improved Method for Managing Vendors further having the steps of: blocking the display of any Vendors who have received too many low ratings to prevent employees from making purchases from said Vendors.