The following diagram illustrates the relationship between a payment
event, its payment(s) and its tender(s).
The following concepts are illustrated above:
-
A payment event defines the event
- A payment event is required whenever any form of payment is
received. The payment event defines the payment date and effective
date (and that's all).
-
A payment event has tender(s)
- A tender exists for every form of tender remitted as part of
the payment event. A payment event must have at least one tender otherwise
nothing was remitted. A payment event may have many tenders when multiple
payment methods are associated with an event (e.g., paying with cash,
a check, and a credit card).
-
A payment is allocated to account(s)
- The total amount of tenders under a payment event is distributed
to one or more accounts.
-
A payment is distributed to obligations
- The system allocates an account's payment amount amongst its
obligations. The system creates a payment segment for each obligation
that receives a portion of the payment.
-
Payor and payee are frequently the same
- The account remitting the tender (the payor) is frequently the
same as the account to which the funds are allocated (the payee).
The next illustration provides an example when this is not the case.
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