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The remittance process is very similar to the automatic receipt creation process. You must Create, Approve, and Format your remittances. You can combine these operations into a single step or perform each separately.

Receivables lets you make cross currency deposits. You can deposit receipts into remittance bank accounts that are either in the currency of the receipt or that are in your functional currency, but have the Receipts Multi-Currency field set to Yes. This provides greater flexibility in determining your remittance bank accounts.

Receivables supports two types of remittances:

• Standard Remittances: For automatic receipts, you remit receipts to your bank so the bank can transfer funds from the customer's account to your account on the receipt maturity date. For manual receipts, the bank credits your account when the customer's check clears.

• Factored Remittances: Remit receipts to your bank so the bank can lend you money against the receipts either before the maturity date (for automatic receipts) or before clearing (for manual receipts). After clearing factored receipts, Receivables creates a short term debt for the borrowed amount to track your liability in case of customer default.

See Also

Accounting of Automatic Receipts and Remittances

Factoring Remittances

Automatic Clearing for Receipts

Remittance Batch Management Report