System and method for managing accounts payable and accounts receivable

Abstract

A system and method for managing accounts payable that allocates at least a portion of an invoiced dollar amount to a virtual account associated with a vendor, allows the vendor to request that a dispersal dollar amount be transferred from the virtual account to a real account associated with the vendor, and initiates an electronic transfer of the dispersal dollar amount from a real account to the real account associated with the vendor.

1 . A method for managing accounts payable, comprising: receiving at a third party an invoice from a vendor, the invoice including an invoiced dollar amount; routing the invoice from the third party to a customer for approval and, in response to the approval, allocating at least a portion of the invoiced dollar amount to a virtual account associated with the vendor maintained by the third party; receiving at the third party a request from the vendor to have a dispersal dollar amount transferred from the virtual account to a real account associated with the vendor; and initiating from the third party an electronic transfer of the dispersal dollar amount from a real account maintained by the third party to the real account associated with the vendor. 
     
     
         2 . The method as recited in  claim 1 , wherein the real account maintained by the third party includes deposit amounts from a plurality of customers. 
     
     
         3 . The method as recited in  claim 2 , comprising receiving at the third party deposits from the customer for placement into the real account associated with the customer 
     
     
         4 . The method as recited in  claim 1 , comprising electronically receiving the invoice. 
     
     
         5 . The method as recited in  claim 1 , wherein the request from the vendor to have a dispersal dollar amount transferred comprises the vendor writing a virtual check. 
     
     
         6 . The method as recited in  claim 5 , comprising using data maintained by the third party to automatically complete all information required within the virtual check except the payment amount. 
     
     
         7 . The method as recited in  claim 5 , comprising maintaining with the third party a record of written virtual checks. 
     
     
         8 . The method as recited in  claim 1 , comprising placing a limit on the dispersal dollar amount. 
     
     
         9 . The method as recited in  claim 8 , wherein the limit comprises a daily limit. 
     
     
         10 . The method as recited in  claim 1 , wherein the electronic transfer occurs within an electronic financial network. 
     
     
         11 . The method as recited in  claim 1 , comprising maintaining with the third party a virtual account associated with the customer, the virtual account including an amount representative of amounts provided by the customer and included within the real account. 
     
     
         12 . The method as recited in  claim 1 , comprising storing the invoice with the third party. 
     
     
         13 . The method as recited in  claim 12 , wherein the invoice is provided with an identifier representative of the vendor. 
     
     
         14 . The method as recited in  claim 12 , wherein the invoice is provided with an identifier representative of the customer. 
     
     
         15 . The method as recited in  claim 1 , comprising tracking movement of the invoice during an approval process. 
     
     
         16 . The method as recited in  claim 1 , wherein the request is received via a Web site. 
     
     
         17 . For use in a third party system, a readable media having computer executable instructions for managing accounts payable, the instructions performing steps comprising: allocating at least a portion of an invoiced dollar amount to a virtual account associated with a vendor and maintained by the third party; receiving a request from the vendor to have a dispersal dollar amount transferred from the virtual account to a real account associated with the vendor; and initiating an electronic transfer of the dispersal dollar amount from a real account maintained by the third party to the real account associated with the vendor. 
     
     
         18 . The readable media as recited in  claim 17 , wherein the real account maintained by the third party includes deposit amounts from a plurality of customers. 
     
     
         19 . The readable media method as recited in  claim 17 , wherein the instructions electronically receive an invoice including the invoice dollar amount. 
     
     
         20 . The readable media as recited in  claim 17 , wherein the instructions allow the vendor to write a virtual check to specify the dispersal dollar amount. 
     
     
         21 . The readable media as recited in  claim 20 , wherein the instructions use data maintained by the third party to automatically complete all information required within the virtual check except the payment amount. 
     
     
         22 . The readable media as recited in  claim 20 , wherein the instructions maintain a vendor accessible record of written virtual checks payable to the vendor. 
     
     
         23 . The readable media as recited in  claim 17 , wherein the instructions place a limit on the dispersal dollar amount. 
     
     
         24 . The readable media as recited in  claim 23 , wherein the limit comprises a daily limit. 
     
     
         25 . The readable media as recited in  claim 17 , wherein the electronic transfer occurs within an electronic financial network. 
     
     
         26 - 44 . (canceled)