Approving Automatic Receipts
Approve a batch of automatic receipts to verify that only the receipts you want will be included in the batch. You can update your automatic receipt batch before you approve it as long as there are no concurrent processes for creating or approving this batch that are either running or pending. You can update the bank name, bank branch, and customer bank account associated with each of the transactions in your batch. You can also update exchange rate information and exclude transactions from the batch by deselecting them. Once deselected, these transactions will be available for selection the next time you submit the automatic receipt creation program. Upon approval, Automatic Receipts that do not require confirmation will close the invoices they are paying. Receipts that require confirmation close invoices when they are confirmed.
Receivables lets you update transactions within a batch before you approve the batch. However, you can only select a new customer bank or bank account for a transaction in your batch that you have assigned to either this customer or the primary customers of this customer. In addition, this bank must have a bank account which is in the same currency as your batch.
Receivables uses various criteria to determine how to create the approved receipts. The Number of Receipts Rule on the payment method associated with the automatic receipt batch determines the number of receipts to create from the transactions contained in the batch. Options are One per Customer, One per Customer and Due Date, One per Invoice, One per Site, and One per Site and Due Date.
When you remit a batch of automatic receipts, your remittance bank uses the maturity date that you specify to determine when to transfer the funds for this receipt from your customer's bank to one of your remittance bank accounts. To determine the maturity date on the approved receipt, Receivables uses the Receipt Maturity Date Rule on the payment method. Options are to use the earliest or the latest due date of all the transactions which will be applied to the receipt.
To approve a batch, its status must be Creation Completed or Started Approval.
Prerequisites
To approve automatic receipts:
1. Navigate to the Receipt Batches window.
2. Query the batch of automatic receipts to approve.
3. Select the batch. If you are ready to approve the batch, go to step 7.
4. Update receipt batch information as necessary. You can only update the GL date of this batch if the batch status is Completed Creation and you are creating Confirmed receipts. If no GL date is displayed for this batch, the receipts within this batch are not confirmed.
5. You cannot add new transactions to this batch, but if you want to deselect or update transactions within the batch, choose Maintain.
If the batch status is Creation Completed, you can exclude a transaction from this batch by deselecting it.
6. Update transaction information as necessary. For example, Paying Customer, bank Name, and Account Number.
7. Choose Approve. Receivables displays the Request ID of your concurrent request for approving this batch of automatic receipts and assigns a Process Status of Started Approval. Receivables also creates the Automatic Receipt and Remittances Execution report. This report lists the number and amount of automatic receipts approved in this batch. See: Automatic Receipts and Remittances Execution report.
Note: If your automatic receipt batch has a status of Started Approval, but the concurrent process terminates, you can resubmit the batch for approval. You cannot delete an automatic receipt batch that has a status of Started Approval.
Suggestion: Use the Automatic Receipt Batch Management Report to review the status of your automatic receipt batches. See: Automatic Receipt Batch Management report.
See Also
Creating Automatic Receipts
Formatting Automatic Receipts
Confirming Automatic Receipts
Monitoring Requests
Create automatic receipts