Automatic Receipts and Direct Debit feature:
Instead of manually entering receipts, you can use the Receivables automatic receipts feature to automatically generate receipts for customers with whom you have predefined agreements. These agreements let you collect payments on time by transferring funds from the customer’s bank account to yours on the receipt maturity date. You can also manage your cash flow by deciding when, where, and how much you should remit to your bank.
Automatic receipts also let you manage your customer risk and reconcile bank statements. You can decide how you wish to process the receipts from creation to remittance and risk elimination.
The Automatic Receipts feature satisfies the many variations of bank remittance processing, such as direct debits.
Below is the Sequence of the program which needs to execute:
1) Automatic Receipts Master Program
2) Automatic Remittances Master Program
3) Create Settlement program
- Automatic Receipts Master Program: This program is used to generate the Receipts for an existing invoice based on the Maturity date and the program would trigger below 3 programs.
- Automatic Receipts Creation Program (API)
- Format Automatic Receipts
- Automatic Receipts/Remittances Execution Report
- Automatic Remittances Master Program: This program is used for remittance. Receivables will generally use the primary remittance bank account associated with the receipt method and currency of your invoice when determining the remittance bank account for an automatic receipt.
- Create Settlement program: This program is used to settle batches and submit them to the appropriate payment systems.
