Creating Remittance Batches
Create remittance batches to automatically select receipts to be remitted. You can create unapproved, approved, or approved and formatted remittance batches.
You can control the total remittance amount by specifying values for the Remittance Total range. If there are not enough receipts to meet the minimum amount, Receivables will not create the remittance batch. To ensure that the maximum amount is not exceeded, receipts that meet your search criteria are identified and then ordered by maturity date, followed by amount. The program picks up receipts starting with the oldest eligible receipt and continues until it reaches the maximum of the remittance total range. When creating remittance batches, Receivables only includes receipts with payment methods whose receipt class requires remittance.
You can either create one remittance batch per remittance bank account or choose a clearing institution. If you choose a clearing institution, Receivables will select all the receipts belonging to remittance banks that have this clearing institution assigned to them.
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 are in your functional currency but have the Multiple Currency Receipts field set to Yes.
If you choose to approve and format your batch when you create it, Receivables initiates an additional process which creates the formatted batch information.
Depending upon the function security options set up by your system administrator, you may be able to create, format, and approve remittance batches in one step. See: Function Security in Receivables.
You can delete a remittance batch only if its status is either Started Creation or Completed Creation. When you delete a remittance batch, all receipts within the batch become available for selection the next time you create a remittance batch.
Overriding the Receipt Remittance Bank
Receivables lets you override your receipt remittance bank account at remittance time. If you set the Ignore Override option to Yes when creating your remittance batch, Receivables will override the receipt remittance bank information and select the receipt for this remittance batch, regardless of how you set the receipt's Override Bank Account flag. See: Entering Receipts.
If the Ignore Override option is set to No, Receivables will only override bank accounts for receipts and include them in this remittance batch if the receipt's Override Bank Account flag is set to Allow. If the receipt's Override Bank Account flag is set to Don't Allow, Receivables will only include it in this remittance batch if the receipt remittance bank is the same as the batch remittance bank.
Prerequisites
Define print and transmission programs for your remittances
Suggestion: Set the Auto Receipts Receipts per Commit parameter to a large number to avoid intermediate saves in the program. You should use numbers that are large enough to handle your largest automatic remittance batches. To help determine the Auto Receipts Receipts per Commit number, look at the log file for your largest Automatic Remittance Creation batch. You should only reduce this number if you run out of rollback segments.
To create a remittance batch:
1. Navigate to the Remittances window.
2. Enter the Currency for this batch. The default is your functional currency, but you can change it.
3. Enter the Batch and GL Date. The default Batch Date is the current date, but you can change it. The GL date must be in an open accounting period. Receivables uses the GL Date to determine when to post this remittance batch to your general ledger.
4. Choose a Remittance Method. Choose Standard to remit this batch of receipts on the maturity date. Choose Factoring to borrow money against the receipts before the maturity date. Receivables only selects receipts using the remittance method you specify here when creating this remittance batch. Receivables selects all receipts that have a remittance method of Standard and Factoring. See: About Remittances.
5. Enter the Receipt Class, Payment Method, and Remittance Bank information for this batch, or select from the list of values. You can select both inactive and active payment methods for your remittance batches. You must select a remittance bank that has accounts assigned to the payment method you entered.
Note: The default remittance bank is generally the primary remittance bank account associated with the payment method and currency of your invoice. However, if it finds that a non-primary account for the same currency is the same as the customer account, Receivables uses this account. This avoids bank charges and allows funds to transfer more quickly.
6. To create this remittance batch automatically, choose Auto Create. Receivables saves your batch information. To create this remittance batch manually, see: Manually Creating a Remittance Batch.
7. Enter selection criteria for creating this remittance batch (optional). For example, enter the low and high values of the Maturity and Receipt Dates, Receipt and Document Numbers, and Customer Names or Numbers to select only those receipts for this batch. Leave a field blank if you do not want to limit the search to transactions matching that criteria. You can use both active and inactive customers as criteria for your remittance batches.
Receivables will select all confirmed automatic receipts and manual receipts that match the criteria you specify and whose receipt class has Require Remittance set to Yes.
Note: Receivables keeps a running total of the total count and amount of the remittance batch, so you can ensure that it does not exceed a certain value. This is particularly useful if you intend to factor a remittance batch and you do not want to exceed the bank's short term loan limit.
8. To approve and format this remittance batch, check the Approve and Format check boxes.
9. Choose OK, then choose Yes to acknowledge the message. Receivables assigns a unique Request ID number for your concurrent request. Receivables also assigns a batch name using the next batch number of the Automatic Receipts source. Use the Request ID to check the status of your remittance process in the View Concurrent Requests window.
Manually Creating a Remittance Batch
2. Specify which receipts to include in this batch by selecting and deselecting transactions. You can control which transactions Receivables displays by modifying Selection Criteria. Enter a range of Payment Methods and Maturity Dates to display only those receipts, or choose from the following:
Query Batch Only: If you check this check box, Receivables will only display receipts that are associated with this batch. If this is a new batch, this check box is not checked by default.
Ignore Override: Check this check box to display all receipts matching the selection criteria, regardless of the batch remittance bank and the receipt Override Bank Account flag. Leave this check box unchecked to display all confirmed automatic receipts and manual receipts that have the same remittance bank as the batch and whose receipt class has Require Remittance set to Yes.
Select All: Check this check box to automatically mark all transactions that Receivables displays for inclusion in this remittance batch.
Note: Receivables keeps a running total of the count and amount of the remittance batch, so you can ensure that it does not exceed a certain value. This is useful if you intend to factor a remittance batch and do not want to exceed the bank's short term loan limit.
4. Check the check box next to each receipt to add to this batch. Uncheck the check box next to transactions you do not want to include in this batch.
5. To create the batch, save your work. To create and approve the batch in one step, choose Approve. To create, approve, and format the batch in one step, choose Format. Receivables assigns a unique Request ID number for your concurrent request. Receivables also assigns a batch name using the next batch number of the Automatic Receipts source. Use the Request ID to check the status of your remittance process in the View Concurrent Requests window.
See Also
About Remittances
Approving Remittance Batches
Formatting Remittance Batches
Remittance Batch Management Report
