You can create a remittance batch to send to your bank for payment collection. You can specify selection criteria to automatically or manually select the payment schedule to include in the remittance batch. A collection document is created in Receivables for each selected payment schedule. After collection documents are created, you can review the collection documents that were selected in the batch and add or delete them in the batch.

You can define limit parameters and default information for document selection, such as maximum quantity of documents per remittance batch, minimum/maximum amount for each document, and minimum/maximum total amount for the remittance batch.

You can assign different remittance formats to your banks when you define the bank accounts. If you have an error the first time you format a remittance batch, you can reformat the batch. You can also cancel a remittance batch, since the bank did not return the documents yet.

Bank Return

You can automatically load a bank return file into Receivables or manually enter the bank return records. In both cases, each record is validated against related collection documents, as well as supplier and customer information. After the automatic validation, you can manually correct the records that have invalid data.

The valid return records generate return occurrences, adjustments for interest and abatements, debit memos for interest not paid, and receipts. Receipts are applied to the original payment schedules selected for bank remittance.

You can define tolerance limits for applying receipts to the invoices, according to interest and abatements paid by the customer.

Interest and Penalty Fees

You can define the parameters for calculating interest for the customer. You can also define the interest account when you define the receipt method.

Receivables calculates the interest and compares it to the interest that the bank received. If the customer pays less interest than the calculated interest, Receivables creates a debit memo for the interest not received. If the customer pays the correct interest amount, Receivables creates an adjustment for the interest received.

Instructions Handling

You send instructions to the bank for a collection document. The most common instructions are:

Write-off after due date

Collect interest charges

Discharge interest charge collection

Protest after due date

You can define instruction codes for each of your banks. You can also define the instructions to send to a specific customer profile class.

Occurrences Handling

Although instructions and occurrences give directions to the bank for a collection document, an occurrence is for a collection document that was already sent to the bank. You can automatically or manually add occurrences to a document.

You can define occurrence codes for different banks. Receivables automatically generates an occurrence for each related event.

You can assign different occurrence remittance formats to your banks when you define the remittance banks.

Reports

Receivables generates the following reports for Brazil:

Occurrences Remittance Batch - Lists occurrences for collection documents to send to the bank in paper or file format

Collection Remittance Batch - Lists the collection documents to send to the bank in paper or file format

Factoring Remittance Batch - Lists the collection documents that were traded with the bank through factoring in paper or file format

Bank Return Import - Lists collection documents rejected by the Bank Import Program validation

Post Bank Return - Summarizes the receipts, adjustments, interest, monetary corrections, and discounts for receipts

Bank Collection GL Interface - Summarizes the journal entries that the Bank Transfer feature generates