Defining Draft Collection Methods

Page Name

Definition Name

Usage

Collection Methods Page

COLLECT_BANK

Define collection information for the bank to which you send EFT files for drafts.

See the External Accounts - Collection Methods Page for more information.

Use the Collection Methods page (COLLECT_BANK) to define collection information for the bank to which you send EFT files for drafts.

You must define the collection information for the bank accounts that receive the EFT files that you send.

Navigation:

Banking > Bank Accounts > External Accounts > Collection Methods

Select Draft in the Payment Method field. Then define the following additional information:

  • If your organization uses document sequencing, assign document types for draft processing.

  • Define the currency, minimum remittance amount, and the draft risk days.

  • If you use discount drafts, define the credit limit information for discounts.

  • Define the rules for determining the settlement date if the due date falls on a holiday.

  • Define the EFT file attributes.