Earlier this month, Amazon announced an update to the payments overview section in Vendor Central. It is now known as the Financial Dashboard. This section gives vendors a snapshot of their finances, providing summaries on both payables and receivables.
Until now, vendors have had limited visibility of their financials and the format has not been easy to filter or read. This Financial Dashboard has added in some new features that increases the visibility of invoice and payment status and details for upcoming payments and balances owed to Amazon. In addition, Amazon have made improvements to how vendors can search and reconcile invoices and payments, something that has been a challenge in the past. Lastly, vendors can get an overview of any open actions and current disputes.
Also, Amazon have updated the payment terms trigger date. The payment due date will be based on the receipt of the invoice at Amazon or the arrival of the goods at the Amazon Fulfilment Center (whichever is later) for prepaid shipments. For collect shipments and Direct Fulfilment the date will be based on receipt of invoice.
Overall, this new Financial Dashboard should make it easier for vendors to manage the financial side of their account. It should help them manage their business more efficiently and give them greater transparency.